• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Thursday, June 5, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

CBN’s threat to smugglers garners support

The Matters Press by The Matters Press
June 21, 2019
Reading Time: 2 mins read
0
Nigeria’s food monthly imports dip

CBN governor Emefiele

CBN governor Emefiele

The decision of the Central Bank of Nigeria (CBN) to freeze the accounts of importers of banned items into the country received the blessing of real sector operators.

RELATED POSTS

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

IMPI urges media to consider national interest in reporting security challenges

The groups said the latest move by the CBN will not only boost the Federal Government’s economic diversification drive, but also jumpstart moribund industries.

The group said the decision will boost manufacturing and agricultural sectors, especially in the areas of textiles, palm oil, and rice milling.

The Director-General, Manufacturers Association of Nigeria (MAN), Mr Segun Kadiri, expressed the group’s support for the CBN policy.

He noted that “one of the most important avenues for achieving economic diversification is manufacturing.”

Kadiri said the manufacturers “welcome any government’s effort that is aimed at boosting this mission and making it a reality’’.

“It’s been an objective that government has been pursuing, but bringing it into reality by supporting the monetary policy on the side of CBN is very welcome.”

“It (diversification) is also something that MAN has been committed to in terms of ensuring that we have an economy that is industrialised, and that we are able to contribute to the gross domestic product (GDP), and to the foreign exchange (forex) earning of government by producing for export, and also ensuring that what we import can be produced locally.”

The President, the Chartered Institute of Bankers of Nigeria (CIBN), Uche Olowu, like the CBN Governor, Godwin Emefiele, described smugglers/importers of banned items as “economic saboteurs and must be treated as such.”

Noting that CBN freezing of culprits’ accounts may seem draconian; Olowu argued that such a measure is necessary, as it will serve as a deterrent to the flouting of the policy.

“For me, the problem of our country is consequence management, because if you are a smuggler, you are simply a saboteur of the economy. This also depletes the scarce foreign exchange we have to import items that can be produced here.

“If CBN takes the war to where they have fear of control, I think it is one of the best things that could have happened, because it means that if anyone is caught doing that, you will be banned from having access to funds and that is a very good measure.

“This will also act as a deterrent, because it will make people to understand that smuggling is an anathema to the Nigerian economy, so I’m in total support of it.

“It may sound draconian, but because there are no serious consequence management that’s why we are where we are today. Importation creates foreign jobs, so the importers or smugglers of banned items are economic saboteurs and should be treated as such.”

Tags: CBN
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 2025
President Tinubu outlines new economic, monetary, foreign policies
Economy/Technology

CUPP goofs over President Tinubu’s 2027 endorsement by governors

June 2, 2025
Senate probes $3.5b with NNPC
Economy/Technology

Senate’s stance on Nigeria’s Legislature-Executive Relationship, thrilling

May 30, 2025
Next Post
Nigeria suspends mining in Zamfara

Governors now support state police

Obasanjo campaigns for AfCFTA

Obasanjo campaigns for AfCFTA

Recommended Stories

Trading in Nigerian stock market dips further N83bn

Gains in blue-chip stocks boost equities market by 0.02%

March 24, 2022
SMEDAN to disburse N5.2m start-up grants to cooperatives

SMEDAN wants FG to award 25% of its contracts to small businesses

November 2, 2023
UK court reverses $11bn awards, Nigeria happy over foiled fraud attempt

UK court reverses $11bn awards, Nigeria happy over foiled fraud attempt

October 24, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property
  • Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us