CBN Devalues Naira From 155 to168 , Raises Lending Rate to13%

-
The Central Bank of Nigeria, CBN, has announced a new official naira-to-dollar exchange rate, forcing down the Nigerian currency by 13 naira, as the country struggles to reshape its fiscal policies in response to dwindling oil price.

The bank devalued the naira at its monetary policy committee, MPC, meeting on Tuesday in Abuja, where it also reviewed Nigeria’s monetary policy rate from 12 per cent to 13 per cent.

The monetary policy rate highlights lending rate for the country’s economy.

The naira will now exchange officially at N168 to a dollar, and no longer N155, the bank said.

The bank also moved the private cash reserve ratio from 15 per cent to 20 per cent, while retaining public sector cash reserve ratio at 75 percent.

The CBN said the decision to lower the value of naira against the dollar is to strengthen the currency.

Mr. Emefiele noted the continued drop in global crude oil prices and reiterated the call on the government and the National Assembly to speed up the process towards the immediate passage of the Petroleum Industry Bill, PIB, which has been pending passage for the past two years.

The committee urged the government to take advantage of the declining oil prices to cut down on subsidies on supply of petroleum products in the 2015 budget, while states and Local Government should step up efforts to boost their internally generated revenue and reduce reliance on revenues from the federation account.

The CBN governor assured that the bank remained committed to maintain financial system stability, while warning against speculative activities that drive inflation.

http://www.premiumtimesng.com/business/171875-breaking-dwindling-oil-price-cbn-devalues-naira-raises-lending-rate.html

Comments

Post a Comment

Popular posts from this blog

Facebook introduce jail option

-
Image
In a move to empower group administrators on the Facebook social media platform to descipline violators of group rules and regulations, facebook has introduced a mute option to jail offenders for specific period. By jail, it means that the person’s freedom on the group will be curtailed within the specific duration of their being muted by the administrator. This feature is considered better because before now, the only available option is for the admin to remove or block members who violate the rules of the group. However, with the option of mute, such violator can be muted or jailed for specific duration as warning. Besides the mute option on groups, facebook had also introduced snoze option for individual profiles and pages. Facebook has given you an option to mute selected persons or communities for a brief period. With this option, users can assert control over what content they wish to see in their news feed. When the Snooze period is about to end, users will be duly notified...
Read more

Lagos before Nigeria By Abdulrazaq O Hamzat

-
Image
More than 50 years before the creation of Nigeria as a united entity, Lagos is already a major centre of modern civilisation. Lagos history is rich in Yoruba tradition, trade and commerce, infrastructural development and cosmopolitanism." -EXTRACTED In the past few days, i have followed the unhealthy debate between easterners in Lagos and their host and i must say that such is really uncalled for. No tribe or race is an island of knowledge and civilisation. At one time or the other, each one of them contributed in one way or the other. While it is proper for every one to feel good about themselves and try as much as possible to amplify in a good way, their importance and contribution to the society they live in, it is also very crucial to take into account, the reality of other factors without attempting to ridicule the contribution of others. I therefore advise all those joining the discuss to thread with caution and avoid things that are capable of setting our peop...
Read more

5 facts about O TO GE slogan and the collapse of Saraki's dynasty

-
Image
Kwara Must Change 1. Alh. LAK Jimoh was the first politician in modern history of Kwara state to use the O TO GE slogan in a campaign. O TO GE simply means, Enough is Enough.  Alhaji Jimoh first used the slogan in 2011 when he was contesting the Kwara Central Senatorial seat under the People's Democratic Party (PDP). Bukola Saraki eventually won the ticket and went ahead to represent Kwara Central at the Senate.  While the slogan wasn't popular at the time, there's no taking away the fact that Alh LAK Jimoh used it first and could be rightly credited to be the originator. 2. 8 years later, the slogan idea was pitched again in 2018 immediately after the All Progressive Congress primary election in Kwara State. After the APC primary election, Islamic singer, Aminat Obirere produced a song titled o to ge as part of a joint album coordinated by Kwara Must Change to promote the candidature of APC governorship candidate, Alh. Abdulrahman Abdulrazaq. The album itself was titled ...
Read more

Kwara Must Change unveil list of Offa robbery victims, urges govt to immortalize them

-
Image
Victim Kwara Must Change has compiled at least, 14 names of victims murdered in the deadly armed robbery attack that took place in Offa Community, Offa Local Government Area of Kwara State. The names gathered so far include 10 police officers and 4 civilians. However, we shall continue to update the list as we gather more details. It would be recalled that on 5th April 2018, a deadly armed robbery attack took place in Offa Local government Area of Kwara State, in which several innocent lives were lost. While several figures were claimed by police and several media houses, Vigilance Group of Nigeria in Offa said vigilantes in the state counted about 50 dead bodies after armed robbers attacked and robbed five banks. It was on this basis that Kwara Must Change has set out to preserve the memory of the victims, through compiling and documenting their names, not only to ascertain the figure, but to also immortalize them. We believe that only by documenting the names of the victims, wi...
Read more

Group award Kwara governor as worse in history

-
Image
Press Release Kwara Must Change, a pro-Democracy group is using this opportunity to notify the general public that our movement shall be conferring an award of the worse governor in the history of Nigeria on his Excellency, Alhaji Abdulfatai Ahmed, the Executive Governor of Kwara State. Kwara Must Change believe very strongly that only the people can truly rate the performance of an administration and without any iota of doubt, all Kwarans, including those serving in government are anonymous in their conclusion of the devastating failure of Abdulfatai Ahmed led government of Kwara State. Apart from the absolute lack of leadership by the governor and his dummy like followership of a misguided godfather, evidences of misappropriation, endemic corruption, infrastructural degradation, educational decimation, poverty domestication, political irresponsibility, rascality of the highest order plus other shameful conducts of the governor are too numerous to mention. We believe that su...
Read more

Stop publishing fake news, Bloggers Guild tell media, as it urges politicians to play by the rules

-
The Guild of Professional Bloggers of Nigeria has urged all stakeholders in the coming elections to play by the rules and ensure free and fair elections nationwide. In a statement signed by the president of the association, Mr Chris Kehinde Nwandu, the association urged politicians not to see the coming elections as a do or die affair. “This is an opportunity for electorates to exercise their civic responsibility to select leaders without fear of violence. Violence is inimical to conducting a credible election. Politicians are therefore advised not to heat up the polity or incite their followers to violence,” the statement says.  The Guild also urged INEC to remain as an unbiased umpire, saying: “We strongly believe that INEC should be completely independent. On no account should INEC be perceived as being biased by either the electorates or election observers. “We urge everyone to vote because bad politicians are not born, they are created by some good people who don’t v...
Read more

5 Things Nigeria is Doing Better than America

-
These are 5 areas that Nigeria is clearly outdoing the US in. 1. Nigeria’s economy is growing five times faster than the US Most people don’t associate “West Africa” and “booming economy”, but despite the global downturn, the region is home to some growth rates that would make Ronald Reagan blush. Right near the top of that list is Nigeria, that with an average growth rate of 8.1%, are experiencing more growth than the US (a pitiful 1.5%), the UK, Canada, Australia, Japan and the entire European Union… combined. 2. Nigeria has stricter anti-piracy laws than the US You read that right. Despite the RIAA, the MPAA, bills like SOPA and PIPA and 40,000 theaters all reminding you before a film of your moral integrity in regards to stealing cars, Nigeria are clearly ahead of America in fighting piracy. Their recent no tolerance laws have reaped some serious results: 26 anti-piracy raids, 6 million pirated works (worth US$5 million) seized and 145 arrests. Also, whereas arrests made ...
Read more