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‘Anyone Caught Abusing The Naira Will Face Jail Terms’ – CBN Warns Nigerians / Cbn “optimistic” Naira Will Settle At 250 Per Dollar / Naira Finally Devalued To N290/$ By Buhari (2) (3) (4)
Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Truth234(m): 10:23pm On Jan 26, 2016 |
The Monetary Policy Committee (MPC) on Tuesday, once again voted against the widely speculated Naira devaluation. The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, said interest rates would instead be reduced to further ease the liquidity in the economy. Explaining that the current global oil glut is expected to remain for a long time and as such it is imperative to prepare for longer period of low government revenue from oil sources. According to the governor, the 12 member committee voted unanimously to keep the rated unchanged. Monetary Policy Rate (MPR) remains 11 percent, while Cash Reserve Requirements stood at 20 percent and liquidity ratio 30 percent. The Naira will continue to exchange at the official rate N197-N199 to the dollar, but parallel market rate is expected to rise above N300 as a result of CBN refusal to devalue the Nigerian Naira. However, the governor defended the forex restrictions, insisting its working as local manufacturers, especially locally produced food had witnessed increase sales since the policy was implemented. "It has been positive," he said. “There is wide room for optimism about the medium to long term macro-economic prospects… especially given the clarity in the policy direction of the administration, the various interventions in the real sector, gradual improvements in the power sector and the reinvigorated fight against corruption.” International Monetary Fund (IMF) director, Christine Largade, during her visit to Nigeria advised CBN to devalue in order to ease the tension in the economy by adjusting its policy to accommodate the current gap created by lower oil prices. But CBN insisted it would rather reduce interest rates to encourage borrowing and job creation. http://investorsking.com/naira-will-not-be-devalue-instead-rates-would-be-reduced-cbn/ 4 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Amberon: 10:45pm On Jan 26, 2016 |
good 2 Likes 1 Share |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by okosodo: 11:11pm On Jan 26, 2016 |
CBN is very funny. Wether they devalue it or not, the effects have started. This is what you get when a cow is a president 47 Likes 3 Shares |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by wordcat(m): 11:12pm On Jan 26, 2016 |
Baboons and monkeys are soaking but this time not in blood but in their own sweats! 23 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by slimfit1(m): 11:31pm On Jan 26, 2016 |
okosodo: I prefer this cow my sister corruption is now stealing carry go let haters keep hating . May God almighty protect president M Buhari , and give him knowledge of wisdom and understanding. 125 Likes 3 Shares |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Chinazaekperem5: 11:34pm On Jan 26, 2016 |
I love this This is exactly what we need Reduction in interest rates should help SMEs. End of importation culture is crucial 29 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Chinazaekperem5: 11:38pm On Jan 26, 2016 |
okosodo: You have not made any sense sir Instead of name calling, try and construct an argument Lalasticlala, this is FP worthy 40 Likes 1 Share |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by TheDevilIsALai: 11:38pm On Jan 26, 2016 |
slimfit1: Still sleeping TheDevilIsALai: 13 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by TheDevilIsALai: 11:40pm On Jan 26, 2016 |
Chinazaekperem5: The banks will rather borrow states than you from where the governors will convert it to forex (thereby putting more pressure on the naira) and stash it in Swiss vaults. 10 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Chinazaekperem5: 11:42pm On Jan 26, 2016 |
TheDevilIsALai: Speculative assumption sir Any evidence to back up your assertion? I would imagine that there would be a more vibrant oversight to solidify and ensure the policy direction 12 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by stevecantrell: 11:45pm On Jan 26, 2016 |
slimfit1: Well said. 8 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by stevecantrell: 11:47pm On Jan 26, 2016 |
So what happens to rates on fixed deposits and treasury bills ? 2 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Chinazaekperem5: 11:47pm On Jan 26, 2016 |
ok lol |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by TheDevilIsALai: 11:54pm On Jan 26, 2016 |
