The Governor of the Central Bank of Nigeria, CBN, Malam Sanusi Lamido Sanusi, has affirmed that he would not devalue the nation’s currency – the Naira, saying he would rather use the nation’s foreign reserves, which currently stands at $45.27 billion to stabilize the Naira.
Briefing newsmen at the end of the Monetary Policy Committee (MPC) meeting in Abuja, yesterday, Sanusi said that the argument of those pushing for the devaluation of the Naira did not hold water economically especially in an import-dependent country like Nigeria.
The CBN Governor insisted that the CBN would stick to its position unless forced to do otherwise.
His words, “as far as the Naira is concerned, the CBN has always said that we are committed to its stability. I know there are some people who don’t share that view. But I have not personally heard any economically valid argument as to the benefits of devaluating the Naira up to this point in time.
“It will not improve our export nor reduce our imports into the country. It will not improve our fortunes as long as our structural reforms have not been implemented.
“My view and the view of the CBN is that if we will have to use some of our reserves to support the currency, we will. No central bank governor will say that he will not support the currency but we want to be very clear in our minds and to the public that there is no country in the world that will allow its currency to be determined by the market.
“Certainly, the currency is neither over-valued nor under-valued. We are not looking for a stronger currency nor a weaker one. We just want an anchor of expectations: people want to pay school fees; people want to import raw materials; investors want to be able to predict the returns they would have on their investments; and we think ultimately that it is more important than having a reserve at $50 billion or $40 billion.
“We will use the reserves and the interest rates and I believe we have gone through the most difficult period. Hopefully the next months will not be as difficult as the last one or two. We expect that the Naira will be maintained within our target band but the message is that we are committed to the stability of the exchange rate and we will not, unless we are forced, to allow the Naira to weaken. I think I should make that very clear.”
The CBN boss noted the decline in external reserves to the current $45.27 billion but was quick to add that it was better than the $41.19 billion recorded during the same period last year September ending.
According to him, “the Committee (MPC) noted that this level of accretion is too low given the relatively high price of crude oil and further underscores the need for much-needed reform of the oil sector”, and said measures would be taken to address the unbridled demand for dollar in the foreign exchange market.
Malam Sanusi explained a correlation between the high demand for dollars and money laundering, saying new policy measures would soon be announced by the apex bank.
He, however, refused to disclose what the measures would be despite attempts by newsmen to get him to reveal the details.
He lamented that, “Nigeria has become the largest importer of the U S Dollar in the whole world and said that only a firm policy against the dollarization of the Nigerian economy could save the situation.”
The CBN Governor announced that the Monetary Policy Rate, MPR, was retained at 12.0 per cent with a symmetric corridor of 200 basis point around the MPR by the MPC.
His words, “the Committee noted that the actions taken at the last MPC have served the purpose of helping the naira avoid the fate of other developing country’s currencies by keeping it relatively stable. It also noted the continued moderation in inflation and the benign outlook for the next six months.
“The Committee decided by a vote of 11 members to hold the MPR at 12.0 per cent. One member voted to reduce the MPR by 50 basis points. 11 members voted to retain the symmetric corridor of 200 basis points around the MPR while one member voted for an asymmetric corridor of 200 basis points above the MPR and 400 basis points below the MPR. All members voted to retain the 50.0 per cent Cash Reserve Requirement (CRR) on public sector funds, and 12.0 per cent CRR on private sector deposits.”
“Oke Wasn’t Killed By Stray Bullet, He Was Stabbed By Thugs” – Brother Claims
Information Nigeria recalls a graphics designer identified as Oke, was killed hours after tweeting “Nigeria will not kill me” on Wednesday.
It was reported that the young man had passed away after he was hit by a stray bullet.
The deceased’s younger brother, Daniel has come out to clear the air regarding the circumstances leading to his death.
Daniel revealed his brother was stabbed on the neck by thugs who infiltrated and ransacked their home.
In his words;
“Good day, My name is Obi-Enadhuze Daniel younger brother of the now deceased Okechukwu Obi-Enadhuze @O_Okee . I, my brother and mother lived at makinde police barracks, mafoluku, Oshodi, Lagos State.
Today at about 11 o’clock in the morning the police station at makinde was attacked by thugs who wanted to destroy the station, I my mom and brother were holed up in our house.
