Beyond greenbacks: the naira as a store of value, By Uddin Ifeanyi

Between the Mr ‘Yemi Cardoso-led Central Bank of Nigeria and the Mr ‘Bola Ahmed Tinubu-led Federal Government, the prayer is that they do not eat away the second of the naira’s attributes.…the supply and demand of the naira ought to be the primary concern of the Central Bank of Nigeria. Yet, in conversations on how to fix the country’s monetary policy difficulties, an unhealthy obsession with the greenback prevails.

But the meeting that Friday adjourned on the conclusion that under a central bank leadership so muddle-headed, domestic prices were going to labourand the naira fare poorly. On account of this, it was decided that members should transfer their wealth out of the naira into safer havens. Mathew 6:19’s injunction not to store one’s “treasures where moths and vermin destroy, and where thieves break in and steal” was the operant consideration.

The incumbent Federal Government’s appointment of a new central bank governor has reprised June 2014. We have, once again, a governor of the Nigerian central bank who thinks his bailiwick is to grow the economy. I haven’t been able to reconvene the huddle. But I have consulted the now former bank treasurer.

First, the supply and demand for US dollars is a concern of that country’s Federal Reserve system. And we have seen how, as part of its battle against domestic inflation, the Fed has raised interest rates and boosted the global demand for dollars. By extension, the supply and demand of the naira ought to be the primary concern of the Central Bank of Nigeria. Yet, in conversations on how to fix the country’s monetary policy difficulties, an unhealthy obsession with the greenback prevails.

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Beyond greenbacks, the naira as store of value, By Uddin IfeanyiThe huddle was summoned sometime in the morning on June 6, 2014. The day before, the newly appointed governor of the Central Bank of Nigeria (CBN) unveiled his 10-point agenda at a “world press conference”. Christened a “maiden address”, the optics felt ever so much like part of the rites associated with the commencement of […]
Source: PremiumTimesng - 🏆 3. / 78 Read more »

October 1: Today In Nigeria's History And BeyondOctober 1 National Day or Independence Anniversary is no doubt Nigeria's biggest celebration as a country. Hereunder are some of the spectacular events that
Source: LeadershipNGA - 🏆 4. / 77 Read more »

Beyond The Data: NBS says vehicle imports rose by 708% -- but stakeholders disagreeIn Nigeria, owning a car is regarded as a luxury that is often out of reach for the average citizen. The cost of new cars is exorbitant, and the local
Source: thecableng - 🏆 2. / 80 Read more »

BREAKING: Sokoto Tribunal Dismisses PDP’s Petition Against Governor AliyuThe tribunal ruled that the petitioners failed to prove their case beyond reasonable doubt.
Source: channelstv - 🏆 7. / 63 Read more »

Bedrooms, back-pockets and beck-and-call in Nigeria’s elections, By Chidi OdinkaluThe role of the judiciary in determining winners and losers in elections has escalated beyond any reasonable prognostication since Nigeria’s return of civil rule in 1999.
Source: vanguardngrnews - 🏆 5. / 75 Read more »