{"id":45942,"date":"2016-01-26T20:28:29","date_gmt":"2016-01-26T19:28:29","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=45942"},"modified":"2016-01-26T20:28:29","modified_gmt":"2016-01-26T19:28:29","slug":"cbn-refuses-to-devalue-the-naira-retains-rate","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/cbn-refuses-to-devalue-the-naira-retains-rate\/","title":{"rendered":"CBN refuses to devalue the Naira, retains rate"},"content":{"rendered":"<div class=\"adn ads\">\n<div class=\"gs\">\n<div id=\":my\" class=\"ii gt m1527ee7eef23ce62 adP adO\">\n<div id=\":mx\" class=\"a3s\">The Central Bank of Nigeria, CBN, has refused to bow to the pressure to<br \/>\ndevaluate the Naira, as it announced, <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_690736337\"><span class=\"aQJ\">Tuesday<\/span><\/span>, its decision to retain the<br \/>\nMonetary Policy Rate, MPR at 11 per cent. It has an asymmetric corridor of<br \/>\n+200 and -700 basis points.<\/p>\n<p>The Governor of the bank, Mr. Godwin Emefiele, told journalists at the end<br \/>\nof the Monetary Policy Committee, MPC, meeting in Abuja, that Cash Reserve<br \/>\nRatio, CRR, and the Liquidity Ratio were equally retained at 20 per cent<br \/>\nand 30 per cent, respectively.<\/p>\n<p>Fielding questions from journalists, he said that the CBN was however,<br \/>\nworking to provide some flexibility in the forex market, with a view to<br \/>\ndeepening it at the face of persistent pressure on the Naira.<\/p>\n<p>His words, \u201cI want to assure Nigerians that we are seeking ways to improve<br \/>\nthe foreign exchange supply into the market.\u00a0 And as we eventually achieve<br \/>\nthis objective, this will be unfolded, so as to ensure that we fund the<br \/>\nforex market appropriately.<\/p>\n<p>\u201cI am sure in the course of time you will begin to see some of the efforts<br \/>\nthat we are putting in place so that you begin to see how we will provide<br \/>\nsome sort of flexibility in the market.\u00a0 And also deepen the market so<br \/>\nthat businesses can continue the way they are supposed to be.\u201d<\/p>\n<p>According to Mr. Emefiele, Nigeria\u2019s foreign reserve currently stands at<br \/>\n$28 billion as at today.<\/p>\n<p>Speaking, further on how to manage the reserves, the CBN boss said that<br \/>\nthe apex bank was already building several scenarios around the oil price<br \/>\nand that it would ensure the best options possible.<\/p>\n<p>He said, \u201cWith time you will see how we will provide the needed framework<br \/>\nfor a flexible forex regime.<\/p>\n<p>\u201cWe are already working on different scenarios.\u00a0 And we will look at them.<br \/>\nWe will look at different scenarios at both management and the monetary<br \/>\npolicy committee.<\/p>\n<p>\u201cWe will continue as much as possible to engage the fiscal authorities and<br \/>\nshare our positions, to see that notwithstanding the drop in the oil<br \/>\nprices, we will continue to run the government and continue to do<br \/>\nbusiness.\u00a0 We have said it before that the drop in oil prices is going to<br \/>\nbe with us for\u00a0 much longer than it used to be.\u00a0 Before, it used to be for<br \/>\nabout eight months.<\/p>\n<p>\u201cThis time, it has been with us for more than 14 months and yet, we have<br \/>\nnot seen the light at the end of the tunnel.\u00a0 But we will continue to be<br \/>\nalive to our responsibilities.\u201d<\/p>\n<p>On the failure of banks to significantly increase lending to the real<br \/>\nsectors of the economy, the CBN boss said that in spite the fact that the<br \/>\nexpected effects of the rate reduction was yet to translate to more<br \/>\nlending to he real sectors of the economy, they apex had no power to force<br \/>\nany particular interest rate on the deposit Money banks and thus will<br \/>\ncontinue to use moral suasion.<\/p>\n<p>\u201cThis is a free market and so we cannot really compel them, as some people<br \/>\nexpected\u201d, he said.<\/p>\n<p>Speaking further, he said, \u201cWe will continue to adopt policies that will<br \/>\nencourage the banks to lend to the real sectors of the economy.\u00a0 That was<br \/>\nwhy at the last MPC meeting, we reduced MPR from 25 per cent to 20 per<br \/>\ncent. But we now insisted that those liquidities that will be made<br \/>\navailable, only banks that are ready to lend to the real sectors<br \/>\nespecially agriculture and SMEs will enjoy the rebate.<\/p>\n<p>\u201cI hope the banks will heed this advice and make use of these liquidities,<br \/>\nbecause up to this point, those liquidities are still sitting at the<br \/>\nCBN.\u201d<\/p>\n<div class=\"yj6qo\"><\/div>\n<\/div>\n<\/div>\n<div class=\"hi\"><\/div>\n<\/div>\n<div class=\"ajx\"><\/div>\n<\/div>\n<div class=\"gA gt acV\"><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The 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&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":23599,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-45942","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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