• 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

Chief claims CBN had to resist powerful forces to stop Naira float

Chacha Wabara by Chacha Wabara
October 2, 2017
in Business News, Politics
CBN Approves $10k Per Week FX Sale To BDC’s
Share on FacebookShare on TwitterShare on Linkedin

According to the Director of Corporate Communication, Ugochukwu Isaac Okoroafor, the Central Bank of Nigeria (CBN) had to resist powerful forces including several very influential individuals and organizations who wanted to float the Naira despite the uncertainty of exposing the nation’s currency to the extreme impulses of the market. Speaking at an interactive session with editors in Abuja during the weekend, the CBN chief concluded that these powerful forces that were determined to pillage and control the economy by insisting that the Naira be floated.

Although not mentioning exactly why, the CBN chief also insinuated that the National Assembly could be among those piling pressure on the CBN through their incessant summons. These summons were “sometimes every day, seven times in a week.” According to him, “at every hearing in the National Assembly, the CBN will always be invited” demonstrating how frequent the summons.

Okarafor went on to laud the wisdom of the CBN’s course to as he noted the positive outcomes in the forex management system as well as the near convergence of both black market and official market exchange rates. He also noted that the current 0.55% growth index of the economy is another testimony of the success of their method. The next target of the apex bank is how reduce the inflation to a single digit.

RelatedStories

World Bank, Tanzania

World Bank commits to 90,000 kilometers fiber optic project to drive broadband access across Nigeria 

July 24, 2025
Gold

Boost N2.77 trillion gold reserves and explore crypto as asset diversification strategy, experts urge CBN  

July 23, 2025

It is an open secret that some international financial institutions such as the World Bank and the International Monetary Fund (IMF) were campaigning for the float of the Naira as the only cogent way to solve the chronic dollar shortage as well as stimulate economic development. They could form the institutions that the Okarafor was referring to when he said the CBN had to resist powerful forces. However, the CBN refused to budge, rather opting for a gradual relaxation of currency controls it had earlier tightened through a flexible forex policy which began implementation inn February this year.

Since then, the disparity between the official rate and parallel market rates, which at one time hovered at around 20%, has virtually disappeared. Similarly, forex liquidity has significantly improved with majority of the genuine demand for forex being satisfied. These results have enabled the CBN to have the last laugh, despite the tense moments that must have accompanied their implementation of the unorthodox, risky but successful methods.

 


Follow us for Breaking News and Market Intelligence.
Tags: CBNIMFNaira DevaluationNaira floatNews ReviewWorld Bank
Chacha Wabara

Chacha Wabara

Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.

Related Posts

World Bank, Tanzania
Sectors

World Bank commits to 90,000 kilometers fiber optic project to drive broadband access across Nigeria 

July 24, 2025
Gold
Cryptos

Boost N2.77 trillion gold reserves and explore crypto as asset diversification strategy, experts urge CBN  

July 23, 2025
CBN Governor Yemi Cardoso to be honoured at Nairametrics Capital Market Awards for monetary policy reforms and banking sector recapitalization 
Bank Recapitalization

8 Nigerian banks meet minimum forbearance related requirements – CBN Governor

July 22, 2025
CBN Governor Yemi Cardoso to be honoured at Nairametrics Capital Market Awards for monetary policy reforms and banking sector recapitalization 
Breaking News

CBN holds interest rates flat at 27.5% for 7 straight time

July 22, 2025
CBN Governor Yemi Cardoso to be honoured at Nairametrics Capital Market Awards for monetary policy reforms and banking sector recapitalization 
Economy

Liquidity surge from FAAC raises inflation concerns – Cardoso

July 20, 2025
CBN, forex
Economy

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

July 18, 2025
Next Post
PZ Cussons Plc to close its register from October 2-October 6 2017

PZ Cussons Plc to close its register from October 2-October 6 2017

Leave a Reply Cancel reply

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

first bank








DUNS

Recent News

  • Dr. Juliet Ehimuan, Minister Hannatu Musawa, African business leaders explore global innovation at DICE immersion in the U.S. 
  • CREDICORP launches new initiative to provide credit for Nigerian youths 
  • Malaysia weighs on Palm Oil, Nigeria reforms industry  

Follow us on social media:

Recent News

Dr. Juliet Ehimuan, Minister Hannatu Musawa, African business leaders explore global innovation at DICE immersion in the U.S. 

Dr. Juliet Ehimuan, Minister Hannatu Musawa, African business leaders explore global innovation at DICE immersion in the U.S. 

July 25, 2025
CREDICORP launches new initiative to provide credit for Nigerian youths 

CREDICORP launches new initiative to provide credit for Nigerian youths 

July 25, 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