Nigeria Exchange
About Us Advertise News Business Addresses Nigeria Events Newspapers Newsletter More
Search Nigeria Sites & Businesses Search Tips

News General Sports Business Odd / Funny Tech Entertainment Articles Author Login Comments More Categories Author List
Email A Friend  |   Print

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.

(1) Comment


"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.
Results » 1-1 of 1      Result Page »  <   1  >

More News »
follow NgEX on Facebook
Submit An Article
"Press Releases"    More »
Abiodun Idris | December 22, 2014
Greatest Nigeria students and masses of our dear country. I want to start this write up by saluting...
Submit A Press Release »
News / Comments   More »
President Muhammadu Buhari's 2016 Budget Speech - “The Budget of Change"
December 22, 2015 | saifullahi h umar gwarzo | 1 posts
Alhamdulillah thanks to allah to help us with great leaders,Ya allah protect them and my country nageria...  Post comment »
26 things you did not know about Nigeria's President-elect Muhammadu Buhari
April 02, 2015 | "Coming In From The Cold" | 1 posts
Welcome on board again, General Muhammadu Buhari (GMB – Great Man Buhari)). My spirit is high and...  Post comment »
Article / Comments   More »
Building a new Nigeria
December 14, 2014 |  Sweet banana | 1 posts
Hallo Mr. Alexander, you began your essay with a litany of ills that plague Nigeria. I would like to...  Post comment »
Debunking The Fallacies In “Vision for Sustained Prosperity in Nigeria” - Part 1
January 12, 2015 |  Ibidun | 2 posts
These arguments are baseless and do not represent the true position of things  Post comment »
World prices with Nigerian salary exempt politicians
April 01, 2014 |  odusaga Abdul-jelil Samuel | 1 posts
This is so explanatory to my reading on how our wicked that thought they are people concern leader of...  Post comment »
Submit An Article
Copyright © 2005 -2013 NgEX. All rights reserved.