CBN Targets $40bn External Reserves, Single Digit Inflation, Reduced Interest Rate in 2018

The Central Bank of Nigeria has said
the country’s external reserves, which had faced daunting challenges since the wake of the fall in oil prices in June 2014, would grow to $40bn next year from $34.3bn as of November 3, 2017.

Chief of the apex bank, Mr Godwin Emefiele hinged his forecasts, which was released at the annual dinner of Chartered Institute of Bankers of Nigeria (CIBN), on the foreign exchange and exchange rate management policies of the apex bank in recent months, which has led to a drop of 65 per cent in the monthly food import bill of the country from an average of $5.5bn to $1.9bn as of June 2017.

He also said “We have also seen a significant appreciation of the naira from over N500/$1 to about N360/$1. In addition, we have seen stability in the rate for over six months now. I am glad to note that the exchange rate is not only stable, it is also converging across various windows and segments of the market.

“Since the establishment of the I&E Window, we have recorded about $10bn in autonomous inflows through this window alone.

“This reflects the effect of the increased transparency which that window accords the FX market and its benign impact of improving investors’ confidence and business sentiments. Our reserves have recovered significantly from a low of just over $23bn in October 2016 to over $34.3bn as of November 3, 2017.

“Today, among the benefits of that policy is the considerable decline in our import bills. From an average of about $5.5bn, our monthly import bill has fallen consistently to $2.1bn in 2016 and $1.9bn by half year 2017. This is indeed commendable.”

Mr Emefiele disclosed that the CBN may ease the benchmark interest rate come down from the current 14 per cent as this will open an avenue for more loans at lower interest rates from banks to companies.

According to him, the nation’ inflation rate might drop from the current 15.98 per cent to a single digit.

Emefiele however caitioned that although the current developments in macro-economy were welcomed, leaders and policymakers must become neither complacent nor over-confident. He said “I expect that barring any unforeseen shocks, inflationary pressure will continue to ease; I believe that it may return to very low double-digit or high single-digit levels during the next year. Though the base effect had diminished, I expect that as the socio-economic factors that are driving food inflation are resolved, the inertia therein would dissipate and the pace of headline disinflation will grow.

“Foreign exchange reserves will continue to grow. Over the last 12 months, Nigeria’s FX reserves grew by over $10bn from just over $23bn in October 2016 to over $33bn in October 2017. It is my belief that if we remain resolute with our efforts, policies and actions, we can attain an FX reserve position of about $40bn by end 2018.

“Exchange rate stability will continue. As we entrench and sustain the transparency in the FX market, as FX reserves accretion continues, and market confidence and improved sentiments remain, I expect that the exchange rate will not only be stable but would begin to appreciate against major currencies.

“The adverse competitiveness outcome, which such appreciation may entail, would be adequately mitigated by proactive policies to ensure that our balance of payments position is not undermined.

“Monetary policy stance could change when the underlying fundamentals become supportive. If the pace of disinflation becomes adequate and we see inflation at predicted levels, I am very optimistic that MPC may begin to see strong justification for an easing of monetary policy, which may further accelerate the recovery process.”

Nigeria’s Inflation Rate To Hit Single-Digit Mid-Next Year

Godwin Emefiele the Nigeria’s Central Bank Governor said on Friday said he expected the inflation rate to fall at a faster pace and hit high single-digit rates a mid-next year.

“We are very optimistic that food prices will come down and as they come down, it will help to complement the reduction in core inflation,” Emefiele told journalists on the sidelines of an investment conference at the London Stock Exchange.

“I expected a more aggressive moderation.

“We are hoping that by the middle of next year we should begin to approach the high single digits,” he said, adding that around nine percent would be a good target.

Annual inflation in Nigeria slowed for an eighth month in September, easing to 15.98 per cent.

 

CBN Injects Another $418m To Support Naira

The Central Bank of Nigeria (CBN) has injected another 418 million dollars into the various segments of the inter-bank foreign exchange market to support the Naira.

In a statement issued by the apex bank in Abuja on Tuesday, it said that the move would give a further lift to the value of Naira in the foreign exchange market.

According to the CBN, the retail segment of the market received the highest intervention with a total of 226 million dollars, followed by the wholesale window that received an allocation of 100million dollars.

