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Naira Needs Devaluation - Segun Agbaje, GTBank CEO - Business - Nairaland

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Naira Needs Devaluation - Segun Agbaje, GTBank CEO by ShowYourCertificate: 8:52am On Aug 28, 2015
* GTBank CEO says 10% fall vs dollar will allow naira to settle
* Nigerian local bond yields may rise as much as 200bps

Nigeria needs to devalue the naira as falling oil prices and the global markets rout this week mean the currency’s exchange rate is unsustainable, according to biggest local bank by market value.

“There’s only one way the currency can go,” Segun Agbaje, chief executive officer of Lagos-based Guaranty Trust Bank Plc, said in a conference call on Tuesday.

“As a country, we have to make the difficult decision. At the current oil price and with what’s happening in the world, we’ll have to deal with some measure of devaluation.

”A devaluation of about 10 percent against the dollar would be enough for the naira to “settle,” he said.

The central bank of Africa’s biggest economy and oil producer introduced curbs on currency trading after the naira fell to a record low of 206.32 per dollar on Feb. 12. That’s stabilized the unit at an average of 198.94 since the start of March and left it overvalued, according to investors including Ashmore Group Plc and Aberdeen Asset Management Plc.

In June, the Abuja-based regulator also stopped importers of 41 items including furniture and textiles from accessing official foreign-exchange markets in a further bid to prop up the currency.

Agbaje said local bond yields may rise by 100 to 200 basis points as the government boosts its borrowing to make up for a shortfall in oil revenues, which make up about two-thirds of state revenue. He didn’t specify a time period for the potential market movements.

Average naira government bond yields were 15.7 percent on Aug. 24, the highest among 31 emerging markets tracked by Bloomberg.
http://www.bloomberg.com/news/articles/2015-08-25/nigeria-s-currency-needs-devaluation-guaranty-trust-bank-says

The experts have spoken smiley smiley smiley

Lalasticlala do the needful

1 Like

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by ShowYourCertificate: 8:53am On Aug 28, 2015
Very soon now the Janja-weed Party would brand GTB as PDP grin grin grin

18 Likes 3 Shares

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by belamour(m): 8:56am On Aug 28, 2015
DOLLAR DOLLAR DOLLAR!!!

But Once Upon A Time

1$ Is equal To 1Naira

Where Did We Go Wrong

I Believe We Will Get There

@showurcommonsense How is that PMB Fault?

6 Likes

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by gists: 9:02am On Aug 28, 2015
Looks like the op just copied and pasted after reading the headline. Let me help you highlight the key point before you start blaming PMB on what "the experts" say:
ShowYourCertificate:
Nigeria needs to devalue the naira as falling oil prices and the global markets rout this week mean the currency’s exchange rate is unsustainable, according to biggest local bank by market value.

“There’s only one way the currency can go,” Segun Agbaje, chief executive officer of Lagos-based Guaranty Trust Bank Plc, said in a conference call on Tuesday.

“As a country, we have to make the difficult decision. At the current oil price and with what’s happening in the world, we’ll have to deal with some measure of devaluation.

9 Likes 1 Share

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by raiszy2k(m): 9:03am On Aug 28, 2015
what...
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by ShowYourCertificate: 9:05am On Aug 28, 2015
gists:
Looks like the op just copied and pasted after reading the headline. Let me help you highlight the key point before you start blaming PMB on what "the experts" say:
I thought PMB said he would stabilise the oil market? grin

36 Likes 1 Share

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Vicotex(m): 9:08am On Aug 28, 2015
Gtb yoruba bank, very fraudulent.

7 Likes 2 Shares

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Seun(m): 9:08am On Aug 28, 2015
This poo is extremely painful, but they are probably right. sad

9 Likes

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by scribble: 9:11am On Aug 28, 2015
Vicotex:
Gtb yoruba bank, very fraudulent.

Wow. You're leaking stupidity

42 Likes 2 Shares

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Nobody: 9:13am On Aug 28, 2015
A 10% devaluation which will put the official exchange rate at about N220 to a dollar will allow the naira to settle? Even if our quest for rubbish imports remains the same?

