1x2x3:
A country without future or plans. No development road map..... Anywhere belle face.

1Ebiscoo:
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, warned the Federal Government to learn to save heavily from current improved crude oil sales for the rainy day.

CBN Governor, Mr Godwin Emefiele, who read the communique of July MPC meeting in Abuja, said the committee, while discussing the economic report, observed that as the prices of crude oil increased in 2017 and 2018, the monthly allocation to various levels of government also increased, suggesting that Federal Government was not conscious of saving for the rainy day.

He said the committee had called on the apex bank to continue to build on the progress already made in arresting the trend to sustain the moderation in food inflation.

Emefiele said the MPC noted with satisfaction the fourth consecutive quarters of growth of real Gross Domestic Product (GDP) and the positive growth outlook in the domestic economy.

“This is shown by the sustained improvement in the manufacturing and non manufacturing purchasing managers indices in the second quarter of the year,” he said.

He said the committee was, however, concerned about the liquidity impact of the 2018 expansionary fiscal budget and increasing FAAC distributions due to rising prices of crude oil as well as the build up to election related activities.

On the declining foreign reserves from $47.7 billion in May to $47.2 billion in June, Emefiele said the development had nothing to do with politics as being insinuated.

“What is happening is as a result of US Federal Reserve Bank normalisation. Since the interest rate has gone up in the US, and other advanced economies, in an attempt to stimulate their economies, these money that moved into the emerging economies are now being taken back and this means there will be so much outflow of cash than inflows. And of course we have our own share of it.

“But it must be noted that Nigeria has performed better than other emerging markets around the world, with a stabilised exchange rate because we have been able to build enough buffers to support our currency and that is why the exchange rate has remained stable.

“Countries like South Africa and others have had their currencies depreciated but the Naira remains stable at N360/$ at this time,” he added.

On currency swap update, the CBN Governor said: “China remains Nigeria largest trading partner and we are saying that those trading can be paid for using renminbi instead of dollars, because people who are importing using renmimbi we are offering some discounts since we have this soft deal with the Bank of China and we are encouraging people to embrace the use of renminbi for trade between Nigeria and China.”

PLEASE READ MORE>>>http://www.mcebisco.com.ng/2018/07/nigerian-government-not-willing-to-save.html

predatorX:


This is a Fulani dollard and a Buhari worshipper. Saving on external reserves while internal debt is at its highest is intelligent economics, right?

Atlanticfire:
Same story every year.

Doing what they accused pdp of doing.

Atlanticfire:
Same story every year.

Doing what they accused pdp of doing.

rottennaija:


Read the content first before commenting. The headline is deliberately misleading.

babyphaze07:
This govt is just impossible. They accuse last administration of not saving and they are not doing same. The dollar being stable at #360 is still not good enough. Mismanagement of funds is sure a cankerworm in a Nigeria.

LZAA:
kwaraupshan Cc immhotep greenback gmbuharii pointzerom sarkin my love

FriendNG:
Save what. Our reserves are increasing and you still claim we are not saving.

Merimental:
" Naira remains stable at N360/$ at this time,” celebrating mediocrity...d same naira was 180 against dollar b4 d dey came in...

1Ebiscoo:
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), on Tuesday, warned the Federal Government to learn to save heavily from current improved crude oil sales for the rainy day.

CBN Governor, Mr Godwin Emefiele, who read the communique of July MPC meeting in Abuja, said the committee, while discussing the economic report, observed that as the prices of crude oil increased in 2017 and 2018, the monthly allocation to various levels of government also increased, suggesting that Federal Government was not conscious of saving for the rainy day.

He said the committee had called on the apex bank to continue to build on the progress already made in arresting the trend to sustain the moderation in food inflation.

Emefiele said the MPC noted with satisfaction the fourth consecutive quarters of growth of real Gross Domestic Product (GDP) and the positive growth outlook in the domestic economy.

“This is shown by the sustained improvement in the manufacturing and non manufacturing purchasing managers indices in the second quarter of the year,” he said.

He said the committee was, however, concerned about the liquidity impact of the 2018 expansionary fiscal budget and increasing FAAC distributions due to rising prices of crude oil as well as the build up to election related activities.

On the declining foreign reserves from $47.7 billion in May to $47.2 billion in June, Emefiele said the development had nothing to do with politics as being insinuated.

“What is happening is as a result of US Federal Reserve Bank normalisation. Since the interest rate has gone up in the US, and other advanced economies, in an attempt to stimulate their economies, these money that moved into the emerging economies are now being taken back and this means there will be so much outflow of cash than inflows. And of course we have our own share of it.

“But it must be noted that Nigeria has performed better than other emerging markets around the world, with a stabilised exchange rate because we have been able to build enough buffers to support our currency and that is why the exchange rate has remained stable.

“Countries like South Africa and others have had their currencies depreciated but the Naira remains stable at N360/$ at this time,” he added.

On currency swap update, the CBN Governor said: “China remains Nigeria largest trading partner and we are saying that those trading can be paid for using renminbi instead of dollars, because people who are importing using renmimbi we are offering some discounts since we have this soft deal with the Bank of China and we are encouraging people to embrace the use of renminbi for trade between Nigeria and China.”

PLEASE READ MORE>>>http://www.mcebisco.com.ng/2018/07/nigerian-government-not-willing-to-save.html

FriendNG:
Save what. Our reserves are increasing and you still claim we are not saving.

shotuns:
Did the last regime saved for the rainy days? You save and some useless politicians will use them for their personal gain. I am fully in support of President Buhari using up all the money for pending projects, so many important but yet to complete projects are on ground, no savings for rainy days at the moment, rainy days will cater for itself.

1x2x3:
A country without future or plans. No development road map..... Anywhere belle face.