Further devaluation of Naira will worsen debt position, says FSDH Analysts

Analysts at FSDH Merchant Bank Limited have said that Nigeria cannot afford another level of devaluation of the currency, saying this will worsen the nation’s debt position. The total public debt increased to ₦22.71 trillion in the first quarter of 2018 from ₦12.60 trillion in the fourth quarter of 2015, according to the Debt Management […]

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Naira devaluation; a risk to external debt – PwC

PricewaterhouseCoopers, (PwC) one of the two of the  big four consulting firms in the world, says a devaluation of the Nigerian naira will be a key risk to the sustainability of the country’s foreign debt. NEWSTAGE recently reported that the Nigeria Federal Government hires (Ernst & Young) Ey and PwC to recover money in Banks […]

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Naira

Nigeria tests run naira devaluation

Nigeria effectively devalued the naira for private individuals on Monday, paving the way for a possible broader move despite stiff resistance from President Muhammadu Buhari. With Buhari abroad for medical treatment and the country’s currency exchange system in chaos, the central bank said Nigerians wanting dollars for travel or to pay foreign school fees could […]

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Naira

Nigeria may devalue naira later this year – Economists

Nigeria will devalue its Naira currency later this year in an effort to improve liquidity and close the gap between the official and exchange parallel markets, a poll conducted by Reuters showed. That expectation by seven of the nine economists polled this week comes even though Central Bank of Nigeria (CBN) Governor Godwin Emefiele has […]

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Recession: “EU urge Nigeria to devalue Naira”

EU official, Fillippo Amato, has advised the federal government to devalue the naira as part of measures to tackle the economic recession. Amato, Counsellor, Head of Trade and Economics Section of EU, made this known in an interview with journalists yesterday. The EU official, according to the News Agency of Nigeria, said recession could not […]

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Naira

‘Naira devaluation negatively affecting banks, financial institutions’

By: Bisola Adeola, Mr. Demola Banu, a Kwara State Commissioner for Finance, has said the continued depreciation of Naira is negatively affecting banks, other financial institutions and the whole economy at large. He also said it was increasing loan default by bank customers, adding that many micro-finance banks in Nigeria that did not attach loans with securities […]

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What benefits has Nigeria earned from the devaluation so far – Buhari

It is exactly one year since President Muhammadu Buhari was sworn in as President of the Federal Republic of Nigeria. Ahead of the official commemoration of his ascension to power, Buhari spoke with some journalists on the issues that have dominated his reign. Excerpts from Punchng: Looking at the last one year, how would you assess […]

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Naira devaluation inevitable – Expert

The Nigerian Naira, which came under pressure last week following the partial deregulation of the downstream petroleum sub-sector, has to be devalued, with a flexible foreign exchange policy put in place, industry experts have said. The currency had on Friday plunged to 360 against the United States dollar at the parallel market from 341 on […]

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The Nigeria Central Bank insists it won’t devalue Naira

The Central Bank of Nigeria (CBN) said yesterday that those campaigning for further devaluation of the naira, or speculating it has already devalued the local currency should have rethink. There were speculations that the CBN would devalue the naira, as a last resort to ongoing economic crisis and will come immediately after raising fuel prices. […]

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Experts worry over economy, devaluation as Naira hit N306/Dollar

Economic and financial experts on Wednesday expressed divergent views on the latest decision of the Central Bank of Nigeria, but agreed that the economic crisis plaguing the nation had yet to be addressed. The CBN’s Monetary Policy Committee had on Tuesday decided not to devalue the naira and left the Monetary Policy Rate, Cash Reserve […]

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CBN frowns at devaluation of Naira

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. The Governor of the bank, Mr. Godwin Emefiele, told journalists at […]

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Naira devaluation not certain as policy committee meets

Although experts have clamoured for the devaluation of the Nigeria Naira in the light of the nation’s depleting foreign exchange reserves, the Central Bank of Nigeria’s Monetary Policy Committee may not do so during its first bi-monthly meeting for this year, it has been learnt. Sources close to the CBN and members of the committee […]

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