Why are they all focusing on the demand side and not the supply side?

Why are they not talking about the refineries, textile factories, rice mills and stopping importing rubbish?

31 Likes 3 Shares

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Vicotex(m): 9:15am On Aug 28, 2015
scribble:

Wow. You're leaking stupidity
What i said is a fact even the oba can verify it

4 Likes

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by gists: 9:15am On Aug 28, 2015
ShowYourCertificate:
I thought PMB said he would stabilise the oil market? grin
YEAH!! And guess what, he just approved 65 private refineries. And he is just about to clock 3 months in power. Something your "jesus of otueke" couldn't do in 6 yrs in power

13 Likes

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by gists: 9:16am On Aug 28, 2015
Activa:
A 10% devaluation which will put the official exchange rate at about N220 to a dollar will allow the naira to settle? Even if our quest for rubbish imports remains the same?

Why are they all focusing on the demand side and not the supply side?

Why are they not talking about the refineries, textile factories, rice mills and stopping importing rubbish?
Thank you jare. God bless.

8 Likes 1 Share

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Ymodulus: 9:17am On Aug 28, 2015
Vicotex:
Gtb yoruba bank, very fraudulent.

Disgraceful igbo bigot

19 Likes 2 Shares

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by veekid(m): 9:20am On Aug 28, 2015
we don hear
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by ShowYourCertificate: 9:20am On Aug 28, 2015
Seun:
This poo is extremely painful, but they are probably right. sad
True. But the APC guys would disagree.

1 Like

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Vock(m): 9:21am On Aug 28, 2015
Devalue again and again and again, are we going the way of Zimbabwe?

3 Likes

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by kennyman2000(m): 9:22am On Aug 28, 2015
Not again...
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by lekjons(m): 9:23am On Aug 28, 2015
Vicotex:
Gtb yoruba bank, very fraudulent.
Ymodulus:

Disgraceful igbo bigot
undecided kill these people right now!! angryangry

2 Likes

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Mutuwa(m): 9:23am On Aug 28, 2015
of course it does
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by magicminister: 9:23am On Aug 28, 2015
Saw this coming when naira was hover at 170+
I predict a final devaluation of 225-230N to a dollar before year ends.

despite the fact that a devaluation would immensely favour me, It sickens me to know that my currency is gradually corroding away!!

2 Likes

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by ShowYourCertificate: 9:24am On Aug 28, 2015
gists:

YEAH!! And guess what, he just approved 65 private refineries. And he is just about to clock 3 months in power. Something your "jesus of otueke" couldn't do in 6 yrs in power
Can the approval of 65 private refineries stabilise the oil market? Will it increase the price of crude oil in the market. Olodo.

13 Likes

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by erico2k2(m): 9:25am On Aug 28, 2015
gists:
Looks like the op just copied and pasted after reading the headline. Let me help you highlight the key point before you start blaming PMB on what "the experts" say:
Don't turn things the other way round.did you say same.when GEJ govt wanted to do exact same thing cos of reason you stated above? U guys seem to amaze us.U can't shift the goal post in the middle of the match.

6 Likes

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Nobody: 9:25am On Aug 28, 2015
shocked :oWat! Dey shud focus on evaluate and restrategize naira..
Inbtw
Nas am done!
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by erico2k2(m): 9:26am On Aug 28, 2015
ShowYourCertificate:
Can the approval of 65 private refineries stabilise the oil market? Will it increase the price of crude oil in the market. Olodo.
Leave that old that thinks the colour of Oil is green.
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Charlesdegaulle: 9:26am On Aug 28, 2015
Vicotex:
Gtb yoruba bank, very fraudulent.

Do you have to exhibit your stupidity all the time?

3 Likes

Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by jimfend: 9:26am On Aug 28, 2015
Insightful, but #whoCares
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Justicealh3(m): 9:27am On Aug 28, 2015
What ever! undecided
Re: Naira Needs Devaluation - Segun Agbaje, GTBank CEO by Drsheddy(m): 9:27am On Aug 28, 2015
K

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