Connect with us

news

Emefiele promises review of forex policy to stimulate real sector

forex-300x189

Nigeria’s prostrate industrial sector may soon get some fresh impetus as the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has promised to review some aspects of the bank’s flexible exchange rate policy to allow more manufacturers and other end users more access to foreign exchange, after nearly two years of embargo on importers of 41.

Emefiele, who spoke in Washington DC, USA, after crucial sessions with foreign investors and other stakeholders including the International Monetary Fund (IMF), and the World Bank Group, noted that though the flexible exchange rate policy was commended by several stakeholders at the meetings, there may be need still to review some aspects of it in the months ahead, to boost job creation and manufacturing capacity. The policy change option was coming amidst huge job and capacity losses in the manufacturing and other critical sectors of the economy since its introduction on June 23, 2015.

“We heard the IMF Managing Director  Christine Lagarde, saying there is need to consider further liberalisation of the Naira, but like I have always said, the flexible exchange rate regime document that we have in place is a very sound document and truly speaking, I have not seen one person that has criticised it. But what we only have to talk about is fine-tuning few aspects of it, in terms of the implementation of the content of that document. That is why I said we would from time to time, continue to look at it. As we are looking at it, I repeat, we would see how we would continue to fine tune it, to the extent that whatever we are putting in place would be such that would benefit Nigerians, and improve their lives as well as the country.” He said

The CBN boss added that it was important  for Nigerians to underscore the significance of the various meetings the country’s delegation had with stakeholders from about 189 countries that added the World Bank Group  meetings on the country’s economic outlooks and where it was heading to vis -a -vis, what is likely to be seen in the immediate, short term and the long run for the global economy.

He explained “We held meetings with some groups of foreign investors who have shown interest in coming into Nigeria, but that they had few issues with some of our policies which they want us to address. They liked the fact that we adopted the flexible exchange rate regime, but there are some areas they want us to change, and  like I always say, these policies are not cast on stones. We can always go back and look at them but what is most important in our mind as we are trying to look into these policies is that we will make sure that they are policies that have been done in the interest of Nigeria and Nigerians. What is important at this stage is how do we protect Nigerians. We are committed to ensuring that we reduce the level of unemployment and  what we can do to ensure that manufacturers continue to improve their industrial capacities, as well as how to make it possible for them to get foreign exchange to run their factory.”

According to the CBN boss, global growth remains subdued at 3.1 per cent for 2016 in line with forecast and thinking that in 2017, it would hopefully grow to about 3.4 per cent.

But, unfortunately, from the African side, Emefiele, said growth was downgraded to about 1.4 per cent from about 3.6 per cent forecast at the pervious meeting in Washington.

He explained that the drag primarily came from big countries in Africa, particularly Nigeria, South Africa and Angola which incidentally are all commodity exporting nations, and so because of the adverse impact of the commodity prices, they had what can be called significant drag on the growth on Africa.

On why Nigeria must ginger its productive sector, the governor noted that the non -oil and non -commodity producers which defended their economies have continued to witness good growth.

He said “What that means as we talked to our colleagues is that there is need for us to continue to put in place policies that will diversify and reduce dependence on commodities as sources of livelihood into other areas that are non -commodities dependent. There is also strong need for Nigeria and other primary commodities economies to look at structural reforms and that as part of the things that the minister has address quite succinctly about infrastructure, power, roads and some of the projects that have been stalled over period of time.”

Emefiele further stated that “A key lessons from the meetings  was that for the emerging markets and developing countries, there is no one solution that fits all which also underscores the need for all go back and think of what kind of policies that we think can be put in place to help our economies”.

He said the Nigerian team also held meetings on the sidelines with delegations from central banks from different countries to see how the CBN can also collaborate with them on the bilateral currencies transactions raising optimism that this will yield some result.

Continue Reading
Click to comment

Leave a Reply

news

12-year-old boy kills landlady as condition to be initiated into a cult

Ethiope East Local

A 12-year-old boy, who allegedly robbed and killed his landlady at Abraka, Ethiope East Local Government Area, Delta State, yesterday, was among those paraded for various offences by the state Police Command, yesterday.

