Economic Recession: New Diaspora Remittance Policy Has Rescued Nigeria

The Africa Centre for Justice and Human Right has claimed that the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has halted the recession that recently threatened the country.

To this end, the African Centre for Justice and Human Right (ACJHR), said it has endorsed the recent monetary policy efforts adopted by the CBN Governor Emefiele to strengthen the economy, halt recession, boost the Naira and create massive economic activities that will stabilise the economy and create more jobs.

The Africa’s respected global human rights centre in a statement last Sunday, said the CBN Governor halted the recession threat through new diaspora policy.
Speaking at the official lunch of the Centre’s grading and assessment of the human right records of the states, the Global Executive Director, Barr. Nduka Edede Chinwendu, a UK trained human rights expert described the CBN new monetary policy on diaspora remittances and sustainable interventions as master strokes that have halted the possibility of recession doing any major harm to our economy.

The Executive Director while acknowledging that there were human rights challenges, gave a pass mark to the policy which he said its immediate impact was felt in the economy by the steep drop in the value of the Dollar to the Naira within hours.

She said with policies and interventions like this, the CBN was poised to draw Nigeria out of recession in record time.

“The experience of Mr. Central Bank Governor in drawing the country out of recession in 2016/17 and positioning the economy on the path of growth through various interventions will come to bear in this present Covid-19 induced recession and Nigeria will come out of it,” she assured.

According to her,” The policies of the apex bank are deliberate, precise and targeted and from the impact so far, Nigeria can be said to be in safe hands.” Barr. Chinwendu thanked President Muhammadu Buhari for giving Mr. Godwin Emefiele the free hand to drive monetary policy of the country and achieve the successes it has so far gotten.

She further noted that from all economic indices, the country will be out of this present recession in the first quarter of 2021.

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