CBN refuses to devalue the Naira, retains rate
The Central Bank of Nigeria, CBN, has refused to bow to the pressure to devaluate the Naira, as it announced, Tuesday, its decision to retain the Monetary Policy Rate, MPR at 11 per cent. It has an asymmetric corridor of +200 and -700 basis points.
Why we ignored calls for naira devaluation, by CBN
ABUJA—The Central Bank of Nigeria, CBN, yesterday, disclosed that it refused to further devalue the Naira because it would not have had direct impact on the country’s exports as a mono-economy.
The bailout the economy needs
During the inauguration of his cabinet, President Muhammadu Buhari last week commended the Central Bank of Nigeria (CBN) for assisting more than 30 states of the federation with concessionary loans to offset salary arrears for their workers. The President observed that the Bank also implemented country-specific and innovative policies that had helped to stabilise the exchange rate and conserve the nation’s reserves.
BVN will change spending habit by 2016 – Chams
Sir Ademola Aladekomo, Group Managing Director, Chams Plc., on Wednesday said that by 2016, many Nigerians would change the way they transfer and use money because of the Bank Verification Number (BVN) project.
We have no business with your bailout funds, APC tells Kogi Govt.
The All Progressives Congress (APC) has described as cheap blackmail the decision by the Kogi State government and the PDP Governors’ Forum to blame political interference for the delay in releasing bailout funds for the state.
CBN overrules FRCN
Last week, I criticised the Financial Reporting Council of Nigeria, FRCN, for suspending the Chairman (Mr Atedo Peterside), Group Managing Director (Mrs Sola David-Borha) and other senior personnel of Stanbic IBTC.
