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Nairaland Forum / Nairaland / General / Business / Emefiele Blames Naira Fall On US Policy and Importation (15167 Views)
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Emefiele Blames Naira Fall On US Policy and Importation by wristbangle: 9:11am On Jan 20, 2016 |
Sunday Aborisade, Abuja. The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, explained to the Senate on Tuesday that some harsh monetary decisions taken by the United States and Nigeria’s over dependence on foreign goods were responsible for the continuous fall in the value of the naira against major foreign currencies. The Chairman of the Senate Committee on Media and Publicity, Senator Sabi Abdullahi, stated this when he briefed journalists at the end of the closed-door meeting with the CBN boss. Emefiele was said to have stated that other factors like the declining commodity prices and the geo-political tensions along important trading routes were equally injurious to the naira value. Abdullahi said, “He (Emefiele) touched on the global economy conditions in which he informed us that we are not immune from external shocks that are currently going on in the world. These shocks include the following: declining commodity prices, geo-political tensions along important trading routes and tightening of monetary policies in the United States of America. “The Senate appreciated the need to support the various policies being formulated to strengthen the currency.” Abdullahi added that the Senate also acknowledged the pains that many people were experiencing currently, especially in the light of the shortage of foreign exchange for legitimate businesses. He, however, said that having carefully considered the policies of the CBN, the upper legislative chamber would like to commend and support them because they were mostly geared towards increasing local production, creating jobs in the country, safeguarding the commonwealth and expanding economic opportunities and growth. Abdullahi stated, “It is, therefore, critical that we all join our hands together to seek both short-term and long-term solutions to our underlying problems of non-diversification of foreign exchange earnings and revenues rather than pointing fingers at who did what and who’s to blame. “The Senate believes strongly in the resilience of the Nigerian economy and the ingenuity of the Nigerian people, and as such, we are confident that we will all pull through these difficulties and come out as an equitable and prosperous nation.” Abdullahi anchored the meeting with the CBN governor on the section of the CBN Act, which required that it should brief the National Assembly on periodic basis. He said, “This appearance by the CBN governor and his management team is in line with Section 8 of the CBN Act, 2007, which requires that the governor of the bank provides the National Assembly periodic updates on the activities of the bank as well as the performance of the economy. “In view of the above, the CBN governor presented a detailed, comprehensive and lucid account of the performance of the Nigerian economy in the last one year.” The Senate spokesperson noted that Emefiele explained the occurrences within the Nigerian economy, especially with respect to the over 70 per cent decline in oil prices from about $116 per barrel in June 2014 to about less than $30 presently. He said “The CBN governor also gave us an insight into the bank’s analysis and understanding of the situation and, therefore, the rationale underlining the various policy actions the bank has taken over the past couple of months. “He also provided an insight into other countries that are facing similar difficulties and how they have dealt with them. Based on these analyses, it is clear that Nigeria is not doing badly, and I think we are on course to see how we can bring back Nigeria into the path of economic prosperity. “After the presentation, of course, there were questions from distinguished senators on many issues, especially the stoppage of foreign exchange to the Bureaux De Change, the gradual rise in inflation, and the fallen foreign exchange reserves, among others.” Source: http://www.punchng.com/emefiele-blames-naira-fall-on-us-policy-importation/ Lalasticlala 3 Likes 1 Share |
Re: Emefiele Blames Naira Fall On US Policy and Importation by PoliticalThuG(m): 9:13am On Jan 20, 2016 |
Apc is a joke 34 Likes 2 Shares |
Re: Emefiele Blames Naira Fall On US Policy and Importation by wristbangle: 9:21am On Jan 20, 2016 |
PoliticalThuG: Did you read the article? 35 Likes 4 Shares |
Re: Emefiele Blames Naira Fall On US Policy and Importation by Tokt: 9:27am On Jan 20, 2016 |
The summary of this is based on current challenges, we are currently not doing badly and on course to full recovery. 8 Likes 2 Shares |
Re: Emefiele Blames Naira Fall On US Policy and Importation by Nobody: 9:43am On Jan 20, 2016 |
What about his own policies? Abeg leave trash for lawma 8 Likes |
Re: Emefiele Blames Naira Fall On US Policy and Importation by Bevista: 10:57am On Jan 20, 2016 |
Abdullahi said, “He (Emefiele) touched on the global economy conditions in which he informed us that we are not immune from external shocks that are currently going on in the world. These shocks include the following: declining commodity prices, geo-political tensions along important trading routes and tightening of monetary policies in the United States of America.I think the CBN Governor was on point here. --- Most people may not be aware of the Monetary Policy divergence between the US Fed and most other Central Banks in the world. The US Fed just increased its FFR by 25 basis points and is expected to continue doing so in the coming quarters and years. On the other hand, the CBN just reduced its MPR by 200 basis points. Also, the outlook for the US economy looks better while that of Nigeria looks gloomy. --- For those who understand Finance & Investments, you will appreciate that this has increased the Yield on US financial assets while reducing the yield on Nigerian financial assets. Consequently, foreign portfolio investors (FIP) are moving their funds from Nigeria to the US. As they move out, they are converting Naira to dollars adding to the demand for dollars and the pressure on the Naira. These are "external shocks" completely outside the control of the president or the CBN Governor. 36 Likes 6 Shares |
