The Central Bank of Nigeria, CBN, has said the country slipped into recession because previous administrations refused to save and diversify the economy during the oil boom days.
The apex bank noted that recently there has been a major decline in the prices of oil globally and this has further worsened the economic depression in the country.
This was revealed by the apex bank’s acting director, corporate communication Isaac Okorafor on Thursday via a virtual sensitization programme on steps taking so far by the apex bank to end recession in the country.
@TunjiAndrews The collapse of global Oil prices exacerbated by failure to diversify made the economy vulnerable.#CBNspeaks #ReExit
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— Isaac Okorafor (@IsaacOkorafor) May 25, 2017
@TunjiAndrews There was a decline in forex inflow, putting pressure on reserves and the exchange rate of the Naira.#CBNspeaks #ReExit
— Isaac Okorafor (@IsaacOkorafor) May 25, 2017
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The programme which was moderated by economist @TunjiAndrews and CBN Director Corporate Communication @IsaacOkorafor on Twitter also answered questions from the general public on diverse issues as it relates to the economy and other sundry issues.
The programme which is ongoing (CBNTweetMeet2017), is themed Exiting recession: which way Nigeria?
The virtual programme is closely monitored and covered by TheNewsGuru.com.
More details shortly…