Central Bank of Nigeria, CBN, has said that the media is a critical player in the economic development of any country. This was made known by the CBN Director Corporate Communication, Mr Ibrahim Muazu, during the ongoing apex bank’s 20th seminar for Finance Correspondents in Calabar, Cross River State.
He said the seminar which started in 1996 was aimed at fostering a good working relationship between the two institutions. Muazu said that an enhanced knowledge of the industry would help to correctly interpret the contemporary financial and economic issues, as well as CBN policies for the country.
The theme of the seminar according to the CBN spokesman was “impact of crude oil prices on external reserve and exchange rate management in Nigeria.”
According to him, “it has become imperative for us to direct attention to this topical economic issue, considering your role in enlightening and educating the general public with regards to measures that have been taken by the relevant authorities in dealing with the challenges of managing the country’s exchange rates and external reserves.
Muazu also said that issues that would come into analysis include: implication of closure of rDAS and wDAS segment of the foreign exchange market in Nigeria, evolution of the foreign exchange market in Nigeria and way forward, crude oil volatility; implications for external reserves and exchange rate management.
Others are, impact of external reserve position on capital flows; Nigerian experience’ colloquium: ensuring the credibility of Central Banks, the case of CBN and role of the media in communicating developments in foreign exchange management in Nigeria.
He urged journalists to see themselves as part of nation building and as such endeavour to be accurate in disseminating information on financial and economic policy issues in the most professional manner.

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