₦airaland Forum

Managing Director and Chief Executive Officer of First Bank of Nigeria Limited, Mr. Bisi Onasanya, has disclosed that Nigeria needs to let the naira devalue as foreign-exchange trading restrictions used to keep the currency stable are starting to harm growth in Africa’s largest economy.


According to Onasanya who spoke during an interview at a Bloomberg conference at the Nigerian Stock Exchange in Lagos yesterday, “People just don’t believe the Central Bank of Nigeria (CBN) has what it takes to sustain the exchange rate at the present level.

“The market needs to reopen. You cannot peg the naira at a level that the whole world knows is unrealistic.”

Faced with a plunge in the price of oil, the source of 90 per cent of Nigeria’s exports, the CBN has imposed currency-trading restrictions to protect the naira, which has weakened 18 percent against the dollar in the past year. The curbs have led the unit to stabilise at an average of 198.85 per dollar since the end of March.

Source:http://www.nairausd.com/2015/06/first-bank-ceo-calls-for-naira.html

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Ok

no comment

The LORD is our Strength.

The devaluation also puts the commercial banks at an advantage since interest rate on loans including existing loans will rise. As at present it is 29%. This too is hurting the businesses not just SMEs.

We can't afford the Zimbabwean currency. Let the CBN continue to maintain the status quo.

On what basis?
I for see the naira reaching N400 before december

psucc:
The devaluation also puts the commercial banks at an advantage since interest rate on loans including existing loans will rise. As at present it is 29%. This too is hurting the businesses not just SMEs.

We can't afford the Zimbabwean currency. Let the CBN continue to maintain the status quo.

Are you saying they are doing it on purpose

They will start talking now because they're looking for appointment.

Exchange Rate for Dollar-Naira, Saturday 27th June 2015

http://www.nairausd.com/2015/06/exchange-rate-for-dollar-naira-saturday_27.html

@lalaclislala
@firefire
@Truckpusher
@Barcanista

We are still waiting for the president of West Germany to make $1=N1

lorddannie:
We are still waiting for the president of West Germany to make $1=N1

Take easy on him bro. Remember what he said about his age .......

You know.................

Charpell:
Are you saying they are doing it on purpose

Pls do well to read again the post you quoted, you'll understand how.