The Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, has stated that the strategic focus of the ministry’s master plan for diversification and growth of the Nigerian economy is to work with private and development capital firms to leverage resources in order to achieve set target.
Enelamah disclosed this in Abeokuta, Ogun State on Monday while presenting the plan for economic diversification and growth by his ministry to the 8th National Council on Industry, Trade and Investment.
The minister, in a statement signed by his Strategic Communications Adviser, Constance Ikokwu, stated that with limited resources, the diversification and growth plan, otherwise known as the MITI Plan, was based on a partnership with the private sector.
Continue reading FG unveils plan for economic diversification, growth
The Emir of Kano and former Central Bank of Nigeria (CBN) Governor, Alhaji Muhammad Sanusi II, has said the flexible exchange rate regime recently introduced by the central bank is not being fully implemented, just as he warned that targeting a pegged rate will not resolve the current forex problem.
He urged the central bank to allow the forces of demand and supply to determine the true value of the nation’s currency, in line with the flexible exchange rate policy.
He said this at the Risk Managers Association of Nigeria’s (RIMAN) annual conference in Lagos yesterday.
Continue reading Sanusi Wants Flexible Exchange Rate System Fully Implemented | THISDAYLIVE
The Central Bank of Nigeria’s decision to float the naira in response to dollar demand and supply, in such austere times as this, will probably be ultimately remembered as another policy shift that breached the gates and unleashed devastating floods that swept away any flickering hope of economic diversification or credible inclusive growth. The serial devaluation dictated by the 1986 Structural Adjustment Programme was another such event that disenabled our economy, traumatised our people and challenged our traditional value system in many ways.
Continue reading Economy: The floodgates have been breached – by Henry Boyo in opposition to the flexible forex policy.
The official floating of the Naira opened at the Interbank on Monday, 20th of June after decades of a Naira peg by successive Nigerian Governments and Central Bank Governors.
The CBN Governor, Godwin Emefiele had last Wednesday announced to the world that Nigeria would be introducing a new exchange rate policy that will see the price of the dollar dictated by market forces rather than a fixed exchange rate.
We have been monitoring activities all day and after several speculations can now reveal a summary of what transpired at the market.
Continue reading Results Are In: Nigeria’s New Official Exchange Rate After Currency Float
Rating Agency Fitch has waded in on the new Flexible Exchange Rate Policy issued by the Central Bank of Nigeria (CBN) on Wednesday June 15, 2016.
Fitch says Nigeria’s planned shift to a more flexible foreign-exchange regime could aid the sovereign’s adjustment to lower oil prices and support growth, although implementation may present challenges. We highlighted key points in the article which you will notice in the course of your reading.
Continue reading Fitch Just Gave Its Verdict On Nigeria’s New Flexible Exchange Rate Policy
The new foreign exchange regime adopted by the Central Bank of Nigeria (CBN) will unshackle consumer goods firms that have hitherto been in bondage as restrictions prevented them from accessing dollars to import raw materials and pay suppliers.
Godwin Emefiele, the governor of the apex bank, last week reopened the interbank foreign exchange market and have the naira, completely determined by the market forces.
The Naira had been held at the N197-N199 since mid 2015, a policy that caused capital flight as investors fret that the currency may be overvalued and an abrupt devaluation could culminate in loss of significant investment.
But with the new Forex regime kickstarting today, and with its attendant of liquidity flow in the system, consumer goods firms that had been pained by the old policy will have the leeway to embark on the desired expansion drive as access to dollar will enable them buy plants and machineries for the purpose of bolstering production.
Continue reading How New Exchange Rate Policy Will Unshackle The Consumer Goods Industry
Good afternoon ladies and gentlemen and welcome to the Central Bank of Nigeria (CBN). The Management of the Bank has called this Press Conference in response to one of the commitments contained in the Communiqué of the Monetary Policy Committee (MPC) of 24th May 2016.
Having consulted widely and prepared carefully, the committee of Governors of the CBN is delighted to unveil to relevant stakeholders and the general public, the broad framework and guidelines of the Flexible Exchange Rate Inter-bank Market, which we alluded to at the end of that MPC Meeting. Before I proceed into the details of this new policy, please permit me to provide you with a brief context.
Continue reading Full Text: CBN Governor’s Speech On The New Forex
Attacks on pipelines in Nigeria’s oil-rich Niger River delta region have slashed crude output to the lowest level in 27 years and shut all but four of the country’s 23 gas-powered generators, leaving much of the West African nation without electricity. A group calling itself the Niger Delta Avengers has claimed responsibility. Here’s what the conflict is about:
Continue reading Niger Delta Avengers: Here Is What The Conflict Is About
As the Central Bank of Nigeria (CBN) continues with its demand management policy in foreign exchange (forex) allocation to financial institutions, the returns on foreign exchange utilisation have shown that it sold a total of $2,177,999,996 to commercial and merchant banks as well as the Bank of Industry (BoI) between March 1st and May 31st 2016.
A breakdown of the weekly returns on forex utilisation compiled by THISDAY showed that while in March 2016, the banking sector regulator sold a total of $921,352,549 to banks, and $669,405,241 in April, the financial institutions were allocated a total of $587,242,206 in May. The report however showed a gradual decline in the monthly forex sale by the central bank.
Continue reading CBN sells $2.188bn to banks in three months
Policy flip-flops by the government, dwindling poor corporate results by quoted companies and general downturn in the economy have led to a fall of N2 trillion in the value of the Nigerian equities market within the last one year, THISDAY checks have revealed.
The value of the equities market stood at N11.512 trillion on June 3, 2015 but has dipped to N9.491 trillion as at June 3, 2016 as investors dumped shares on the back of policy inconsistency on the part of government, dwindling oil revenue and general challenging operating environment.
Although the equities market has suffered decline for the past two years, it was expected that the entry of a new administration would reverse the negative trend.
Continue reading Equities Market loses N2tn to policy inconsistency, delays