L
LequteMan
Guest
Nigerian banks have called on the Central Bank of Nigeria to devalue the Naira once more.
Chief Executive Officers of First Bank of Nigeria Limited, Zenith Bank Plc, UBA Plc, Mobil Oil Nigeria Plc, Seplat Petroleum Development Company Plc and Oando Plc in a roundtable discussion organized by Bloomberg and the Nigerian Stock Exchange agreed that it would be the right decision for the country's economy.
The Group Managing Director/CEO, First Bank of Nigeria Limited, Mr. Bisi Onasanya, said the banks can't support the Naira at less than N200 in the official market.
“..he longer we continue to hold unto this, the more we send signals to the international market that we are not serious as a country.
“There has to be some adjustment in the present level of the naira. There has to be a re-opening of the market for activities to continue in the market otherwise, the economy will be at a standstill.”
“The reality is that we have a contracting economy; we have an opportunity, however, to see this as a process to start looking within and rebuilding the Nigerian economy from the basis,” he added afterwards.
According to UBA, Nigeria needs "to increase the rate of interest for funds to come in."
On his part, the Group Managing Director/CEO, Zenith Bank Plc, Mr. Peter Amangbo, lamented non-availability of foreign exchange to foot import bills.
“When you have challenges like this, what you find is that the issue of confidence comes in. People are scared, and the next thing you see is panic. Almost everybody has rushed out; everybody wants to buy foreign exchange, and you see quite a lot of backlog that we have in the system now.” he said.
Seplat CEO also added that Nigeria'll experience another round of fuel scarcity in 3 weeks if things continue as it is.
Culled from Punch
Chief Executive Officers of First Bank of Nigeria Limited, Zenith Bank Plc, UBA Plc, Mobil Oil Nigeria Plc, Seplat Petroleum Development Company Plc and Oando Plc in a roundtable discussion organized by Bloomberg and the Nigerian Stock Exchange agreed that it would be the right decision for the country's economy.
The Group Managing Director/CEO, First Bank of Nigeria Limited, Mr. Bisi Onasanya, said the banks can't support the Naira at less than N200 in the official market.
“..he longer we continue to hold unto this, the more we send signals to the international market that we are not serious as a country.
“There has to be some adjustment in the present level of the naira. There has to be a re-opening of the market for activities to continue in the market otherwise, the economy will be at a standstill.”
“The reality is that we have a contracting economy; we have an opportunity, however, to see this as a process to start looking within and rebuilding the Nigerian economy from the basis,” he added afterwards.
According to UBA, Nigeria needs "to increase the rate of interest for funds to come in."
On his part, the Group Managing Director/CEO, Zenith Bank Plc, Mr. Peter Amangbo, lamented non-availability of foreign exchange to foot import bills.
“When you have challenges like this, what you find is that the issue of confidence comes in. People are scared, and the next thing you see is panic. Almost everybody has rushed out; everybody wants to buy foreign exchange, and you see quite a lot of backlog that we have in the system now.” he said.
Seplat CEO also added that Nigeria'll experience another round of fuel scarcity in 3 weeks if things continue as it is.
Culled from Punch