Chinazaekperem5: And why should the banks lend SMEs when they can lend one state 40bn naira at a swoop without bordering how to manage the loan faccility? Why take the risk by providing loans to thousands of SMEs that will be into local manufacturing ? They never borrowed money to local manufacturers in the past and preferred to borrow importers , so why should they partner with SMEs now? The cheap loans will be swooped on by governors who will simply convert a chunk of it to dollars and stash in their Swiss accounts and use the remaining to fund over priced and useless projects contracted to themselves via their cronies. This is 9ja where very sound policy ends up being tarnished by evil politicians 19 Likes 1 Share |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by TheDevilIsALai: 11:56pm On Jan 26, 2016 |
stevecantrell: Treasury bills will go up in order to attract more investors but fixed deposits in commercial banks will go down naturally since the banks will be getting cheap loans from the CBN ( which is actually a bail out in disguise given that most banks are seriously on the brink of collapse). 7 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by grandstar(m): 4:43am On Jan 27, 2016 |
TheDevilIsALai: I doubt businesses can prosper in an environment where the. official rate is 197 and the black market rate is 305. The naira should hit 400 this year. Banks won't confidence in SME's 2 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by kayfra: 4:52am On Jan 27, 2016 |
I swear they should make me CBN governor when they keep adopting my suggestions (lowering interest rates). My recent posts below: kayfra: kayfra: Watch him adopt more of my ideas. 27 Likes 3 Shares |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Lanretoye(m): 4:58am On Jan 27, 2016 |
Who believes in these policies. |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Nobody: 8:42am On Jan 27, 2016 |
I ain go lie. This thread feels like Rocket science to me. Even my 2yrs of High school economics ain helping 5 Likes
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Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by bettercreature(m): 8:44am On Jan 27, 2016 |
BUHARICONOMICS AT WORK! baba want to do it the hard way |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by kennyman2000(m): 8:45am On Jan 27, 2016 |
Hmmmmmmmmmmmm |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by ichommy(m): 8:45am On Jan 27, 2016 |
Am still waiting $1 = #1 Aboki PMB. This is not what you promises at campaign. I never see the change, too login to Aliexpress 1688 etc taya me. how i go buy shoe etc for cheap price and paid #311 per $. Commercial bank self no help. I give up on Nigeria *Drop Mic* 2 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Iroh88(m): 8:46am On Jan 27, 2016 |
Not a bad option if you ask me. This would encourage borrowing by local businessmen/investors, stimulate expansion of businesses which would in effect promote employment. So far, the policies of this government have been tailored towards promoting local production and curbing import- exactly what Nigeria needs if she wants to become the giant she dreams of becoming. 1 Like |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Nobody: 8:46am On Jan 27, 2016 |
okosodo: And the cow will be your president till 2019. Kill yourself. If you like. 8 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by oluwasegun007(m): 8:47am On Jan 27, 2016 |
Like i will always say, Economist will only give you economic indices on that wont translate on the live of an average citizen for good...... I rep Sociology. |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by odinese(m): 8:47am On Jan 27, 2016 |
Not an economist,,,, only them economists knows what this is all about... And if you are not Pls not typing gibberish insulting the president just to get cheap "likes" 1 Like |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Nobody: 8:47am On Jan 27, 2016 |
Who benefit from the huge difference between parallel market rate of #300+ to $1 and official rate of #197 to $1 ? 3 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Iroh88(m): 8:48am On Jan 27, 2016 |
kayfra:Perhaps Emefiele is a nairalander. 4 Likes |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by ladyF(f): 8:48am On Jan 27, 2016 |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by LegatusGlaber(m): 8:48am On Jan 27, 2016 |
The overall intention is good but our economy can't sustain this 1 Like |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by Abudu2000(m): 8:48am On Jan 27, 2016 |
Sai baba |
Re: Naira Will Not Be Devalued, Rates Would Be Reduced – CBN by CHIDIEJIOGU: 8:49am On Jan 27, 2016 |
I DON HEAR THIS STORY BEFORE YET THE NAIRA STILL DEY GO DOWN. I WONDER WHAT WILL HAPPEN IF DEM COME DECIDE TO DE-VALUE THE NAIRA? 2 Likes 1 Share |
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