Amidst raging calls by the global business community, especially at the ongoing Spring Meetings in Washington DC, USA, for the Nigerian government to float the Naira, and liberalise its financial market, the Central Bank of Nigeria (CBN), at the weekend said the country had no intension of floating its currency in the face of its many security challenges.
Proponents of the proposal to float the Naira had argued that it would make the Nigerian economy more competitive and encourage foreign investors to come into the country.

But reacting to the calls by some participants at the Spring Meetings of the IMF / World Bank, CBN’s spokesman, Isaac Okoroafor, said the nation’s market was already extensively liberalised, hence the call to float the Naira was a bit laughable.
“ Yesterday (Thursday) when Madame Lagarde was discussing the economy of Egypt, she lamented herself, the devastating inflation that is in that country.
Egypt, which has half Nigeria’s population, receives about $12 billion in foreign earnings and several billions from tourism.
We are 180 million people, our infrastructure is so poor and the productive capacity cannot be fast enough to rise to benefit from massive depreciation.
If you float the Naira today, and given recent discoveries by security agencies, you’ll discover that our case will be terrible. Egypt today has an inflation rate of almost 31 per cent, and Angola also has about 36 per cent inflation, ours is at 17.26 per cent.
If we float the Naira and we allow speculators and those with corruption money and all the people who create the bubbles in the economy to launch into the market, you can imagine the kind of situation we will get ourselves into”, Okoroafor said.
According to him, no country floats its currency; and just leaves it to the dictates of the market.
Meanwhile, the bank has threatened to deal decisively with deposit money banks implicated in alleged efforts to frustrate Small and Medium Enterprises (SMEs) entrepreneurs from accessing foreign currencies to boost their operations. The warning came on the heels of widespread allegations that SMEs regarded as the live-wire of the nation’s economy are being frustrated from accessing the $20,000 special intervention fund approved for operators per quarter by the apex bank
Speaking at a special press briefing on the sidelines of the ongoing Spring Meeting of the IMF/ World Bank in Washington DC, USA, Mr. Isaac Okoroafor, warned that the apex bank would sanction any deposit money bank that puts wage in the wheel of progress of the current economic reform programme of the Federal Government.
more at http://www.akelicious.com/2017/04/we-cant-float-naira-cbn-tells-imf.html

Cbn, carry on with your job and stop listening to beer parlour Economists joor.

Cool this is good

Watch how people too who don't even know what floating means and its implications will come here and criticise this

I can bet my two balls ..flaot the naira today and it will exchange for 800 to a dollar in a month time and an flation of 50%

Not our concern all we are saying is mk $1 = #1

Watch and see the astronomical amounts of dollars being looted from Nigeria Central Bank CBN


https://www.youtube.com/watch?v=9VjttL_VoH4

We can't float naira, we can only sink it.

Ha, it will sink oo

APC are still confused

Okay.

President Buhari government don weak me o

CBN Who knows the full meaning?

Very good.

And its time African countries entirely stop doing business with the world bank and IMF. These are colonial instruments set up by the west after the second world war to continue to control the economy of their colonies.

There's much more we can do in Inter-African co-operation. African nations should begin trading more among ourselves. Get your crude oil from Nigeria, get your cocoa supplies from Ghana and Ivory Coast, get your Gold from South Africa, get your diamonds from Botswana, get your tea and beverage raw materials from Kenya and Uganda, e.t.c. These are things we're already doing better than others, so there's definitely much more we can do within ourselves!!.

"The rich men of rich nations MUST rule the world , competing among themselves for the greater share of the spoils (colonies). And they are to be assisted by the rich men of the hungry nations”........ British dictator, Winston Churchill.

He continued "Our power place us above the rest, we are like rich men dwelling at peace within their habitation and therefore our right to rule . That's the way the world ought to be and will be”............. Winston Churchill.

