{"id":11987,"date":"2017-04-03T16:49:32","date_gmt":"2017-04-03T15:49:32","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=11987"},"modified":"2017-04-03T16:49:32","modified_gmt":"2017-04-03T15:49:32","slug":"rewane-tells-cbn-to-allow-the-naira-depreciate-to-340350","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/rewane-tells-cbn-to-allow-the-naira-depreciate-to-340350\/","title":{"rendered":"Rewane tells CBN to allow the naira depreciate to 340\/350"},"content":{"rendered":"

Bismarck Rewane, chief executive officer (CEO) of Financial Derivatives, says the Central Bank of Nigeria (CBN) \u00a0can intervene in the foreign exchange market, but must resist price fixing.<\/p>\n

He said the bank should also allow the naira depreciate to \u201cmaybe 340, maybe 350\u2033 to reflect a real effective exchange rate.<\/p>\n

Speaking to Channels Television on Monday, Rewane said the CBN must avoid fixing price, stating categorically that price fixing will not work.<\/p>\n

\u201cThe central bank can intervene with whatever the resources they have, but cannot begin to fix prices, price control never works,\u201d Rewane said.<\/p>\n

Speaking on IMF warning to Nigeria, after the conclusion of the Article IV consultation process, Rewane said\u00a0\u201cIt is important that the central bank now allows the 305 to depreciate more to where the market is, maybe 340, maybe 350 and then allow everybody\u2026what we call a real effective exchange rate\u201d.<\/p>

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Rewane advised the federal government to keep up engagement with the Niger Delta to keep production levels at near two million barrels per day.<\/p>\n

\u201cWe must engage the Niger Delta to ensure that prices remain constant at almost two million barrels per day. Two, we have to engage OPEC to ensure that the price stability is maintained,\u201d he said.<\/p>\n

\u201cBut more importantly is that we cannot be a stop, go economy. We need to take all the steps that are required in terms of appointing boards, making the policies, making sure the budget is passed, making sure the spending\u2026mobilising the contractors, especially power and transport, so that infrastructure spending, which unlock resources will stimulate the economy.<\/p>\n

\u201cMost importantly, keep the oil production up, and price, you have no control over pricing.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Bismarck Rewane, chief executive officer (CEO) of Financial Derivatives, says the Central Bank of Nigeria (CBN) \u00a0can intervene in the foreign exchange market, but must resist price fixing. He said the bank should also allow the naira depreciate to \u201cmaybe 340, maybe 350\u2033 to reflect a real effective exchange rate. Speaking to Channels Television on …<\/p>\n","protected":false},"author":11,"featured_media":11988,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[36],"coauthors":[2392,2393],"class_list":["post-11987","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-cbn"],"yoast_head":"\nRewane tells CBN to allow the naira depreciate to 340\/350 - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/rewane-tells-cbn-to-allow-the-naira-depreciate-to-340350\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rewane tells CBN to allow the naira depreciate to 340\/350 - National Wire\" \/>\n<meta property=\"og:description\" content=\"Bismarck Rewane, chief executive officer (CEO) of Financial Derivatives, says the Central Bank of Nigeria (CBN) \u00a0can intervene in the foreign exchange market, but must resist price fixing. 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