PRESSURE ON THE NAIRA CONTINUES: MPC TO MEET ON THURSDAY

Analysts have predicted that the Naira will remain under pressure this week. According to a report obtained by ThisDay Live from Financial Derivatives Company Limited (FDC), analysts at Financial Derivatives Company Limited (FDC) have anticipated that the Central Bank of Nigeria (CBN) will increase use of administrative measures in its quest to protect the nations currency.

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has scheduled to meet on Thursday and Friday this week. This meeting is a sequel of the meeting that was held on the 18th and 19th of May, 2015. 

As a result of the continuous strain on the Naira, there has been a continuous increase in the exchange rate for the Dollar, continuous rise in inflation and the Gross Domestic Growth rate is decelerating.

Naira denominations.

Members of the committee are saddled with the responsibility of taking vital decisions to ameliorate the crisis besetting the Naira and its consequence on the economic situation of the nation. Stakeholders have high hopes; their expectation is  for the outcome of this meeting to stem the tide and for the economy to become stable.

The Nigerian economy is largely dependent on importation, this leaves us in continuous need for foreign exchange (Forex) and the fall of the Naira is taking a toll on every Nigerian. The resuscitation of the Naira is dependent on the outcome the meeting of Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN).

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