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Labour backs Emefiele on CBN’s Naira valuation - Business - Nairaland

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Labour backs Emefiele on CBN’s Naira valuation by BlessedNuel: 10:03am On Dec 06, 2020
Organized labour has commended the recent measures of the Central Bank of Nigeria (CBN) aimed at shoring up the value of the Naira.

The Naira recently reversed its depreciation trend in the parallel market, recording N20 gain against the United States Dollar closing at N470 per dollar due to what observers attributed to the new rules introduced by the CBN, which allowed beneficiaries of diaspora remittances and foreign exchange transfers into domiciliary account, and collect the proceed in foreign currencies.

Speaking at the one-day interactive session with stakeholders on the five-year policy trust of the apex bank in Kaduna, weekend, Vice President of Industriall Global Union, Comrade Issa Aremu, hailed the CBN’s Monetary Policy Committee ( MPC) for resisting the pressures to benchmark the real value of Naira with what he called “speculative parallel market rates.”

He observed that Naira’s worth was better determined by “market fundamentals” aimed at driving growth and development protecting wage income rather than satisfying “the insatiable urge of currency speculators for unearned profits on the streets.”

He said Nigeria depends on imported inputs for industrial production, adding that “unmanaged exchange rates” and attendant devaluation would further increase the cost of production, depress wages, making the country uncompetitive and economic recovery intractable.

Comrade Aremu decried the rising inflation and price of foodstuff despite the efforts of the CBN to maintain price stability, blaming it on insecurity which he said had undermined agricultural production in the rural areas.

He urged the fiscal authorities in ministries of trade and investment, interior and agriculture to compliment CBN’s measures and stabilise the economy through appropriate industrial, agricultural and security policies that would stimulate and guarantee seamless productivity in the country.

Participants, drawn from affiliate unions of NLC and TUC and informal sector workers in the state, also acknowledged and commended the CBN’s development financing interventions in transportation, agriculture, cotton and textile sub-sectors, oil and gas sector aimed at self-reliance and domestic production.

On security, Aremu called for what he called “bi-partisan statesmanship through cooperation by states and non-state actors to confront banditry and criminal violence”.

“The recent nationwide concerns about growing insecurity are welcome, but Nigeria should not be a debating society but a functioning secured Republic.

“Blame games and calls for resignations of President or Service Chiefs are not helpful. In fact, acrimonies and discordant voices only benefit criminals.

“What is needed is bi-partisan cooperation to confront insecurity and the burden is on President Buhari to rally the nation against growing threats to lives and livelihoods.”

He observed that the lasting solution to “physical insecurity is economic security” which can only come through decent jobs for millions of unemployed youth across the federation.

https://www.google.com/amp/s/www.vanguardngr.com/2020/12/labour-backs-emefiele-on-cbns-naira-valuation/amp/

4 Likes 1 Share

Re: Labour backs Emefiele on CBN’s Naira valuation by duduade: 10:41am On Dec 06, 2020
What does the Labour know

Ordinary to fight for the Nigerian masses na to go collect brown envelope

Tufiakwa

141 Likes 6 Shares

Re: Labour backs Emefiele on CBN’s Naira valuation by purissimo1998(m): 10:50am On Dec 06, 2020
still waiting for 1$=1naira o...
sometimes I feel like these politicians don't really know what they're going into before running for political offices... hence the unrealistic manifestos to the masses

27 Likes 2 Shares

Re: Labour backs Emefiele on CBN’s Naira valuation by Obanaijacom: 10:51am On Dec 06, 2020
The ability of a country to attract foreign direct investments is determined by Government's policies, insecurity and guarantee of the safety of lives and properties.

22 Likes

Re: Labour backs Emefiele on CBN’s Naira valuation by Paxxcarl(m): 10:51am On Dec 06, 2020
backing mediocrity cheesy

8 Likes

Re: Labour backs Emefiele on CBN’s Naira valuation by Designsking: 10:51am On Dec 06, 2020
This and many more is the reason we are backward in this country.

Abeg jare I will Design a Professional Logo or Letterhead for your Product or Company For 2k Only. Valid today. See my profile for my info

2 Likes 1 Share

Re: Labour backs Emefiele on CBN’s Naira valuation by Whitelookq: 10:51am On Dec 06, 2020
Abeg make we leave them with their wahala
Re: Labour backs Emefiele on CBN’s Naira valuation by ekensi01(m): 10:51am On Dec 06, 2020
Okay

1 Like 1 Share

Re: Labour backs Emefiele on CBN’s Naira valuation by Paxxcarl(m): 10:51am On Dec 06, 2020
when will it be devalued to 250 undecided

1 Like

Re: Labour backs Emefiele on CBN’s Naira valuation by GerraMeh74(m): 10:51am On Dec 06, 2020
Labour are probably as clueless as the CBN Governor himself.

