• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Central Bank of Nigeria’s FX policy has not borne the desired fruits – Report

4 years ago
in Banking & Finance, Business, Economy, Editor's pick, highlights, Home, home-news, latest News
2 min read
0 0
0
71
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Central Bank of Nigeria’s FX policy has not borne the desired fruits – Report

Measures adopted by the Central Bank of Nigeria to ensure the stability of the Naira have not borne desired fruits.

This was disclosed in a report titled “Central Banker Report Cards 2021: The Art Of Timing”, published by Global Finance.

In the report card ranking, Emefiele-led CBN’s was scored a “C” grade level in performance, maintaining the same grade given last year. Last year kept central bank governors on high alert, as a global health crisis threatened fiscal, as well as physical health.

What the report is saying

The report acknowledges the continued efforts by the CBN to intervene in the forex market, however, the results have been less than favourable. The report said, “Nigeria’s central bank has engaged in deliberate measures to ensure the stability of the Naira. The measures have included a tight grip on the local currency and even halting the sale of forex to bureau de changes. Unfortunately, the measures have not borne the desired fruits. In early September, the Naira was on a free-fall hitting a record low of N532 to the dollar.” 

The report also stated that “In many aspects, the volatility of the Naira is synonymous with the reign of Emefiele, which since 2014 has been characterized by rising inflation and tremors in the banking industry.”

Read: MTN emerge sole gainer on local bourse for second consecutive day

RelatedPosts

GSE Composite Index Declines as Market Capitalisation Falls to GH¢168.02bn

European Football’s Power Shift: The Rise of the EFC

Atlantic Lithium Discovers New High-Grade Spodumene Pegmatite Occurrences in Côte d’Ivoire

The report highlighted the CBN monetary policy challenges and hailed the progress in the eNaira, Africa first CBDC.

“In July, the apex bank held its benchmark rate at 11.5% for a fifth straight meeting. The decision was informed by the fact that the current situation neither gives room for tightening as it will hurt output growth nor, loosening, as it will exacerbate inflationary pressures. In June, inflation stood at 17.75%, well above the bank’s ceiling. Notably, the bank is gearing to launch a digital currency, e-Naira.”

Nigeria still experience is forex problems as the exchange rate between the naira and the US dollar at the official Investors and Exporters (I&E) window closed at N416.25/$1, while the black market trade around N570/1$.

Methodology

Global Finance editors grade the world’s leading central bankers on a scale of A to F, with A being the highest grade and F being the lowest, based on a series of objective and subjective metrics, including the appropriate implementation of monetary policy for each country’s economic conditions, with input from analysts, economists, and financial industry sources. Performance from July 1, 2020, to June 30, 2021, is used to make decisions.

Tags: Central Bank of NigeriaCentral Bank of Nigeria's FX policy has not borne the desired fruits – ReportCOVID-19 pandemicNigeria
No Result
View All Result

Highlights

UEFA Champions League Matchday 3: Key stats and what to look out for in every game

GPL: Gold Stars ends Heart of Lions’ Unbeaten run as Karela hold Eleven Wonders in Swedru

BudgIT Ghana Calls for Deeper Reforms Following 2024 Open Parliament Index Release

Global Economy Undergoing Profound Transformation Amid Heightened Uncertainty, Says IMFC Chair

Fitch Solutions Revises Ghana’s 2025 Growth Forecast Upwards to 4.9% on Easing Inflation and Stronger Cedi

Nigeria, Kenya Follow Ghana’s Trailblazing GoldBod to Strengthen Economies

Trending

Business

GSE Composite Index Declines as Market Capitalisation Falls to GH¢168.02bn

October 21, 2025

GSE Composite Index Declines as Market Capitalisation Falls to GH¢168.02bn The Ghana Stock Exchange (GSE) closed Tuesday’s...

European Football’s Power Shift: The Rise of the EFC

October 21, 2025

Atlantic Lithium Discovers New High-Grade Spodumene Pegmatite Occurrences in Côte d’Ivoire

October 21, 2025

UEFA Champions League Matchday 3: Key stats and what to look out for in every game

October 21, 2025

GPL: Gold Stars ends Heart of Lions’ Unbeaten run as Karela hold Eleven Wonders in Swedru

October 21, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.