The CBN noted that the Small and Medium Enterprises (SMEs) window received a boost of 50 million dollars while the Business/Personal Travel Allowances, school tuition, medicals, etc. got the sum of 42 million dollars to meet the demands of customers.

The Bank’s spokesman, Isaac Okorafor, also disclosed that the volume of currency trading in the Investors’ & Exporters’ (I&E) FX Window had cumulatively hit heights of 2.2 billion dollars.

This, he said happened since the CBN introduced the idea to boost liquidity in the forex market since  April 21, 2017,  and ensure timely execution and settlement for eligible transactions.

He expressed confidence that the interventions will continue to guarantee stability in the market and ensure availability to individuals and business concerns.

It will be recalled that the CBN on Monday, June 12, 2017, injected the sum of 413.5 million dollars into the inter-bank market in its unrelenting bid to guarantee liquidity in the market as well as shore up the international value of the naira.

A breakdown of Monday’s figures shows that the apex Bank allocated the sum of 100 million dollars to authorised dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated a total of 28 million dollars.

The invisible segment was allocated the sum of 25.5 million dollars to meet the needs of customers in that sector.

Analysts see the increase in the volume of transactions in the Investors’& Exporters’ (I&E) segment as a positive sign of the return of confidence in the financial markets as clearly demonstrated by the activities in the stock market.

CBN To Boost Dollar Sales to Support Economy

The Central Bank will increase dollar sales to support the economy and bolster the naira after leaving its key interest rate at a record high level.

“Interventions will be more vigorous and intense,” Governor Godwin Emefiele told reporters in the capital, Abuja, after announcing the Monetary Policy Committee’s decision to keep the benchmark rate at 14 percent. “Loosening monetary policy would exacerbate inflationary pressure” and reverse the naira’s gains on the parallel market, he said.

The central bank has kept borrowing costs at record high since July to prop up the naira that came under pressure after prices and output of oil, Nigeria’s biggest export, crashed in mid-2014, leading to dollar shortages and pushing the inflation rate to the highest level in more than 11 years. The decline in the crude production crippled West Africa’s largest economy, which shrank 1.6 percent in 2016, the first full-year contraction in a quarter of a century.

The naira has stabilized at about 380 per dollar for portfolio investors and on the black market, while the interbank rate is about 315. While the regulator removed a 197-199 naira per dollar peg in June, it continued intervening with sales of the greenback and blocked importers of certain products from accessing foreign currency on the official market.

The central bank “will not determine” the level at which it wants the naira’s various exchange rates to converge, Emefiele said. “We would prefer a convergence that goes significantly southward rather than northward.”

Falling Reserves

Nigeria’s foreign-exchange reserves have declined by 1 percent since reaching an almost two-year high of $31 billion on May 4. The central bank has sold more than $4 billion foreign currency since late February through the spot and forward markets. Dwindling oil revenues has put the regulator under pressure to shore up its reserves, Emefiele said.

Reps may Arrest Emefiele Over $17bn Oil Theft

The House of Representatives ad hoc Committee investigating the alleged stolen 17 billion dollars oil and gas sales on Thursday ordered Governor of Central Bank of Nigeria (CBN) Godwin Emefiele, to appear before it within one week.

The money was allegedly stolen through undeclared crude oil and liquefied natural gas export.

The committee threatened to issue a warrant of arrest on the governor if he failed to appear within the period.

The Chairman of the Committee, Rep. Abdulrazak Namdas said the international oil companies allegedly involved in the deal had provided the committee documents required to commence the investigation.

Namdas expressed concern that full investigation could not begin because of the failure of CBN to give the required details.

He alleged that CBN provided conflicting responses to its inquiry on the matter and as such the governor must appear in person to clarify issues and provide necessary details needed to facilitate the probe.

“We have sent two different letters to the CBN and the bank has provided two conflicting responses to our inquiry.

“In response to the first letter, the apex bank pleaded for time due to the volume of documents required but in response to the second letter, CBN indicated that it has no record of undeclared crude,” Namdas said.

He expressed disappointment over Emefiele’s absence without representation at the investigative hearing.

The chairman warned that the committee would invoke the law against any individual or government agency delaying the investigation.

“We expected him to be here and he is not, we are disappointed.

“We will not allow any agency of government to delay the committee’s work.

“If in the next one week, the CBN Governor did not appear before this committee, we will not hesitate to exercise our powers in line with section 88 and 89 of the 1999 constitution.”

