If we devalue naira again, we will kill Nigerians, says CBN governor

http://tribuneonlineng.com/if-we-devalue-naira-again-we-will-kill-nigerians-says-cbn-governor

The Central Bank governor, Mr Godwin Emefiele, has defended his decision not to further devalue the naira despite the pressure on the currency of Africa’s top oil producer amid the global price crash.

Godwin Emefiele is also under pressure from foreign investors and Nigerian manufacturers, who say his policies are worsening the oil-dependent country’s economic woes.

But the governor, on Monday, maintained that the naira was 'appropriately priced,' telling the Financial Times Africa Summit he would not allow a policy of 'interminable adjustment' as this would only cause more pain for Nigeria’s 170 million people.

The naira lost more than 20 per cent of its value between the start of the oil price fall in July 2014 and February, the last time the Central Bank allowed the currency to depreciate.

Since then, Emefiele has introduced a range of currency controls — doing everything but adjusting the currency to defend its value. The result has been an effective freezing of the country’s foreign exchange market. The lack of liquidity — the ability to move hard currency in and out of the country — was one reason JP Morgan removed Nigeria from its influential emerging markets bond index last month.

President Muhammadu Buhari, who was inaugurated in May, has not yet appointed a cabinet or defined an economic policy to guide the country through the crisis sparked by the oil price crash.

This has frustrated investors who strongly disagree with the monetary policies enacted by Emefiele and argue that in the absence of a fiscal policy, the central bank governor is straying beyond his mandate and intervening in manufacturing policy......

hmmmm







GMB will remove emefiele before March and guess where his replacement will come from.

How does that Reduce the price of Garri??

'Kill' might just be an understatement, i think 'genocide' will be perfect. . Make dem pls consider o

Lack of fiscal policies is making the job of the CBN very difficult.

una no knw wen una been start?

Ok. You know all this all along before joining the band wagon of the last clueless government! !!

TonyeBarcanista:
Lack of fiscal policies is making the job of the CBN very difficult.

Please explain?

I can't understand how fiscal policies could offset the exchange rate/currency issues cause by drop in oil price and the reckless depletion of reserves accrued from the recent oil boom.

From what I understand; as a country whose economy is primarily based on imports, further devaluation portends danger.

I might be wrong though...

I don't know how Mr Emiefele, the CBN Governor intend to hold out under the present harsh reality. Sounding Bohemian is not the solution to the current economic crisis, because when the envisaged fall of naira come, Nigerian will blame him for wrong advise to Mr President. Mr Emiefele should know that himself and Mr Kachikwu both from Delta State are the drivers of the economy. Wahala dey o!

Regardless how many times you say this, sir, some people still won't understand. All they know how to is criticise. More worrying is that those whom you're trying to defend are the first to tongue lash.

On one side it leads to improvement of current account and reduction in trade deficit after a certain time period, but it will eventually cause stress on imports, creates trade deficits for the counter party, and leads to rise in inflation, thus while deciding on Currency devaluation consequences both sides of the coin must be understood. Nigeria is a developing nation and cannot pull that off. Perhaps, the reason China can get away with currency devaluation.

Okanokan:
I don't know how Mr Emiefele, the CBN Governor intend to hold out under the present harsh reality. Sounding Bohemian is not the solution to the current economic crisis because when envisage fall will come Nigerian will blame him for wrong advise to Mr President. Mr Emiefele should know that himself and Mr Kachikwu both of them from Delta State are the drivers of the economy. Whale dey o!

What's this gibberish?

Hmmm
it all started last year and is getting worsening day by day I just hope for d best.


May Almighty God direct buhari on how to drive Nigeria forward

Shoroniyen ?

U

m

Buhari make one naira equal one dollar as you promised your dumbass followers.
Yeye dey smell

Stop defending a worthless currency with our limited reserves. Let the naira freefall and stop deceiving ourselves. Those days when oil sold for over $100 per barrel, you greedy crooks were enriching yourselves.... you've already caused enough havoc, save the reserves and dont bankrupt this country any further.

Ok

On a good day, these reports shouldn't concern an ordinary man. You can just have that good feel that your country that there is progress in the economy.

But no, everyday one grammar upon another. One report upon another. We don't need all these Economic jargon shoved into our faces. If the country is progressing, citizens will have that true feel that our country is moving forward economically. We want to feel it!

this is about time we look distinctively into our fiscal policies.

tollytexy:
Shoroniyen ?

#OyamilenuOooooo

Ok

Is he OK? Millions are losing their jobs already. They just sit down there in Abuja, they have no idea how the economy is collapsing.

I booketh the space!

candidbabe:
Buhari make one naira equal one dollar as you promised your dumbass followers.
Yeye dey smell

K

olatos4jesus:
If we devalue naira again, we will kill Nigerians, says CBN governor
http://tribuneonlineng.com/if-we-devalue-naira-again-we-will-kill-nigerians-says-cbn-governor

candidbabe:
Buhari make one naira equal one dollar as you promised your dumbass followers.
Yeye dey smell

K

May b u miss d side he said it started july 2014 and buhari wasn't d one who destroy the economy


There is a word which says its easier to destroy than to rebuild



I hope u read the article yesterday "A generation of confused youth" if no pls do is still @ d front page

Oga do something and stop talking!

If you are clueless on what to offer as a solution, kindly resign and letter someone better step in.

Governor of the mouth, by the mouth and for the mouth!