Winston Churchill was the British prime minister from 1940 to 1945 and again from 1951 to 1955. He made the above comments as he was struggling to hang on to the then fast collapsing British empire. Britain had been weakened by the first and second world wars, and it dawned on them England wasn't in position any longer to rule all their colonies by direct military occupation. They must find other ways (the new world order) for ruling their colonies across the world. That's why institutions like the world bank, IMF, commonwealth of nations, international criminal court, e.t.c were created.

emmanuel2015:
CBN
Who knows the full meaning?

Central bank of nonsense

90% of the people that will comment here have no clue about the laws of economics and fiscal policies. Is all about apc-pdp, buhari-jonathan, north-south. Zero education!

Am coming back to comment

Float what?

IMF should excuse Nigeria on that policy. Leaving the speculators and bank boiz to determine the xrt is like signing a blank cheque for Yahoo boiz.

What does floating means...
An innocent question thou

I agree with CBN on this, considering the current security and corruption issues in Nigeria, floating the currency would put the country in further recession...

989900:
Nice one CBN.

Very few countries do a clean float anyways.

If you follow developments, so called economists had pressured Mr. Buhari when he refused to float the Naira. When CBN eventually experimented with the naira float, the economy was torn to shreds and benefited only the criminals. I hope CBN is wiser now, no should mean no.

mrvitalis:
Cool this is good

Watch how people too who don't even know what floating means and its implications will come here and criticise this

I can bet my two balls ..flaot the naira today and it will exchange for 800 to a dollar in a month time and an flation of 50%

Pls explain what the floatation means. Thank you

World Bank is technically owned and controlled by few powerful countries, some of which see Nigeria potential(leaving aside our corrupt leaders) as threat. they know more than the CBN, they know the implications of floating the naira in the face of poor infrastructure and corrupt minded top official, past and presently in govt. but they just want to see Nigeria go down economically. they came with conditional loan, it was rejected and they went back and adjusted their terms with the hope of getting Nigeria to take the loan, then they came with devaluation strategy and now they are telling us to float the naira. World Bank is evil

I dont even know the meaning of FLOAT NAIRA, it sounds fine to ears abi.. To sink something is not good I suppose.

Someone that understands should pls explain to me.

HMM

Shebi una float our currency last year. You guys are just foolish in my opinion. It was the same floating of the currency that skyrocketed the naira to 400 to a dollar.

When you saw naira was at 500 naira to a dollar, CBN now started their late die minute dollar invasion to the bank and bureau de change.

You people should float again you hear ...mumu people...

Who even brought the devilish idea to float our currency last year in the first place...that the Emefiele of a person approved.

APC government sha...kai..I weep for Nigeria.

I agree with the apex bank on this.

YelloweWest:

Pls explain what the floatation means. Thank you

Allowing the dollar to find its level.

In other words,

Allowing the value of the dollar in Naira to be determined by market forces rather than being pegged/fixed by cbn.

My understanding though, I'm not an Economist.

Nice one from cbn

Please don't float Naira if you don't want to kill the poor. The semi floating d cbn did did no good but raised dollar to over 500. Kudos to cbn for their intervention. Those crying for floating are doing it for there business and selfish intrest.

The CBN spokesman mr Okoroafor called IMF request 'laughable', the Nigerian economy is better managed in the hands of Igbos (no tribal sentiment implied) because they will never ever trust the white man as sincere in his policies towards Africa and the British knew this which made them to ensure that power is skewed to the region that is more malleable.
We must continue to apply home grown solutions to our economic challenges if we want to get out of the woods and not from any foreign group which tries to pretend to be more clever than Nigerians.

Modified;
For those quoting me because I mentioned Igbos and the economy let me add this.

Every region have its comparative advantage and we failed as a nation for turning a blind eye and pretending to be ignorant so as not to be termed tribalists. For example kids in the South West are very good with computer systems and software development and Nigeria can become an international IT hub like India if fully harnessed but lets not say it out so as not to promote the Yorubas because I am Igbo and the economy continues to lose in that sector