According to Namdas, the required details from the CBN are vital as the investigation cannot commence without them.

“Most of the international oil companies have furnished us with the information needed but CBN is very vital and key to this investigation and we cannot jump the gun,’’ he said.

The assembly set up the committee in September 2016 to investigate 17 billion dollars allegedly stolen from undeclared crude oil and liquefied natural gas export between 2011 and 2014.

Naira Sinks To 490/$ As CBN Seeks End To Black Market

The Central Bank of Nigeria (CBN) is seeking to ensure there is no black market as the Naira sinks to 490 to a single dollar.

On Wednesday, the Naira was trading at 314 at the official market, with parallel market recording 490/$1.

The British pound stood at 605, while the European Union currency, Euro went for 510, a far cry of its 388, 327 range at the official side of the market respectively.

Vice President Yemi Osinbajo, and Kemi Adeosun, minister of finance, had previously said the CBN was working on a foreign exchange system that eliminates arbitrage in the forex market.

Isaac Okorafor, the spokesperson for the bank, was quoted by Reuters to have said the bank was “ensuring that the forex market operates as effectively as we would envisage”.

He also said the aim was to “ensure there is no black market” but did not give details of how this would be achieved.

Godwin Emefiele, governor of the CBN, had said consistency that the parallel market could not be used to evaluate the true value of the local currency.

“It is unfair to use the shallow market as a basis for determining the value of our currency. No one uses the Travelex rate at Heathrow to determine the exchange rate for the pound in the United Kingdom,” Emefiele had said.

“So it is unfair to use that to determine the value of our currency. Those who are dealing in the market are doing so illegally. We should not be encouraging the tendencies of those people who are involved in capital flight, or those who want to conduct foreign exchange business without providing necessary documentation.”

CBN Governor Proposes Tax On Phone Calls

Mobile phone users will be in for hard times if proposal by the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele to the federal government to introduce mobile phone call tax becomes a reality.

The Governor, who broke the news at the 2016 Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday night, in Lagos, said such tax, targeted at the middle, upper class and long phone call makers, can generate N100 billion annually into the federal government coffers.

Speaking on the theme: “Policy options for reversing Nigeria’s economic downturn” he said the country’s economy is currently facing a classical case of “stagflation” and although the 2016 budget is well on track to tackle it, there is need to boost revenue generation base though increased taxes.

He suggested that government could explore opportunities for more revenues to wriggle out of stagflation and recession by introducing a negligible telecom surcharge to be paid by initiator of a telephone call.

“There are several ways we can raise additional revenue to finance the increased expenditure that is needed to engender fast and sustainable growth in the economy. I think we can consider introducing a negligible telecom surcharge to be entirely borne by the initiator of a call. In order to protect the poor and vulnerable amongst us, we could structure it to only take effect after the third minute of talk. Some analyses have indicated that the government could earn about N100 billion per annum from this alone,” he stated.

Emefiele explained that the surcharge will mainly be borne by middle and upper class people since many poor people do not make calls for more than three minutes.

He explained that stagflation occurs when a country’s Gross Domestic Product (GDP) is falling or stagnant while unemployment and inflation are rising, all simultaneously.

“As recent data from the National Bureau of Statistics (NBS) indicate, Nigeria’s GDP growth decelerated by 0.36 per cent and 2.1 per cent in the first and second quarters of 2016, respectively. More also, the rate of price inflation for the months of September and October were 17.9 per cent and 18.3 per cent, respectively, while official statistics also indicate that the country’s unemployment rate increased to 12.1 per cent and 13.3 per cent during the first and second quarters,” he stated.

Emefiele said that stagflation is a difficult condition for policymakers to deal with, insisting that no single macroeconomic policy can address rising inflation and slow growth simultaneously, because fighting inflation may require implementing policies that might, in the short term, be inimical to economic growth, whereas expansionary policies to stimulate growth usually worsen inflation.

Still on taxes, the CBN boss said government could also consider introducing minimal property taxes across the country. “This not only raises money for the government but also could be a veritable weapon against corruption since it creates a database of who really owns homes in this country. Another option to consider would be to fully implement the 2003 Cabotage Act. This is Act stipulates that all cargoes and passengers in the inland and coastal waters be transported by ships and ferries built, owned, crewed and manned by Nigerians,” he said.

Emefiele explained that contrary to the requirement of this Act, there are several foreign-owned vessels providing shipping services locally. “Out of about 600 ships that operate within our waters, only about 60 of them are owned by Nigerians and are mostly idle, in violation of the Act. Industry sources suggest Nigeria may be losing as much as N2 trillion annually from this anomaly. In addition to raising revenue, a full implementation of the Act could also spur job creation, capacity building, and significant backward integration,” he said.

Speaking further, he said that exchange rate is simply a price that is determined by the forces of demand and supply.

He said that while the proposal may seem controversial, variants of this policy have proven to be highly effective in other climes and even here in Nigeria. “For example, throughout the early days of South Korea’s economic renaissance, the government intermittently used excessively stiff tariffs, quantitative restrictions and prohibitive inland taxes to effectively ban many items with potential for high imports, and simultaneously, offered generous and subsidized loans to firms for export promotion causes. In fact, at some point, about 93 per cent of total imports into South Korea were subject to one or more such restrictions,” he said.

Emefiele admitted that interest rates are a veritable tool for curtailing inflation but with inflation at over 18 per cent, the regulator would be abjectly failing on one of its cardinal objectives if it cuts interest rates at this time. “Second, for those who say we need a rate cut to spur growth, we need to remind that high inflation is highly inimical to economic growth. Indeed, many empirical studies have estimated the threshold level at which inflation becomes significantly growth retarding to be 11 per cent for developing countries. With ours at 18.3 per cent, one must question the judgment of cutting interest rates at this time,” he said.

The CBN Governor insisted that interest rates reflect not just the cost of capital but also the cost of doing business, hence, the need to also look at interest rates from the perspective of the lender. “Given that most banks have to individually provide security, power, and other infrastructure, it is not surprising that some of these costs are passed on to customers in the form of high interest rates. Notwithstanding these facts, we will continue to use moral suasion to encourage commercial banks to be more considerate in interest charges on customers,” he stated.

Farmers In Niger Projected To Produce 1m Tonnes Of Rice – CBN

The cluster of rice farms in Niger are expected to produce one million tonnes of rice through the Central Bank of Nigeria (CBN) Anchor Borrowers’ Programme, the bank said in a statement in Abuja o Sunday.

The CBN acting Director of Communications, Mr Isaac Okorafor, said in the statement that the CBN Governor, Mr Godwin Emefiele, made the fact known when he inspected rice farms in some local government areas of the state. The Governor was accompanied by the Minister of Agriculture and Rural Development, Mr Audu Ogbeh, the Governor of Niger, Alhaji Abubakar Bello, and the Governor of Kebbi, Alhaji Atiku Bagudu.

Emefiele said that over 14,000 farmers in Niger had benefited from the Anchor Borrowers’ Programme, with billion naira disbursed from the Micro, Small and Medium Enterprise Development Fund . He said that the programme’s enhanced funding for agriculture was in line with the bank’s resolve to build a strong and sustainable agriculture sector with integrated value chains.

On his part, Ogbeh said President Muhammadu Buhari was satisfaction with the programme and commended the farmers for contributing to efforts to ensure food security for Nigerians. He assured the farmers that government would provide them harvesters and mills. Ogbeh expressed optimism that the planned installation of state-of-the-art harvesters and mills would lead to increased production of rice in Nigeria.

He also promised that the government would provide them a solar-powered irrigation system to ensure all-year-round farming. The minister urged farmers to embrace shifting cultivation to ensure the restoration of depleted soil nutrients. He said that government would soon stop the importation of rice into Nigeria because of increased local production of the crop.

Earlier, the Chairman of the Farmers’ Cooperative in Niger, Alhaji Ahmed Mohammed, thanked the Federal Government for assisting farmers in the state. He cited the lack of mechanised farming and irrigation tools for dry season farming as some of the challenges facing farmers.

Mohammed, however, urged the farmers to remain focused and committed to rice production as government was determined to address the issue of local agriculture production.

