• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

CBN Governor, Godwin Emefiele, reacts to devaluation of naira call

Fakoyejo Olalekan by Fakoyejo Olalekan
January 28, 2020
in Business News, Politics
Currency outside banks drop to N788.9billion in January 2023

Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN)

Share on FacebookShare on TwitterShare on Linkedin

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has reacted to analysts’ projections concerning the devaluation of naira. According to Emefiele’s recent stance, naira devaluation will not be happening anytime soon.

Emefiele reportedly stated that Nigeria’s reserves level remained high and strong enough to be able to meet obligations in the economy despite the recent fluctuations in crude oil prices. He made this known while ruling out the devaluation of naira.

FG moves to capture 80% of Nigerians in formal financial services sector 

RelatedStories

CBN, forex

Survey: Over 62% of Nigerians want interest rates lowered ahead of MPC meeting 

July 19, 2025
Naira , dollar, exchange rate

CBN MPC member Sagagi projects Naira to appreciate to N1,450/$1 by December 2025 

July 19, 2025

What analysts said about devaluation: Financial experts and analysts, during the 2020 Nairametrics Economic Outlook Hangout, disclosed that CBN might devalue the naira in 2020 as structural imbalances from the revenue standpoint, development in the global oil market and policies from the CBN among others pose a very bleak outlook for the economy.

All the panellists agreed that there is a high tendency of naira devaluation in 2020 as the Central Bank’s benchmarks for Naira devaluation are USD50/bbl oil price and foreign exchange (FX) reserve levels closer to USD30 billion.

Speaking on naira devaluation, Cheta Nwanze, Head of Research for SBM Intelligence, disclosed that keeping the exchange rate stable in 2019 came at a cost, with depletion of the reserves which led the CBN Governor to state the triggers for devaluation – reserves at $25 billion–$30 billion and oil prices at $50–$45.

“The Federal Government’s revenue position is alarmingly untenable, and with the modest increase in the National Minimum Wage still yet to take effect, the CBN simply cannot continue to defend the Naira at current levels. We expect the government to be forced into the hard choice of devaluing the currency sometime within the first half of 2020,” Cheta said.

[READ MORE: CBN raises CRR to 27.5%, holds MPR, other parameters constant)

Emefiele’s response to devaluation call: He said the ups and downs experienced in the reserves have not gone without notice.

“It is important for us to note that reserves is there to meet the country’s obligation. So from time to time reserves would go up and reserves would come down: yes, it is no doubt noticeable, the drop has become so noticeable that people are beginning to say oh, we need resort in the adjustment in the currency.”

He also said, “At a reserve level of about $38 billion today, and crude price at about $57, $60, $65 and sometimes hit $70, we believe that we will be able and we are saying that we should continue to sustain the existing foreign exchange management and stability that we have seen in the market.”

“There’s no need for anybody to ever think that an adjustment would happen. The CBN is able to meet all obligations, the reserve level is high and strong enough to be able to meet obligations in the economy and so there’s no need for anybody to contemplate that.

“We believe crude price at above $60, today at almost about $66/$67, sometimes hitting $70 is a strong level that can be used to support the economy and also continue to sustain the stability that we see in the foreign exchange market today.”


Follow us for Breaking News and Market Intelligence.
Tags: 2020 Nairametrics Economic Outlook HangoutCBNCentral Bank of NigeriaCheta NwanzedevaluationGodwin EmefieleNaira
Fakoyejo Olalekan

Fakoyejo Olalekan

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: fakoyejo.olalekan@nairametrics.com.

Related Posts

CBN, forex
Economy

Survey: Over 62% of Nigerians want interest rates lowered ahead of MPC meeting 

July 19, 2025
Naira , dollar, exchange rate
Currencies

CBN MPC member Sagagi projects Naira to appreciate to N1,450/$1 by December 2025 

July 19, 2025
inflation rate
Economy

CBN survey finds public perception of inflation improved in June 2025 

July 19, 2025
CBN, forex
Economy

Experts predict hold on MPR amid moderating inflation and naira stability 

July 19, 2025
CBN, forex
Economy

CBN flags spike in loan defaults, small businesses top defaulters in Q2 2025 

July 18, 2025
Naira , dollar, exchange rate
Currencies

Naira stabilises as exchange rate gap narrows to N1 across parallel and official markets 

July 18, 2025
Next Post
Nigerian stock exchange, All share index, Nigerian bourse, Investors, Bulls gather momentum ASI up 0.48%, gained N55.3 billion, Dangote ,MTN & Gtbank hit a home run as Nigeria’s bourse continues bullish momentum

NAHCO, Vitafoam, NPF, Neimeth lead gainers' chart on Monday 

Comments 3

  1. Ekomobong Ekanem says:
    January 29, 2020 at 10:23 am

    Those proposing the devaluation of the Naira are currency speculators passing for financial experts

    Reply
  2. Abdullahi says:
    January 29, 2020 at 1:06 pm

    That is very good CBN governor of the masses

    Reply
  3. Evelyne says:
    January 29, 2020 at 2:35 pm

    Informative. Doing great.Bur let’s have some news on the achievements on the 2012 FInancial inclusion ploicy.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

first bank








DUNS

Recent News

  • Sabreworks celebrates excellence, rewards outstanding team members with life-changing awards
  • United States appoints Rick Swart as new Consul General to Southern Nigeria 
  • Survey: Over 62% of Nigerians want interest rates lowered ahead of MPC meeting 

Follow us on social media:

Recent News

Sabreworks celebrates excellence, rewards outstanding team members with life-changing awards

Sabreworks celebrates excellence, rewards outstanding team members with life-changing awards

July 19, 2025
New U.S. Consul General arrives in Lagos 

United States appoints Rick Swart as new Consul General to Southern Nigeria 

July 19, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics