In this article, Nathaniel T. Olufemi argues that the recent interventions of the Central Bank of Nigeria governor, Mr. Godwin Emefiele to support the naira are working with impressive results for the economy

“The fact that we have done this consistently for almost four to five weeks should tell everybody or those who doubt the strength of central bank to sustain this policy that they are taking a risk and they will lose in this bid to want to place a wrong bet on the direction that we are going.” Mr. Godwin Emefiele, Governor Central Bank of Nigeria.

The series of bullish interventions in the past six weeks by the Central Bank of Nigeria have successfully stamped a significant level of stability in the foreign exchange market after an extended period of volatility. This is commendable work by the leadership of the apex bank. Most deserving of the plaudits is the Central Bank Governor, Mr. Godwin Emefiele who has since the start of the foreign exchange crisis canvassed for a more context-sensitive approach to handling the crisis. He took the right initial steps of putting the country’s interest first and rallying critical stakeholders against the idea of taking hook line and sinker the prescriptions of western interest groups and international financial organizations for the full float of the naira.

Emefiele’s refusal to go with traditional prescriptions in dealing with the crisis and insistence on applying practical homegrown strategies within the context of our economic peculiarities may not have delivered results as early as many wanted.

Yet today the measures are indeed working and the results are not in doubt. Roughly three weeks ago, one dollar exchanged for a whopping N550 in the parallel market. Today, the story has changed significantly. In the past few days the exchange rate has come down by about 12% and now ranges between N370 to N385 to a dollar. This means that on the average, the naira has gained about N165 to the dollar in value. This is impressive. And it is looking as if things might improve even further. What makes this intervention different is that it has not only halted the continued fall in the value of the naira into dangerous territory, but also reversed the negative trend to a positive trajectory of sustained recovery. It marks the end of a painful period of high exchange rates

Read @http://www.nairausd.com/2017/04/emefieles-support-for-naira-is-working.html

Read full article on https://www.thisdaylive.com/index.php/2017/04/05/emefieles-support-for-the-naira-is-working/

OK

Trust me hoarders are just praying for CBN to jons

"Emefiele’s Support For The Naira Is Working"

Another tribal motivated thread.

They should continue wasting millions of dollars we could have used to invest in new projects to stop the inevitable.

What Emefiele is doing is like a man with a big hole in his canoe and instead of fixing the hole, he is scooping the water out of the canoe. At some point he will get tired and the inevitable will happen. Unless he tries to fix the problem and fix the hole.

Unless we address the fiscal issues in our monetary system. These artificial temporary measures will end up delaying the inevitable.

softtouch2:
"Emefiele’s Support For The Naira Is Working"

Another tribal motivated thread.

Na you won start am

Eliminate Black Marketers and see dollar get itself in the right order

Cjrane2:


They should continue wasting millions of dollars we could have used to invest in new projects to stop the inevitable.

What Emefiele is doing is like a man with a big hole in his canoe and instead of fixing the hole, he is scooping the water out of the canoe. At some point he will get tired and the inevitable will happen. Unless he tries to fix the problem and fix the hole.

Unless we address the fiscal issues in our monetary system. These artificial temporary measures will end up delaying the inevitable.

Don't mind those buffoons.
Ad-hocism is what has gotten us to where we presently are.
No consistent long term policy, but knee-jerk, ad-hoc , reactionary policies that addresses no structural imbalances in the economy.

On what grounds should the central Bank be using the so-called scare foreign reserves to be supporting the currency of a generator economy ?
What exactly is the long term goal ?
Shouldn't the long term goal be less reliance on imports and more reliance on increasing exports and locally made goods ?

These morons are using exchange rate as a political tool rather than an economic policy tool.