By Simon Akoje Lagos, May 28, 2021 A financial expert, Mr Okechukwu Unegbu, has urged the Federal Government to invest more in key infrastructure and agriculture sectors to consolidate growth in the country’s Gross Domestic Product (GDP). Unegbu, a former President, Chartered Institute of Bankers of Nigeria, made the
Punch Newspapers
Sections
Published 26 May 2021
The Central Bank of Nigeria officially devalued the naira to 410.25/$ after the country’s currency defied all interventions to retain its value.
However, experts have said that the last resort employed by the CBN to adopt the NAFEX Investor & Exporter forex window rate of N410.25 as its official exchange rate to the dollar would lead to inflation and increase the poverty level in the country.
The CBN confirmed the new official rate on its website after it had removed N379/$ earlier in May.
The Punch had recently exclusively reported that the naira officially depreciated to 410/$, quoting the Central Bank Governor, Godwin Emefiele.
Punch Newspapers
Sections
Published 25 May 2021
The Monetary Policy Committee is expected to retain the lending rate after its two-day meeting which ends on Tuesday (today), according experts.
After the last meeting in March, the MPC retained the Monetary Policy Rate at 11.5 per cent.
It also retained the Cash Reserve Ratio and Liquidity Ratio at 27.5 per cent and 30 per cent respectively.
A professor of economics, Babcock University and past President, Chartered Institute of Bankers of Nigeria, Prof. Segun Ajibola, said he expected retention of the rates.
He said, “I expect retention because I have not seen major shift in the fundamentals, the liquidity ratio, the cash reserve ratio, the MPR.
Obinna Chima, Nume Ekeghe in Lagos and James Emejo in Abuja
Analysts yesterday urged the federal government to continue to develop policies to attract investments to Nigeria and to sustain targeted interventions in order for the country to sustain its positive economic growth trajectory.
The advice came as the country recorded a Gross Domestic Product (GDP) growth rate of 0.51 per cent (year-on-year) in the first quarter of 2021, (Q1 2021) compared with the 0.11 per cent recorded in the fourth quarter (Q4) 2020, according to figures the National Bureau of Statistics (NBS) released yesterday.
The data indicate two consecutive quarters of growth.
However, the Q1 2021 growth rate was slower than the 1.87 per cent growth recorded in Q1 2020, but higher than the 0.11 per cent in Q4, which represented a slow, but continuous recovery of the economy.
ICT policy missteps, lingering challenges weaken GDP growth guardian.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from guardian.ng Daily Mail and Mail on Sunday newspapers.