No Devaluation of Naira -CBN

 

The Governor of centra bank Godwin Emefiele reassured Nigerians yesterday that there will be no devaluation of the Naira.
After the meeting with Monetary Policy Committee,MPC he told Journalist that
  “already working on different scenarios. The models are being worked on and we will look at them as much as possible and we will continue to discuss at management levels and we will try as much as possible to continue to share our thoughts with the fiscal authorities with the view to harmonising the positions to ensure that notwithstanding the drop in crude prices, we are able to continue to run the government and continue to do business.”

 “The Committee stressed the need for the fiscal authorities to compliment the Bank’s low interest rate policy orientation by properly coordinating its borrowing activities (and rates) with the CBN in order to push the common objective of stimulating banking system credit delivery at low interest rates to the key sectors of the Nigerian economy.

“It noted that given the current economic reality of dwindling oil revenue and the rather unclear outlook for commodity prices, there would be need for a recalibration of the fiscal strategy to increasingly explore opportunities in non-oil tax revenue.”