The attack went on for hours before the thugs eventually breached the police and proceeded to set the station on fire, after accomplishing this they set their sights to the barracks and began the assault, they proceeded to destroy every car in the barracks, my mom’s 2 cars where destroyed and set on fire and then they infiltrated our house by breaking the door they then proceeded to ransack the house and carted away with everything we own.
my brother on trying to get them to take everything but spare us was pushed to my mom’s room and stabbed on the neck, the attacker then proceeded to attack me but missed my neck but got my chin instead, after this my mom and I carried my brothers body to the entrance of the station soliciting for help from the thugs still ravaging the barracks, we were finally able to put him in a wheelbarrow and took him to a hospital where he was rejected because “he was already dead” unfazed we moved him to another hospital where he met the same treatment this was where he bled his last drops of blood and died, his body has now been moved to a morgue
we have lost every single thing we own, as our house was completely ransacked and set on fire the only thing left is my brothers phone and at about 8 o’clock this evening the barracks was still on fire but Okechukwu has paid with the ultimate price
I and my mother are homeless with nothing now but we’re safe for now, we thank everyone that has been able to reach out to us, and were able to share consoling words with us in these trying times, God bless you
While we were holed up in the house the three of us said these words together and we say it again ” THREE OF US ARE HERE, THREE OF US ARE TOGETHER, THREE OF US ARE SAFE”
Let it be known that my brother @O_Okee was NOT killed by a police bullet but died a hero protecting my mother and I.
If you see this please retweet, let the world know how Okechukwu died. He was NOT killed by a police bullet but thugs in his home!”
See his post below:
Youths Burn Down Sanwo-Olu’s Mother’s House In Lagos (VIDEO)
Lagos youths have set the family house of Governor Babajide Sanwo-Olu on fire.
This was after the Governor said that no nobody was killed during the shooting by soldiers at Lekki Toll Gate on Tuesday night.
Sanwo-Olu had debunked claims that the soldiers opened fire and killed some peaceful protesters.
Recall that men of the Nigerian Army reportedly opened fire on protesters following the declaration of 24 hours curfew by the Lagos State Governor, Babajide Sanwolu.
Bullets fired by security operatives hit some persons and at least two persons have been confirmed killed by the police and many injured
Voices in viral footage blamed the shootings on soldiers.
However, the angry youth attacked several important places such as Nigeria Port Authority, TVC News, and the family house of the Governor where his mother resides.
After Governor @jidesanwoolu said the "soldiers shot in the air to disperse the peaceful protesters." And thar their's no fatalities
Lagos youths set Governor's Mother's House on FIRE!! #PRAYFORNIGERIA#EndSARS #Lekkitollgate #LekkiGenocide #EndPoliceBrutalityinNigeraNOW pic.twitter.com/QaOvSHwXdk
— Nwachukwu John Owen (@johnowen99) October 21, 2020
#LekkiMassacre: Hoodlums Storm TVC Station In Lagos; Set Properties On Fire (Video)
Hoodlums have reportedly invaded the headquarters of popular news station, TVC, believed to be owned by National Leader of APC, Bola Tinubu.
According to reports, the staff of the news station are being trapped in the building located in Lagos.
The moment Morayo and Co decided to leave the station after it had been taken over by hoodlums.
— My Opinion (@Diji_O) October 21, 2020
Videos circulating online shows that properties in the compound have also been set ablaze.
The news station is currently off air and this comes hours after Nigerians accused the Lagos politician of having a hand in the #LekkiMassacre.
Information Nigeria recalls security agents had opened fire at peaceful #EndSARS protesters at Lekki Tollgate on Tuesday.
In a video circulating online, the anchors of one of the shows, ‘Your View’ were heard saying that there were hoodlums at their gate trying to break into the premises.
Watch the video clips below:
— Itz CakeByTolex (@tolulope_salako) October 21, 2020
— POSTNAIJA (@POSTNAIJA) October 21, 2020
— Angry mob attacks TVC , set the station on fire.. pic.twitter.com/xEDpLeWkpW
— VyrãlTreñdz (@TheVyralTrendz) October 21, 2020
‘Hoodlums’ have reportedly invaded news station, TVC and are attacking their people. pic.twitter.com/h90bWoL37o
— Pulse Nigeria (@PulseNigeria247) October 21, 2020
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