Fidelity bank banner UBA banner
CBN reassures investors on Nigeria’s strong economic fundamentals

By News Express on 15/09/2015

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,145

Economic activities resumed throughout the country on Monday on a brighter note following the Central Bank of Nigeria (CBN) reassurance on the nation’s economic strong fundamentals.

The CBN assurance followed recent claims and counter claims over the nation’s foreign exchange liquidity profile, even as JPMorgan removed the country from its emerging market bonds index.

CBN Governor, Mr. Godwin Emefiele while reaction to the concerns raised by the foreign rating agency, reassured Nigerians and foreign investors on the nation’s strong economic fundamentals.

He described the rating agency’s concerns and decision as baseless.

According to him, the nation’s ability to operate within 350 million dollars and 400 million dollars daily range of liquidity was a challenge.

He said that contrary to other opinions, the CBN had addressed the issue of transparency while meeting the dollar demand of the economy.

Nigerians were also emboldened further in the out gone week, as President Muhammadu Buhari announced Sept. 15, as deadline for Ministries, Departments and Agencies (MDAs) to comply with treasury Single Account (TSA) directive.

The directive is aimed at consolidating Federal Government's accounts, especially revenue, engendering transparency and accountability.

The new government policy also reverberated negatively in commercial banks, in the week under review, as some economic experts expressed fears of possible retrenchment.

Although no commercial bank has so far retrenched any worker, the Nigeria Bank Settlement System Plc (NIBSS) says over 20 million customers have so far been enrolled by banks under the ongoing Bank Verification Number (BVN) programme.

The milestone NIBSS said was part of the achievements towards creating a national data base.

NIBSS said it was collaborating with Etisalat to produce a BVN Query Service, designed to help the banking Nigerian public query their BVN on-the-go through mobile phones.

Overall, most stakeholders commended CBN for providing soft landing for the Nigerian economy, in the period under review.

They said the CBN’s proactive response on the concerns raised by JPMorgan on foreign exchange liquidity and transparency assisted tremendously in stabilising the economy. (NAN)

•Photo shows CBN Gov. Mr. Emefiele

Source News Express

Posted 15/09/2015 04:06:56 AM


Share on facebook Yahoo mail icon Gmail icon Share on Google+




You may also like...
Reps quiz Stanbic IBTC chief over N1bn account...

Lagos pledges support for investors

Troops raid kidnappers’ den, rescue victims

Imo Govt. directs non-indigenes, Owerri Council pensioners to...

Electricity firm gives reason for extended power outage...

Why is Lai Mohammed struggling?

Aisha Buhari mocks economic recession, steps out in...

SGF takes on Saraki, Ekweremadu for allegedly disrespecting...

Why Abacha’s $321m loot was released to Nigeria...

Nigeria berates Cameroon over forced deportation of refugees...

Court okays seizure of Fayose’s assets by EFCC...

Ortom begins renovation of government schools in Benue...


Latest News 2019: Buhari floors Atiku in UK poll PDP loses all elections held on Saturday SERAP asks INEC to probe ‘campaign spending by Saraki, other contributions’ Atiku/Obi Advocacy Group flays Buhari over ‘despotic and totalitarian’ statement 2019: Don’t vote for any APGA candidate, Uwazuruike tells BIM-MASSOB members Nigerians want proper agenda not propaganda, Atiku tells Buhari Fire destroys 77 shops in Kano market 2019: The irony of a Buhari’s second term as campaign begins, By Rev. Fr. Evaristus Bassey Hypocrisy of Western countries on MTN $8.1 billion fine, by Femi Falana Unidentified gunmen kill Gov. Bello’s aide in Okene Crisis trails INEC listing of Imo SDP guber candidate Nigeria may become desert, NCF warns


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (421,975 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (390,417 views) Shameless Genevieve Nnaji exposes breasts in public (323,424 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (271,897 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (244,475 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (227,635 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (209,320 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (190,887 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (176,148 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (168,728 views) Lagos plane crash: Journalist releases victims’ names (165,295 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (152,154 views)


Zenith Zero Balance First Bank chat banking


Categories Advertorials (3) African Press Organisation (81) Art & Literature (74) Business & Economy (3,798) Business Verdict (54) Columnists (964) Complaints & Requests (94) Enterprise & Opportunities (208) Entertainment (567) Features (669) Global Business Monitor (310) International (2,694) Interview (167) Live Commentary (28) Love Matters (146) Maggie's Blog (38) News (40,637) Opinion (1,144) Pidgin (13) Politics (7,780) Religion (901) Sports (1,780) Stock Watch (35) AMA & Al Jazeera Global Update





APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera