Facebook Twitter Instagram Pinterest YouTube Tumblr LinkedIn RSS
    • About
    • Advertise
    • Contribute
    • Donate
    • Forum
    • Contact
    Login
    InfoStride NewsInfoStride News
    • Home
    • Business
    • Celebrity
    • Crime
    • Nigeria
    • Politics
    • Sports
    • Technology
    • More
      • COVID-19
      • Editor’s Picks
      • Health
      • Opinions
      • Press Releases
      • World
    Subscribe
    InfoStride NewsInfoStride News
    Home»News»African News»West African News»Nigeria News»CBN’s Intervention In Forex Market Is Not Permanent – Charles Nwaekeaku

    CBN’s Intervention In Forex Market Is Not Permanent – Charles Nwaekeaku

    Nigeria News By David F.Jun 28, 2017No Comments2 Mins Read
    Facebook Twitter WhatsApp Pinterest LinkedIn Tumblr Email Reddit VKontakte

    CBN Central Bank of NigeriaProf. Charles Nwaekeaku of Nassarawa State University, says the Central Bank of Nigeria (CBN) interventions in the Foreign Exchange Market (FOREX) is a temporary relief.

    Nwaekeaku, a lecturer at the Pubic Administration Department, told the News Agency of Nigeria (NAN) in Abuja that CBN might not be able to sustain the interventions.

    “CBN’s intervention in the foreign exchange business is a welcome development but it is a temporary relief because the money CBN injects into the foreign exchange is money derived from oil.”

    “That means that anytime the price of oil falls again the money will vanish and we do not have much reserve and that means the measure is temporal,” he said.

    He suggested that what should actually be done was for government to ensure good business environment in the country and diversify the economy.

    See also  Rivers PDP: Aspirants Protest In Port Harcourt Over Non-issuance Of Nomination Forms

    According to him, if we go into manufacturing, productivity will increase and when that is done, the pressure on the foreign exchange will reduce.

    “This is because we will not be asking for foreign exchange for goods and services that we can produce locally.”

    “The problem is that the demand for foreign exchange is very high and the money from oil is what is being used to supply and it is temporal, it is not sustainable.”

    “Therefore, government should make efforts to diversify the economy and ensure that we reduce the demand for foreign exchange.”

    “When we reduce the demand for foreign exchange and then increase productivity, even prices of things will come down and then you will have sustained foreign exchange regime.”

    See also  Ole Gunnar Solskjaer Named Permanent Manager Of Manchester United

    The don noted that due to the inflationary nature of Nigeria’s economy, when goods were imported into the country the price of such goods were usually high.

    This, according to him, is because such goods have to be transported, they have to be warehoused and the importers still have to tackle with power, all of these increasing costs.

    He said that these factors made the prices of goods in the market to continue to rise in spite of the interventions by the government in Forex.

    Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate

    Central bank of Nigeria (CBN) Charles Nwaekeaku Forex Market Intervention permanent
    Share. Facebook Twitter WhatsApp Pinterest Reddit Tumblr VKontakte Email LinkedIn

    Related Posts

    Tinubu, APC kick against INEC staff’s bid to give evidence in Atiku’s petition

    Jun 8, 2023

    LP will vote en bloc for Speaker of 10th NASS – Rep Ogene

    Jun 8, 2023

    2023 election fallouts: PDP stakeholders express outrage, call for emergency national convention

    Jun 8, 2023

    I have come back to restructure APC in Osun – Aregbesola

    Jun 8, 2023
    Add A Comment

    Comments are closed.

    Get Social with Us
    • Facebook
    • Twitter
    • Pinterest 94
    • Instagram
    • YouTube
    Latest Posts

    I’m Done With Vulgar Lyrics, I’m An Ambassador For God Now – Spyro

    Jun 8, 2023

    Messi Wanted To Leave The Club’s Spotlight – Barcelona

    Jun 8, 2023

    God Broke Down The Wall Of Jericho In My Sister’s Life – Toke Makinwa

    Jun 8, 2023

    I’ll Remain A West Ham Player Until I’m Not – Declan Rice

    Jun 8, 2023

    Subscribe to Updates

    Get the latest breaking news straight into your inbox!

    Random News

    It’s Referendum – Atiku Reacts As PDP Floors APC In Adamawa LG Polls

    Apr 10, 2022

    Hoodlums Attack Zamfara Police Station To Free Cows

    Jan 4, 2014

    2023: Atiku’ll not waste first six months as President – Ayu

    Nov 19, 2022

    Both Bianca Ojukwu And Ebelechukwu Obiano Were Wrong For Their Public Fight – Latasha Ngwube

    Mar 18, 2022

    InfoStride News delivers the latest breaking news, Nigeria news, world news and top stories on business, celebrity, entertainment, politics, sports, technology and more. Experience the best of in-depth coverage, special reports, football highlights, political opinions, crime watch, celebrity gossips etc.

    GooglePlay Store Button

    Support InfoStride News' Credible Journalism

    Credible journalism involves a lot of efforts and money; and can guarantee a fair, accountable and transparent society, including democracy and government. We need your support to continue offering free access to our loyal readers and visitors like you.

    Click here to Donate

    Facebook Twitter Instagram Pinterest YouTube Tumblr LinkedIn RSS
    • Our Terms
    © 2023 InfoStride News. All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.

    Sign In or Register

    Welcome Back!

    Login to your account below.

    Continue with Facebook
    Continue with Google
    Continue with Twitter
    Lost password?