RateCaptain
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Subscribe
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us
No Result
View All Result
Rate Captain
No Result
View All Result
Home News

Nigeria’s central bank will keep controversial FX system

tomibady by tomibady
June 26, 2019
in News
Reading Time: 1 min read
A A
0
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Nigeria’s central bank will keep its foreign exchange system, its governor said on Monday, supporting a controversial managed float of the naira that investors and the International Monetary Fund have asked the country to dismantle.

Despite years of inflationary pressure as global prices for oil, Nigeria’s main export, dropped, the government and central bank have spent billions of dollars propping up the naira’s value in the face of calls for a free float.

AlsoRead

“The Tin Can Island Port is deteriorating” – Mohammed Bello-Koko

Twitter Acquisition deal temporarily on hold, Says Elon Musk

Emirates Airlines announced the adoption of Bitcoin as a Payment alternative

Central bank governor Godwin Emefiele announced his intent to keep the foreign exchange system at a briefing in Abuja where he laid out policy direction for the next five years.

“We would continue to operate a managed float exchange rate,” he said.

The naira officially trades at about 306 per U.S. dollar. But it is sold on the black market at roughly 360 to the dollar, a disparity that has frustrated importers and other investors as well as the IMF.

Last month, Emefiele became the first central bank governor to get a second term, after newly re-elected President Muhammadu Buhari nominated him, a sign of policy continuity.

Emefiele also announced a plan to recapitalise Nigeria’s banks.

“Over the next five years banks would be required to hold higher capital,” he said, adding that foreign exchange depreciation had weakened the industry’s capitalisation.

The bank will discuss the plan at a committee of governors, Emefiele said, though he did not say when this would be.

The governor added that Nigeria’s pace of economic growth remains fragile, but the central bank would strive to decrease the inflation rate to single digits and maintain a positive interest rate.

Tags: Reuters
Previous Post

Forte Oil Shares Rise as Adeosun is Appointed Chief Operating Officer

Next Post

N3.4 billion pension funds ‘unremitted’

Related News

“The Tin Can Island Port is deteriorating” – Mohammed Bello-Koko

“The Tin Can Island Port is deteriorating” – Mohammed Bello-Koko

by Rate Captain
May 16, 2022
0

The Nigerian Ports Authority has announced the  deteriorating state of the Tin Can Island port, saying that more attention should...

Twitter Acquisition deal temporarily on hold, Says Elon Musk

by Rate Captain
May 13, 2022
0

Elon Musk has announced that his $44 billion deal to acquire Twitter is now on hold. This is coming after...

Emirates Airlines announced the adoption of Bitcoin as a Payment alternative

Emirates Airlines announced the adoption of Bitcoin as a Payment alternative

by Rate Captain
May 13, 2022
0

One of the United Arab Emirates (UAE) leading airlines, Emirates Airlines has announced the adoption of Bitcoin as a payment...

After the alleged claim of not being aware of the strike, President Buhari begs ASUU to call off the strike!

After the alleged claim of not being aware of the strike, President Buhari begs ASUU to call off the strike!

by Rate Captain
May 12, 2022
0

President Muhammadu Buhari has appealed to the Academic Staff Union of Universities (ASUU), to consider the plight of the students...

Next Post

N3.4 billion pension funds ‘unremitted’

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

BNP Paribas has joined JPMorgan’s blockchain-based network.

BNP Paribas has joined JPMorgan’s blockchain-based network.

May 23, 2022
CBN say Nigeria would reap the benefits of a rising oil price

Crude oil hit $111 a barrel amid weak dollar and OPEC’s stance to aid Russia

May 23, 2022

Popular Story

  • Experts predicts the death of Shiba Inu

    Experts predicts the death of Shiba Inu

    0 shares
    Share 0 Tweet 0
  • Naira Depreciates at all Markets: Naira Hits N610/$1 at B2B Market

    0 shares
    Share 0 Tweet 0
  • BNP Paribas has joined JPMorgan’s blockchain-based network.

    0 shares
    Share 0 Tweet 0
  • Investment Bank, JP Morgan predicts Foreign Exchange Rates from 2022-2023

    0 shares
    Share 0 Tweet 0
Rate Captain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • FX Rates
  • Commodities
  • Money Market
  • Cryptocurrency
  • Corporates
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.