President Buhari on Nov. 17, 2015, launched the CBN Anchor Borrowers’ Programme in Kebbi. The programme has been replicated in 14 states of Adamawa, Cross River, Ebonyi, Jigawa, Kaduna, Kano, Katsina, Lagos, Niger, Ogun, Plateau, Sokoto and Zamfara for rice and wheat farmers. The programme aims to upgrade small farmers to commercial farmers, increase food production and create jobs. (NAN)

CBN Pumped N2tn Into Economy In 15 Months To Boost Growth

As part of efforts to reflate Nigeria’s ailing economy, the Central Bank of Nigeria (CBN) disbursed nearly N2 trillion to both public and strategic private sectors of the economy in the last one year.

The CBN Governor, Mr. Godwin Emefiele, who spoke in an interview yesterday, also said in order to stimulate expenditure in most states that could not pay salaries, the central bank around July 2015, came up with the idea of a Workers’ Salary Assistance Programme.

Under that scheme, the Central Bank disbursed a total of about N405 billion to all the affected states, the central bank governor disclosed.

The CBN also disbursed N10 billion to almost all of the 36 states respectively, to fund their infrastructural projects. Under this scheme as well, the CBN did intervention to the tune of N350 billion.

Throwing more light on the apex bank’s disbursements in the last one, Emefiele said: “The total of both intervention is close to N800 billion, that was injected to support the sub-national governments either for them to pay salaries, or for them to support their infrastructural development in their states. These are some of the actions that were done.

“Aside from that, the CBN also disburses money through the Commercial Agricultural Credit Scheme (CACS), the Power and Aviation Intervention Fund (PAIF), and the refinancing facilities. Under each of the scheme, as I speak to you, the Central Bank has outstanding of nothing less than N1 trillion that had been disbursed by way of intervention in line with our development finance objectives to support the real sector as well as the entire economy. So, those are some of the things we have done. But I can assure you that we would continue to do so,” Emefiele said.

Throwing more light on the central bank’s disbursements in the last one, Emefiele said: “The total of both interventions is close to N800 billion. It was injected to support the sub-national governments either for them to pay salaries, or for them to support their infrastructural development in their states. These are some of the actions that were done.

“Aside from that, the CBN also disburses money through the Commercial Agricultural Credit Scheme (CACS), the Power and Aviation Intervention Fund (PAIF), and the refinancing facilities. Under each of the scheme, as I speak to you, the Central Bank has outstanding of nothing less than N1 trillion that has been disbursed by way of intervention in line with our development finance objectives to support the real sector as well as the entire economy. But I can assure you that we would continue to do so.”

According to him, the reduction of the cash reserve requirements (CRR) from 30.5 per cent to 25 per cent in July last year, was expected to inject about N1 billion into the economy, through the banking sector.

However, he said instead of lending the money to the real sector, “most of that money may have been eventually round-tripped into the foreign exchange market and it put a lot of pressure on the forex reserves.

“When we (Monetary Policy Committee) met again in September, because we didn’t see the injection of liquidity to support the real sector of the economy, we decided that we were going to reduce the CRR again from 25 per cent to 20 per cent.

“But we said that through the reduction in CRR that banks should identify specific projects in agriculture, manufacturing, etc, that we would release whatever amount they needed to support this.
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“Unfortunately, what we found was that instead of the banks sending us projects that were meant for the real sector and for agriculture, what they did was that they sent us projects meant to finance hotels, projects meant to finance hospitals, and others that we didn’t consider to be real sector projects.

“Those of them that brought projects in the manufacturing sector just brought projects that they were refinancing in their balance sheets and we felt that was not right. But you will find that in due course, and I mean in the next couple of weeks, some disbursements would be made to core agriculture projects.

“That is those who are financing large scale production of rice, tomatoes, diary, wheat and maize. These financing would represent our own attempt to ensure that we grant loans to companies that are serious about agriculture and core manufacturing. So, these were direct attempts that we used through the banks,” he explained.

Emefiele said the aviation sector is an important sector in the economy, just as he assured that the central bank would continue to fund the foreign exchange need of operators in the sector.

However, the CBN governor faulted the insinuation foreign airlines were moving out of the country due to FX scarcity.

“It is important for me to correct the impression that airlines are closing down or airlines are moving out of the country because of inadequate access to foreign exchange. No one can deny that everyone is finding it hard to get FX these days, given the sharp drop in oil prices and FX inflows. So that may be part of the issue.

“But the real reason airlines are reducing their flights is a lack of passengers not just in Nigeria but all around the world. As a result of the global economic situation that we find ourselves today, there has been a serious reduction in the number of travelers in different parts of the world. The aviation sector in different parts of the world is confronted by this.

