BY EDMOND ODOK, ABUJA – Acting Director of Corporate Communications, Central Bank of Nigeria (CBN), Mr Isaac Okoroafor says it was a difficult task for the apex bank to resist mounting pressure and suggestions on floating the Naira during the economic recession
Speaking at the Capital Chapter Congress/Dinner of the Nigerian Institute of Public Relations (NIPR), FCT chapter in Abuja on Wednesday, Okoroafor said CBN was however vindicated by its action to snub suggestions around floating the Naira.
In a lecture titled, “Managing Public Confidence in a Period of Economic Challenge – The Role of Public Relations’’, the CBN image-maker said; “Several people both local and international made the suggestions that we float the Naira but we said no.
“We resisted the option because we felt it was a wrong option and dangerous to the economy and we are very happy we proved them wrong.
“We believe we succeeded and what are doing now in to consolidate on the successes and address our failures.”
A floating exchange rate is a regime where the currency price is set by the forex market based on supply and demand compared with other currencies. It contrasts a fixed exchange rate where the government entirely or predominantly determines the rate.
On public engagement, Okoroafor maintained that crisis was unavoidable; hence the need for public relations practitioners to be proactive and resist the temptation of being untruthful to stakeholders.
He emphasized the need for regular and continuous engagement of stakeholders, adding; “You do not have to wait until there is a crisis before you begin to engage; during periods of normalcy, you need to engage people; make sure you supply people with information prior to the crisis because the crisis will come one day.”
According to him, “Once you engage people steadily, and crisis comes, they will be on your side because they already know the crisis will come.
“If you create a level of confidence with your stakeholders, especially the media, they will readily defend you when there is crisis.’’
The CBN Spokesperson said it has become imperative that Nigeria adds value to goods meant for export in order to strengthen the Naira, stressing that Naira would stay weak if Nigeria does not shake off the toga a consumers’ nation that only continuously takes from other countries and hamper local production.
Also speaking at the event, Chairman, NIPR, FCT chapter, Dr Tayo Hastrup said engaging Okoroafor for the lecture was based on his wealth of experience in public relations and applauded him and his team for acquitting themselves admirably during the economic recession.
Hastrup, who acknowledged the importance of growing the nation’s economy, said the CBN is a key driver of the economy given its very strategic position, adding; “We decided at executive level to get somebody from the CBN, who is our member, Okoroafor.”
The NIPR boss said; “We have the belief that as a public relations person heading the Corporate Communications Department of CBN, he will be versatile enough to talk on the issue in question.
“The nation faced some serious challenges but the strategy adopted by CBN public relations was able to douse tension and professionally handled the crisis.”
Hastrup expressed confidence that the lecture would boost the professional capacity of public relations practitioners in handling existing and emerging challenges in the profession. – With Agency reports
