Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Pessimism at CBN measures to stabilise Naira

22 September 2015, 12:22Augustine Osayande

Lagos - Analysts argue the Central Bank of Nigeria's injection of the United States currency into the interbank market is not the panacea to halt the local Naira's slide.

The apex bank’s US dollar injection into the interbank market last Friday was seen as reflecting the immensity of the liquidity squeeze plaguing the local market.

According to Rand Merchant Bank (RMB), the economic think-tank, market sentiment, which is largely expressed through movements in dollar-denominated non-deliverable forwards, slightly improved after President Buhari endorsed the CBN’s policy of restricting foreign-exchange trading to stabilise the naira.

"However, Nigeria’s fundamentals remain unchanged," RMB argued.

Also Read: CBN Governor should be suspended for N67bn heist

The financial house said the country faced structural challenges that demand a weaker currency to adjust for fiscal and external imbalances.

"We have long held that the naira is overvalued at the prevailing spot rate and an orderly devaluation is in order. Yet, many would agree that the timing is not easily discernible."

RMB expected the CBN to hold the line for the remainder of the year.

The Naira has suffered immensely from the falling the plummeting oil prices.

While the oil industry is the mainstay of the country's economy, the industry is on a wane globally. - CAJ News 


- CAJ News

Tags cbn naira

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...