13 Likes 1 Share

Re: Labour backs Emefiele on CBN’s Naira valuation by DWJOBScom(m): 10:52am On Dec 06, 2020
I don't understand what was said..
Can someone put it in simple English please

3 Likes

Re: Labour backs Emefiele on CBN’s Naira valuation by Chineduvictor41: 10:52am On Dec 06, 2020
Okay
Re: Labour backs Emefiele on CBN’s Naira valuation by King44(m): 10:52am On Dec 06, 2020
NLC?

Never proper association

Those ones a criminals in sheep clothing they can never be thrust just like NANS abi whatever they call themselves

6 Likes 1 Share

Re: Labour backs Emefiele on CBN’s Naira valuation by anochuko01(m): 10:52am On Dec 06, 2020
Gg
Re: Labour backs Emefiele on CBN’s Naira valuation by Afolabimills(m): 10:52am On Dec 06, 2020
Central Bank of north

6 Likes

Re: Labour backs Emefiele on CBN’s Naira valuation by DonFreshmoney(m): 10:52am On Dec 06, 2020
One step forward, two steps backward...

Watch as naira turn to 500 to a dollar before the new year.. nothing in Nigeria goes down and remains down

17 Likes

Re: Labour backs Emefiele on CBN’s Naira valuation by teeytimi: 10:52am On Dec 06, 2020
Only a free flow of naira will guarantee stability and economic recovery. The managers of this economy are very daft.

13 Likes 1 Share

Re: Labour backs Emefiele on CBN’s Naira valuation by AFULA(m): 10:52am On Dec 06, 2020
okay
Re: Labour backs Emefiele on CBN’s Naira valuation by NOwazobia: 10:53am On Dec 06, 2020
wetin concern agbero with currency valuation.
Re: Labour backs Emefiele on CBN’s Naira valuation by purplekayc(m): 10:53am On Dec 06, 2020
What's the official exchange Rates now
Re: Labour backs Emefiele on CBN’s Naira valuation by gurunlocker: 10:54am On Dec 06, 2020
So I remember dollar was 216 in 2015 before this government came on board.


How did we get here? More than double of what it was in 2015.....

6 Likes

Re: Labour backs Emefiele on CBN’s Naira valuation by Beno3: 10:55am On Dec 06, 2020
Na now this mumu wake up from sleep... angry

2 Likes 2 Shares

Re: Labour backs Emefiele on CBN’s Naira valuation by Pennywise(m): 10:55am On Dec 06, 2020
Who are these labour leaders backing Emefiele? What was the value of the naira before Emefiele and Buhari? Labor like the Nigerian Police has been pauperised to the extent that rather than speak for the masses, they are now speaking for the corrupt and inefficient Govt establishment

2 Likes

Re: Labour backs Emefiele on CBN’s Naira valuation by Grace001: 10:55am On Dec 06, 2020
Nigeria is synonymous to retrogression

Always on retrogression state. One step forward 5 steps backward

Failed cursed country.

9 Likes 1 Share

Re: Labour backs Emefiele on CBN’s Naira valuation by Lexusgs430: 10:56am On Dec 06, 2020
Fire brigade approach, another dooms day looming.......
Re: Labour backs Emefiele on CBN’s Naira valuation by BIGGESThead6: 10:56am On Dec 06, 2020
Emefele has always been the major problem of our economy. The Man is incompetent, clueless and lack ideas to tackle the economy. All his policies always affect the economy negatively. Buhari should've sacked him long ago.

9 Likes

Re: Labour backs Emefiele on CBN’s Naira valuation by ILoveDemMANNA: 10:56am On Dec 06, 2020
When you have more inflows into the country at dollar value it will help bring down the BDC rates,
it will also help solidify or unify the rates in the market so we don’t have multiple currency rates.


This new directive means when Nigerians living in diaspora transfer money to loved ones in the country, they can in turn withdraw the money in dollar cash and sell wherever they want to.

Now, Nigerians who recieve foreign transfers such as Western Union or Moneygram can withdraw it in dollars and then sell at the black market rate or wherever they want to.

5 Likes 2 Shares

Re: Labour backs Emefiele on CBN’s Naira valuation by maclatunji: 10:57am On Dec 06, 2020
Bad news mongers won't like this.

2 Likes 1 Share

Re: Labour backs Emefiele on CBN’s Naira valuation by AK481(m): 10:57am On Dec 06, 2020
Let it be known today that labour union become a coward organization when a particular tribe handled the affair.

Even to the extent of praising Buhari on security.

Cowardice and betrayal is in that gene.

An igbo, hausa, ijaw or edo will never stoop so cowardly low .

6 Likes 1 Share

Re: Labour backs Emefiele on CBN’s Naira valuation by jojofola: 10:57am On Dec 06, 2020
Stoopid.

Organized Labour.
Organized Envelope.

1 Like

Re: Labour backs Emefiele on CBN’s Naira valuation by ImpregnaTor(m): 10:58am On Dec 06, 2020
Anything Nigeria i don comot my hand teytey

You should too, for your ment health

7 Likes

Re: Labour backs Emefiele on CBN’s Naira valuation by scribble: 10:59am On Dec 06, 2020
Emefiele the eater of foreign reserves

1 Like

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