Re: Emefiele Blames Naira Fall On US Policy and Importation by Firefire(m): 11:13am On Jan 20, 2016 |
1 Like 1 Share |
Re: Emefiele Blames Naira Fall On US Policy and Importation by rahman8(f): 11:13am On Jan 20, 2016 |
F 1 Like |
Re: Emefiele Blames Naira Fall On US Policy and Importation by UnknownT: 11:14am On Jan 20, 2016 |
At least he didn't blame the last administration 25 Likes 2 Shares |
Re: Emefiele Blames Naira Fall On US Policy and Importation by allanphash7(m): 11:15am On Jan 20, 2016 |
Crap 21 Likes
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Re: Emefiele Blames Naira Fall On US Policy and Importation by eagleeye2: 11:15am On Jan 20, 2016 |
There is always someone or something to be blamed......... Sai APC........Change 17 Likes 2 Shares |
Re: Emefiele Blames Naira Fall On US Policy and Importation by Flyoruboy(m): 11:16am On Jan 20, 2016 |
He also forgot to hold the last administration responsible for dollarizing the Nigerian economy, especially during the last elections. http://www.premiumtimesng.com/news/176257-soludo-holds-fire-but-insists-n30-trillion-plus-aus-n8-6trillion-missing-under-okonjo-iweala.html 2 Likes |
Re: Emefiele Blames Naira Fall On US Policy and Importation by brunofarad(m): 11:16am On Jan 20, 2016 |
Yeah Blame my dog also 4 Likes |
Re: Emefiele Blames Naira Fall On US Policy and Importation by Rich4god(m): 11:16am On Jan 20, 2016 |
.\Seems like he have been infected with the blame syndrome. 1 Like |
Re: Emefiele Blames Naira Fall On US Policy and Importation by dtracker: 11:16am On Jan 20, 2016 |
hmmm |
Re: Emefiele Blames Naira Fall On US Policy and Importation by BedLam: 11:16am On Jan 20, 2016 |
But I thought they've been blaming the past administration? Who is fooling who? 8 Likes 1 Share |
Re: Emefiele Blames Naira Fall On US Policy and Importation by humanbeing5th(f): 11:16am On Jan 20, 2016 |
apc and blame be like siemese twin, hahahaha apc don scam nigerians oooo, next nigerians were asked to vote for change, dey will be like >>>>>>> eni ori yo odile 14 Likes 2 Shares
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Re: Emefiele Blames Naira Fall On US Policy and Importation by AmakaDNB(f): 11:17am On Jan 20, 2016 |
Okay |
Re: Emefiele Blames Naira Fall On US Policy and Importation by Nobody: 11:17am On Jan 20, 2016 |
P.A. I mean PAST ADMINISTRATION. |
Re: Emefiele Blames Naira Fall On US Policy and Importation by mobaladf: 11:17am On Jan 20, 2016 |
after consuming naija moni |
Re: Emefiele Blames Naira Fall On US Policy and Importation by BIGTinfotech: 11:17am On Jan 20, 2016 |
Stfu |
Re: Emefiele Blames Naira Fall On US Policy and Importation by sidneyj(m): 11:18am On Jan 20, 2016 |
who is to blame, are the gods to blame
Niger is looking for who to blame for their predicament where are we really heading to |
Re: Emefiele Blames Naira Fall On US Policy and Importation by sidneyj(m): 11:20am On Jan 20, 2016 |
9ja check my signature |
Re: Emefiele Blames Naira Fall On US Policy and Importation by AkupeMBANO(f): 11:21am On Jan 20, 2016 |
Every act of incompetency is a blame back to back. From GEJ to PDP now to America. Chai! One chance noni. 8 Likes |
Re: Emefiele Blames Naira Fall On US Policy and Importation by Inception(m): 11:22am On Jan 20, 2016 |
allanphash7: 1 Like |
Re: Emefiele Blames Naira Fall On US Policy and Importation by sucess001(m): 11:24am On Jan 20, 2016 |
can someone tell this mumu that he is in that office to manage such external shocks and not to aportion blames? this guy is daft and corrupt! 2 Likes |
Re: Emefiele Blames Naira Fall On US Policy and Importation by Nobody: 11:24am On Jan 20, 2016 |
Can't the government devalue the American dollar so that inflation can be reduced?It's like some top politicians are benefitting from it |
Re: Emefiele Blames Naira Fall On US Policy and Importation by Morkavictor: 11:25am On Jan 20, 2016 |
The blame game continues. 1 Like |
Re: Emefiele Blames Naira Fall On US Policy and Importation by Nobody: 11:28am On Jan 20, 2016 |
PoliticalThuG: This is isnt APC matter, the economy has been mismanaged over the years, this climaxed during the GEJ administration, where there was uncontrolled looting of funds, imagine touts and criminals oil vandals given contracts to import navy war ship and contracts to protect our pipelines. Not to talk of the over dependence on crude oil exports which killed the manufacturing industries and any industry capable of generating income from exporting, leading to over dependence on imports, imagine even tooth picks had and artisans, house helps prostitutes had to imported into naija cos every one got lazy due to oil awoof. So stop the blame game join hands and rebuild the country. STOP WAILING. 4 Likes 1 Share |
Re: Emefiele Blames Naira Fall On US Policy and Importation by obailala(m): 11:28am On Jan 20, 2016 |
Lol.. thread filled with a multitude of jonathanian dullards who read but cant comprehend jack; they rather prefer to excitedly jump around unclad exposing their ignorance. Reason behind the lull in the economy has been succinctly explained, but it would be silly expecting empty skulls to comprehend this. . . And yes, to add to the explanations by Emefiele, the impact of the prevailing issues would definitely not have been this bad if Nigeria had sufficient saved forex funds to cushion the effects. 6 Likes |
Re: Emefiele Blames Naira Fall On US Policy and Importation by Sasuwa(f): 11:32am On Jan 20, 2016 |
Lol |
Re: Emefiele Blames Naira Fall On US Policy and Importation by sapientia(m): 11:33am On Jan 20, 2016 |
Must they blame someone? |
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