Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN) last week urged telecom companies to lessen their reliance on read more CBN backs telecom’s backward integration to strengthen naira, economy
The Central Bank of Nigeria (CBN) has encouraged telecom companies to adopt backward integration by locally producing components, aiming to strengthen the naira and stimulate economic growth. This initiative seeks to reduce reliance on foreign imports, thereby decreasing pressure on the dollar, creating jobs, and boosting the economy. The CBN has implemented reforms, such as the FX code, contributing to the naira's recent resilience, closing at N1,509/$1. Telecom companies, including Airtel, have expressed support for this strategy, anticipating long-term benefits. The CBN also aims to enhance financial inclusion, particularly in rural areas, through planned summits. Stakeholders believe this approach can benefit other sectors and support domestic economic growth.
