THE Central Bank of Nigeria (CBN) has described the nation’s economy as “a volcano waiting to erupt” had the foreign exchange pressure been left unchecked.

Its Director of Monetary Policy Department, Moses Tule, disclosed this yesterday in Calabar, Cross River State, during the opening session of the two-day seminar for finance correspondents and business editors.

Tule, in a lecture titled, “Crude Oil Volatility: Implications for External Reserves and Exchange Rate Management in Nigeria,” said the recent policy on foreign exchange was an edge against the imminent disaster to the country’s economy.

“A rapid fall in oil prices threatens Nigeria’s macro-economic stability because foreign exchange earnings, government revenue and domestic money supply are largely dependent on the receipts from crude oil exports,” he said.

CONTINUE READING HERE http://www.ngrguardiannews.com/2015/07/nigerias-economy-a-volcano-waiting-to-erupt-says-cbn/

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Ok

Smh

Lets wait and see where dis change wil land us. maybe into lagooon or red sea.

All because of Jonathan's economic mismanagement and the incompetent puppet he left for us as CBN governor.

vedd:
All because of Jonathan's economic mismanagement and the incompetent puppet he left with us as CBN governor.

u are right, but d cbn is trying to salvage d situation, d mess gej put us

Before nkor?!

It time for Baba to visit China our sure oil market. Events in the Middle east would not help our oil if we neglect our sure market, truth be told, USA may not buy our oil anytime soon.
Lets forget about the administration of GEJ and focus on our future.
Ironically, nothing would happen before the end of this year. Any minister appointed in September would need two months to come up with a policy direction. Till then our economy is on autopilot system.

We need to bring Chinese companies to Nigeria towards industrialization;
We need to invite foreign investors into our agricultural sector;
We need to revive the steal rolling mails and refineries.

These are policies that can stabilize the Forex, but cannot happen without a good policy-pilots on ground.

There is fire on the mountain ioo, the Alimosho ballot box as just been stolen