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Although experts have clamoured for the devaluation of the naira in the light of the nation’s depleting foreign exchange reserves, the Central Bank of Nigeria’s Monetary Policy Committee may not do so during its first bi-monthly meeting for this year, it has been learnt.
Sources close to the CBN and members of the committee said the two-day meeting, which commences today (Monday), would only review policy measures taken so far in the past year, adding that key policy issues, especially as regards the need to devalue the naira, might be delayed till the March or May meeting.
It was further learnt that President Muhammadu Buhari’s stance of not devaluing the naira would influence the voting pattern of the 11-member MPC when issues that border on the exchange rate policy are considered.
The CBN has in the last one year adopted a number of administrative forex control measures to safeguard the naira in place of devaluation.
Although the naira has been pegged at between 197 and 199 at the interbank official market against the United States dollar, the local currency has fallen as low as 295 to the greenback at the parallel market.
The immediate past Governor of the CBN, Mallam Lamido Sanusi; Managing Director, Financial Derivatives Limited, Mr. Bismarck Rewane; and other local and foreign economists have called for the devaluation of the naira, insisting that the current forex control measures were counterproductive.
The forex control measures, which have to do with rationing the dollars, have hurt the economy amid slow growth.
But economists said although the way forward was for the MPC to adjust the exchange rate, they said this was unlikely considering the mood of the Federal Government.
“The mood of the Federal Government is that the rates will be kept unchanged. The Cash Reserve Ratio and the Monetary Policy Rate will be left unchanged, while the exchange rate will also be left unchanged,” the Managing Director, Cowry Asset Management Limited, Mr. Johnson CHukwu, said.
The Head, Research and Investment Advisory, Afrinvest West Africa Limited, Mr. Ayodeji Ebo, also predicted that the exchange rate, CRR and MPR would likely be left unchanged.
Article publié le mardi 26 janvier 2016
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