“I would imagine that rather than travel in a weekend to go and organise a party or go and conduct wedding in Dubai or travel to go and organise party in London, given the situation we find ourselves, people have now learnt that there is a need for them to be prudent in spending money.

“So, no doubt, we have seen a reduction in the number of travelers. And because there is a reduction in the number of travelers, naturally there is a reduction in the occupancy rate for the airlines.

“So, that is what has happened. Now, are we giving them forex? You will recall that last week when we did some secondary market intervention through forward, we also considered the aviation sector and we gave them what they needed. We are meeting their foreign exchange needs. So, when people say they don’t have foreign exchange, I don’t really understand what they are talking about because we have taken the aviation as an important sector in the country.

“I have heard people speculate that the airlines are relocating to Ghana. Are they suggesting that Ghana has more FX than us? They are facing the same FX shortages like us, if not worse. And by the way, Ghana’s FX reserves are probably less than 25 percent of ours here in Nigeria. So, it cannot be correct that the airlines are relocating there,” Emefiele explained.

Nigeria Too Big To Fail, Adeosun Tells World Bank Forum

Nigeria took its economic survival struggle to the international financial audience yesterday and said it is too significant a country to fail.

Finance Minister Kemi Adeosun speaking on the sideline of the plenary session of the 2016 IMF/World Bank meeting in Washington DC said: “Nigeria is too big to fail and too significant in the region to underperform.”

She vowed that the federal government would do all within its power to rescue the economic from the current free fall.

She was reacting to calls by the World Bank President Dr. Jim Yong Kim and the IMF managing director Ms. Christine Largard for massive investment in infrastructure.

Her words: “ what we are trying to do is to rewrite Nigeria’s economic story so that we can grow, and to grow we need critical infrastructure like power, transport, housing.
“ These are where we are redirecting expenditure from our recurrent where we thought there have been a lot of waste and leakages.”

Government,she added is “redirecting spending to capital to create long term value.It’s tough in the short term but the long term benefits will be there for the future generation, we are confident of getting back to growth.

“If we invest in critical infrastructure there will be increased productivity, which will lead to job creation and prosperity for our people and it is very comforting to hear this coming from the highest levels that that is the way to go.”

Adeosun stated that Nigeria has aligned with the views of the multilateral institutions with regards to inclusive growth, stating that inclusive growth is one of the objectives of this administration to end poverty.

Government she noted is “investing heavily in education and as part of our social intervention programme we aim to engage more young graduates into primary schools because education,I’m sure, we will be soon start seeing improvements in our education indices.”

Also speaking, Central Bank (CBN) governor Godwin Emefiele said the three pronged comprehensive approach of monetary, fiscal and structural reforms “is the way everybody has to go and we are doing that in Nigeria.

“There is serious collaboration between the monetary and fiscal authorities and if we continue in this direction we will achieve these objectives.”

Reps Bicker Over Call For Sack Of CBN Governor

Members of the House of Representatives were yesterday divided over whether or not governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, should be sacked, following the continuous fall of the naira in the parallel market.

While some members asked the Presidency to remove the CBN governor, the Minority Leader, Leo Ogor, who represents Isoko Federal Constituency of Delta State, opposed the call.

Ali Isa had in a motion, Call for investigation of the Central Bank of Nigeria’s Forex Policies, noted that the lingering scarcity of foreign exchange in the country’s capital market had continued to weaken the naira to the point of its exchanging above N400 to a dollar.
House of Representatives
House of Representatives

He further stated that the continuous weakening of the naira against the dollar and other foreign currencies had affected the cost of goods, services and production and consequently made life more difficult for most Nigerians.

Contributing to the debate, Mojeed Alabi expressed dismay that the CBN governor, on several invitations, failed to appear before the House to rub minds with lawmakers on some of CBN’s policies.

Also, Wale Raji, while calling for the sack of the CBN governor, said Nigeria was the only country quoting “black market” figures as though they were official figures.

“Who is in charge of our Forex, CBN or the black market? This is the only country in the world where the black market rate are quoted on television,’’ he said

But Leo Ogor, the Minority Leader of the House, kicked against the sack of the CBN governor, and called on the executive and legislature to work together on solution to the problem.