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CBN Identifies Major Economic Sabotage In Nigeria

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The Central Bank of Nigeria (CBN) has identified smuggling and dumping as major challenges facing and sabotaging the economic policies of the country.

Naija News reports that the Governor of the apex bank, Godwin Emefiele, made this known when he also revealed that the CBN and some stakeholders have already identified the challenges of the Nigerian economy.

Emefiele made the known in a round table meeting themed; “Going for Growth” with some economic stakeholders in Lagos.

The Governor of the APex bank also revealed that the essence of the round-table was in a deliberate attempt to that would lead to greater economic growth in the country.

According to Emefiele, “We have identified smugglers and people dumping goods as those who sabotage those policies and we decided that we will deal with them.

“The strategy that we came up with is that we will not bother ourselves with them.

 “There is an agency of government that is responsible for border control and if these people pass through the border control we would use the instrumentality of being the regulator of the banking system to make sure that we get the banks to provide all details about them.

“We investigate their accounts and if they are found in economic sabotage, boarding, smuggling and dumping in Nigeria, we would not only block their accounts, we would close their accounts in all the Nigerian banks simultaneously.

He also said the CBN asked commercial banks to close those companies’ accounts and those of the top members of such entities and promised to come up with the names of those that had been identified in due course.


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Akoh is a Senior Content Creator at Naija News. He is a Journalist|| Writer|| Social Media Strategist|| Content Creator ||. He understands the limitless relevance of #human. Twitter/Instagram:@gr8harchor