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Central Bank of Nigeria devalues the Naira. Naira hits N185/$ in the black market
| November 28, 2014
After reports of the Naira slipping 10 percent this year, the Central Bank of Nigeria (CBN) has decided to devalue the Naira against the dollar to stem the decline in its foreign reserves after defending the Naira for several weeks. Weaker oil prices have resulted in a decline in dollar revenue for Nigeria and has constrained the ability of the CBN to continue to defend the Naira and sustain the stability of the naira exchange rate,” Mr. Godwin Emefiele, the CBN Governor, disclosed the decision after a meeting of the Monetary Policy Committee saying that the target band of the currency will now be 160-176 naira to the U.S. dollar, compared with 150-160 naira previously. The Naira was devalued was last in November 2011, when the band was changed to 145-150 naira to the dollar. Mr. Emefiele also said defending the Naira had led to dwindling foreign reserves and a more flexible exchange rate is the most viable option. Nigeria’s foreign reserves fell to a five-month low of $37.17 billion by Nov. 21, down 5.1 percent from the same time in October. The CBN also decided to increase the Monetary Policy Rate (MPR) by 100 basis point, from 12 per cent to 13 per cent. This affects the rate at which banks borrow from the CBN to cover any cash shortfalls they may have. The higher the MPR, the higher the cost at which banks advance credit to their customers. The Governor also noted an increase in the Cash Reserve Ratio, which is a tool used to mop up excess liquidity or release funds needed for economic growth, from 15 to 20 per cent for the private sector. While the public sector’s CRR retains its level of 75 per cent.

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"The views and opinions expressed in these comment(s) or article(s) do not necessarily reflect the views or opinions of NGEX, its partners or its affiliates."
OMOTAYO, J. A.    Eldoret, KENYA    November 28, 2014
This is just the beginning of the fall. Some of us have almost become lunatics whilst reflecting on the gross mismanagement of the Nigerian economy since 1999. We have consistently condemned the extravagance of government, the pursuit of fantasy in place of genuine development, and the mindless looting of the treasury.

I have criticized Messrs Olusegun Obasanjo, Goodluck Johnathan and Ngozi Okonjo-Iweala many times that they were misleading Nigeria and Nigerians even when all seemed to be going very well. I have criticized Mr. Babatinde Fasola over his fantasy of developments in Lagos State. I have criticized the empty drum and talkative former demolition Minister of the FCT, Mr. Nasir El-Rufai and many more.

Unfortunately, the labour union and the general public did not appear to be moved by our outcries. They were enjoying when they should be seriously working against the wastages by various governments in Nigeria. The same group of people are still there now shouting "Good luck", "Continuity", etc. Humm!
God save Nigeria.
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