 

The state Commissioner of Police, Mr. Zanna Mohammed, who briefed reporters on the arrest of over 60 kidnappers, robbers, murderers, cultists and ritualists in the last three weeks, said the teenager confessed that he committed the act because a cult group told him that one of the conditions for initiation was that he must have been involved in a criminal act.

Continue Reading

Headlines

Super Falcons striker, Asisat Oshoala, comes to Falz defence with regards to statement about glorifying fraudsters

Asisat Oshoala

Nigerian professional footballer, Asisat Oshoala, who plays as a forward in the Chinese Women’s Super league for Dalian Quanjian F.C., took to her Instagram to express deep concern about how people are now proud to be fraudsters.

 

 

In Falz’ defense, she insisted fraudsters shouldn’t be glorified.

Continue Reading

Foreign

Zimbabwean Church leader in s*x scandal as photos naked photos and sex acts with 33 girls is exposed

Church leader
A Zimbabwean church leader, Nyasha Light Nyatsungo is enmeshed in a sex scandal and might also be facing legal action, after his ex-girlfriend flooded social media with his nude photo.
It was gathered that the Nyatsungo allegedly sent a nude picture of his Cape Town based ex–side chick, Shingi Mavenge, to his other girlfriend only identified as Beula who later broadcasted it on social media.
According to H-Metro, in an apparent fit of rage, Mavenge posted a WhatsApp chat she had with Nyatsungo’s wife identified as Nyasha Nhahumbi as well as a group chat with some of her former lover’s concubines.
According to Mavenge, she has gotten information that Nyatsungo has at least 33 girlfriends and has ditched his wife of eight years.
She adds that Nyatsungo bedded a girl who was their neighbour as well.
Mavenge said that the church leader’s wife revealed that they even consulted their local pastor in Mutare who failed in his attempts to mend Nyatsungo’s ways.
According to H-Metro, Nyatsungo, a married father of two, has denied ever circulating the picture, labelling Mavenge as a bitter woman whom he just flirted with on Facebook and nothing more.
“This Nyasha guy must be stopped in his tracks. He is going to pay for all the damage that he has done to me. He was the only one who had that leaked picture and I am shocked why he would forward it to some other girl,” fumed Mavhenge who is working on taking legal action.
 
“I started dating this guy in 2015 and never knew he was married. He lied.”  fumed Mavenge yesterday.
“That guy is full of lies and at some point, we opened a group chat with his wife and some of his girlfriends. He normally targets single mothers” added Mavenge.
H-Metro was furnished with six other cellphone numbers of his girlfriend that include Fadzai, Mutsa, Essy, Juliana, Barbra among others. Mutsa confirmed she once had a relationship with Nyatsungo have since terminated it since she discovered he was married.
Mavenge confirmed they met once in Johannesburg when she had to fly from Cape Town to meet her man sometime in April.
“That night he didn’t even have money. I had to pay the R800 for the accommodation as he had no money. He wanted to have sex with me but I flatly refused. He even wanted it without protection and I said No. he looked terrible with clothes in a plastic shopping bag. I want to write a letter to Pastor Rex who is the head of (the church) in Harare so that this guy be stopped with his tricks and lies,” added Mavenge.
When contacted over the phone in Mutare Nyatsungo confirmed he knew Mavenge but never had a relationship with her.
“I know her and we once flirted on Facebook. We never had a relationship as she is alleging. I don’t know why she is bitter. I haven’t seen the nude pictures she is talking about but I heard about it from Beula. We live in a democratic country. She can go ahead and sue me if she feels her rights have been infringed upon. All the allegations she is making are false and I don’t know her motive in trying to tarnish my image,” said Nyatsungo.
He said he was still with his wife whose phone rang without response yesterday afternoon. Despite his denials, H-metro was furnished with pictures of Nyatsungo and Mavenge, the time they met in April.

Continue Reading

Trending