The Central Bank of Nigeria (CBN) says that it is scaling up its interventions in Anambra state.
Benedict Maduagwu, branch controller in Awka stated this at the CBN 2-day Fair themed “Promoting Financial Stability and Economic Development” in Awka on Wednesday.
He said the bank would sustain its interventions in critical sectors of the economy which included the Anchor Borrowers’ Programme; Targeted Credit Facility and Community Development Initiative
Others are the Creative Industry Financing Initiative, the Mirco, Small and Medium Enterprises Development Facility, and the Agri-business/Small and Medium Enterprises Scheme, among others
Maduagwu urged cooperative societies, farmers, manufacturers, industrialists, traders, artisans and religious organisations to avail themselves of the opportunities to access the bank’s funding windows for live improvement.
“We are here to sensitise you on how to improve your businesses and encourage growth,” he said.
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He said the country’s apex bank had opened some funding windows designed to boost the country’s economy, with targets at promoting small and medium scale enterprises across Nigeria.
He also said the apex bank was taking steps to promote the nation’s economy; adding that the event was organised to teach the participants how to protect their bank accounts, ATM cards; how best to handle the naira notes and how to access funding opportunities for their businesses.
“You have to embrace the CBN and its programmes. When you come close, we explain to you in detail how you can benefit from it. We can support you to have access to farming implements, fertilizers, and the marketing strategies for your farm produce and other products.
“I am glad to inform you that the CBN will be sensitizing the manufacturers, farmers, traders, artisans, cooperatives, financial institutions, religious organizations and the general public on how to access funding for their businesses.”
“You can access some of our initiatives to grow so many things – cassava, yam, rice, plantations, etc. I am glad to inform you that Anambra has been accessing it.
“The funds will stimulate the agricultural value chain. The CBN initiative has largely contributed to the…that resulted in the turning of the fortunes of the country’s economy.
“Many industrialists in Anambra have accessed one loan or the other. And we are glad to tell you that their businesses are prospering. And you can do that.
“You want to go into animal husbandry, crop farming, or anything, we can support you to get funds for it so that there will be a turnaround in the economy of Anambra”, Maduagwu said.
He said that many Anambra industrialists had accessed soft loans to improve their businesses, assuring that the Fair would help build confidence in the nation’s financial system.
“Come and take money, whatever business initiative you have, CBN will support you to grow and help to build confidence in the financial system”, he said
Dorathy Onyene, principal manager, Currency Operations Department of the apex bank decried the abuse of the nation’s currency.
She warned the traders, farmers, pharmaceuticals, and Nigerians, in general, to stop rough handling the naira notes in circulation, noting that defaulters are liable to 6 months in jail.
“The CBN Act 2007 of the Federal Republic of Nigeria charge the bank with overall control and administration big the monetary and financial sector policies of Federal Government.
“The currency is the symbol of pride and our nationhood. Do not abuse or sell new naira notes.
“It is an offence to abuse the naira and it is punishable under Section 2, Sub-Section 4 of the CBN Act 2007, six months penalty or fine not less N50, 000 or both such fine and imprisonment,” Onyene said.
She frowned at the manner Nigerians mutilate, fold, deface and even use it to record business sales for the day which she said is an offence and punishable by law. Some have even turned the naira look dirty and smelling.
“It is a punishable offence to abuse the naira. Defaulters are liable to the penalty of six months imprisonment or N50,000 fine or both.
“Improper handling of the notes, including mutilation, hawking, squeezing
and spraying money at occasions would not be tolerated”, just as she urged people in Anambra State to respect and keep the naira clean.
According to her, the CBN spends a lot of money to print a single note, adding that such money would have been used for basic infrastructures.
She regretted the situation where the same people who abuse the naira will not only reject mutilated notes but jealously handle other foreign
