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| CBN |
The Central Bank of Nigeria (CBN) has decided to maintain existing rates,
dashing the hopes of spectators in the industry. The failure to relax the
monetary policy was born out of their resolve to wait on President Muhammad Buhari to make public the blue print for the economy.
The CBN has also resisted the pressure on it to devalue the Naira further as a result of its fall against the U.S. Dollars and other major currencies in the world. This is as a result of the decline in the nation's foreign reserve; consequent of the shock on the nation's crude oil export quantity and its declining price in the international market.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held a press briefing in Abuja after their meeting on Thursday and Friday last week. At the meeting, the CBN governor and the Chairman of the MPC, Mr. Godwin Emefiele made it clear that the committee has endorsed a cautionary approach to the regulation of the key rate predominantly because of the identified macroeconomics indicators in Q1 and Q2 of the year alongside the necessity to wait on the governement to unveil its economic plan.
He said the MPC retained all existing rates. As quoted in The Guardian, He said: “Overall, the MPC voted to hold its position. In summary, the MPC voted: To retain the MPR at 13 per cent with a corridor of +/- 200 basis points around the midpoint; retain the CRR at 31 per cent; and to retain the symmetric corridor of 200 basis points around the MPR.”
According to analysts at WSTC Financial Services Limited, the MPC's resolve to continue the status quo in the face of the continuous rise in inflation and an increase in the foreign exchange's parallel market highlights the fact that the CBN is exhausting the monetary policy options available to it.
Going by the chain of events over time, there is a need for the CBN to reexamine and modify its policies because existing policies have proven to be incapable of fixing the the crisis that is besetting the nation's economy.
CIT Bureau De Change, a subsidiary of Capitalfiled Investment Group Limited is licensed by the Central Bank of Nigeria to transact in foreign exchange. We are situated in the heart of Lagos Island in Lagos, Southwest Nigeria and we are strategically positioned to bridge the divide between demand and supply challenges plaguing the foreign exchange market in Nigeria.
Please contact us for all your foreign exchange transactions on these numbers;
+234 1-4547432, +234 7058993528 or click the link below for further inquiries.
Thank you.
monetary policy was born out of their resolve to wait on President Muhammad Buhari to make public the blue print for the economy.
The CBN has also resisted the pressure on it to devalue the Naira further as a result of its fall against the U.S. Dollars and other major currencies in the world. This is as a result of the decline in the nation's foreign reserve; consequent of the shock on the nation's crude oil export quantity and its declining price in the international market.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held a press briefing in Abuja after their meeting on Thursday and Friday last week. At the meeting, the CBN governor and the Chairman of the MPC, Mr. Godwin Emefiele made it clear that the committee has endorsed a cautionary approach to the regulation of the key rate predominantly because of the identified macroeconomics indicators in Q1 and Q2 of the year alongside the necessity to wait on the governement to unveil its economic plan.
He said the MPC retained all existing rates. As quoted in The Guardian, He said: “Overall, the MPC voted to hold its position. In summary, the MPC voted: To retain the MPR at 13 per cent with a corridor of +/- 200 basis points around the midpoint; retain the CRR at 31 per cent; and to retain the symmetric corridor of 200 basis points around the MPR.”
According to analysts at WSTC Financial Services Limited, the MPC's resolve to continue the status quo in the face of the continuous rise in inflation and an increase in the foreign exchange's parallel market highlights the fact that the CBN is exhausting the monetary policy options available to it.
Going by the chain of events over time, there is a need for the CBN to reexamine and modify its policies because existing policies have proven to be incapable of fixing the the crisis that is besetting the nation's economy.
CIT Bureau De Change, a subsidiary of Capitalfiled Investment Group Limited is licensed by the Central Bank of Nigeria to transact in foreign exchange. We are situated in the heart of Lagos Island in Lagos, Southwest Nigeria and we are strategically positioned to bridge the divide between demand and supply challenges plaguing the foreign exchange market in Nigeria.
Please contact us for all your foreign exchange transactions on these numbers;
+234 1-4547432, +234 7058993528 or click the link below for further inquiries.
Thank you.
http://www.capitalfieldinvestments.com/citbureaudechange/
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