Peter Obi Advises CBN to Re-consider some Monetary Policies


Peter Obi

The former Governor of Anambra State, Mr. Peter Obi has called on the Central Bank (CBN) to re-consider some of the recent monetary policies, especially those, according to him, whose adverse effects outweighed their positive impacts. Obi was speaking to journalists during the ordination of 2015 set of priests by the Awka Diocese of St. Patrick’s Cathedral, Awka, on Saturday.

Obi who said he appreciated the motives behind some of the recent regulations, said that the issue of domiciliary account needed to the re-considered as it is hurting the economy due to its effects on small and medium scale businesses, which he noted are the biggest employers of labour in the country.

He insisted that any policy not favourable to small and medium scale businesses both in short and long terms should be re-examined, especially now that one of the biggest problems Nigeria is facing is that of unemployment. “Besides”, he said, “those small and medium businesses are pivotal to the fight against extreme poverty.”

Obi, who said that a survey of small and Medium scale businesses in cities such as Onitsha, Nnewi, Aba, Lagos (Alaba, Trade fair complex, among others) and other trading cities would reveal that traders were suffering and that the unintended negative impacts of the policy dwarfed its positive effects, called on the CBN to commission a study so as to obtain the realities on ground right.