Massive economic crises loom, says CBN

The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday said the outbreak of the coronavirus pandemic would lead to massive economic crisis capable of throwing many countries into recession.

The committee said the COVID-19 pandemic would not only result in health crises, but also massive economic crises that would force even leading industrialised countries into recession.

The CBN Governor, Mr Godwin Emefiele, announced the position of the committee at the end of its two-day meeting held at the apex bank’s headquarters in Abuja.

Emefiele said the MPC underscored the COVID-19 pandemic as a public health crisis which would continue to undermine any monetary or fiscal stimulus unless appropriate measures were taken to trace, test, isolate and treat infected persons in order to curtail the spread.

While calling for a significant reduction in migration across the country, the governor said the committee urged the Federal Government to take the necessary steps to safeguard the population through close monitoring and emergency measures to identify and care for infected persons in the country.

 

 

 

– Punch

About Don Saint

PR Guru / Author / Promoter / Controversial Writer / Hip Hop Artiste / Actor / Human Rights Activist. The First Nigerian Hip Hop Artiste to obtain a Masters Degree (M.A) in Arts ( Religion & Human Relations). The author of one of the most controversial books in Nigeria; "Emancipation from Masturbation". With over 12 Movies and 3 Musical albums since 2003. Former Events Manager at Silverbird’s Rhythm Fm Awka Station till 2010. For more info. Call : 08033239298.

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