More than 120 lawmakers have been reported to have appended their signatures for the impeachment of the president, with most of them being members of the House of Representatives. Indications have now emerged that a significant number of members of the Senate are now on the same page with the lower house on the impeachment issue.
Vanguard quoted a top officer in the House as saying that both chambers have resolved to work together on the President’s impeachment over “incompetence, corruption and unprecedented impunity.” The planned removal of the president, according to him, was to serve the common good of the country.
Speaking further, the lawmaker told Vanguard that the impeachment plot has nothing to do with any party, saying lawmakers from all the political parties represented on the National Assembly have identified with the cause.
“I’m sure you read the reports today that senators are going to move against Jonathan. Now you can confirm that the impeachment thing is not about APC. It is a non-partisan cause. We have all resolved that the man (President Jonathan) must go.
“Never in the history of Nigeria has a leader displayed such crass incompetence as we have seen in President Jonathan. It is glaring and you can feel it. Mr. President, with due respect, has shown that he is not capable of running this country. That is the basic truth,” he stated.
Published On: Wed, Nov 26th, 2014
News | By Reporter
CBN devalues Naira, now 168 to the US dollar Naira
CBN-Governor-Godwin-Emefiele-360x225
The Central Bank of Nigeria (CBN) devalued the naira and raised interest
rates by 100 basis points on Tuesday, as it sought to stem losses to
its foreign reserves from defending the currency hit by weaker oil
prices.
The bank moved the target band of the currency to 160-176 naira to the
U.S. dollar, compared with 150-160 naira previously, owing to prolonged
naira weakness and high dollar demand.
The last time it devalued was in November 2011, when it lowered the band
from 145-150 naira to the dollar.
The bank also raised interest rates to 13 percent on Tuesday, from 12
percent.
The naira has taken a beating over the past few months, as falling oil
prices have shaken confidence in the assets of Africa’s leading energy
producer and biggest economy.
Defending the move, the bank’s Governor Godwin Emefiele said efforts to
defend the naira had led to “dwindling foreign reserves” and that a
“more flexible exchange rate is the most viable option”.
“Falling oil prices have consistently reduced the accretion to external
reserves, thus constraining the ability of the bank to continually
defend the naira and sustain the stability of the naira exchange rate,”
Emefiele said.
Nigeria’s foreign reserves fell to a five-month low of $37.17 billion by
Nov. 21, down 5.1 percent from the previous month as the central bank
stepped up its defence of the ailing currency, figures on the bank’s
website showed on Tuesday.
Despite billions of dollars spent on supporting it, the naira has fallen
10 percent this year versus the dollar on concerns that a continuous
slide in global oil prices could undermine the central bank’s efforts to
keep defending the currency.
It opened at a record low on Monday of 178.25.
According to its website, the central bank has spent an average of $27.9
million a day this year defending the naira, which has tracked falls in
other emerging market currencies, especially those in economies that
are more sensitive to changes in the oil price, such as theRussian
rouble.
In a further tightening move on Tuesday, the central bank hiked banks’
cash reserve ratio for private sector bank deposits to 20 percent, from
15 percent previously.
Read more at: CBN devalues Naira, now 168 to the US dollar Naira | LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS
Read more at: CBN devalues Naira, now 168 to the US dollar Naira | LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS
Published On: Wed, Nov 26th, 2014
News | By Reporter
CBN devalues Naira, now 168 to the US dollar Naira
CBN-Governor-Godwin-Emefiele-360x225
The Central Bank of Nigeria (CBN) devalued the naira and raised interest
rates by 100 basis points on Tuesday, as it sought to stem losses to
its foreign reserves from defending the currency hit by weaker oil
prices.
The bank moved the target band of the currency to 160-176 naira to the
U.S. dollar, compared with 150-160 naira previously, owing to prolonged
naira weakness and high dollar demand.
The last time it devalued was in November 2011, when it lowered the band
from 145-150 naira to the dollar.
The bank also raised interest rates to 13 percent on Tuesday, from 12
percent.
The naira has taken a beating over the past few months, as falling oil
prices have shaken confidence in the assets of Africa’s leading energy
producer and biggest economy.
Defending the move, the bank’s Governor Godwin Emefiele said efforts to
defend the naira had led to “dwindling foreign reserves” and that a
“more flexible exchange rate is the most viable option”.
“Falling oil prices have consistently reduced the accretion to external
reserves, thus constraining the ability of the bank to continually
defend the naira and sustain the stability of the naira exchange rate,”
Emefiele said.
Nigeria’s foreign reserves fell to a five-month low of $37.17 billion by
Nov. 21, down 5.1 percent from the previous month as the central bank
stepped up its defence of the ailing currency, figures on the bank’s
website showed on Tuesday.
Despite billions of dollars spent on supporting it, the naira has fallen
10 percent this year versus the dollar on concerns that a continuous
slide in global oil prices could undermine the central bank’s efforts to
keep defending the currency.
It opened at a record low on Monday of 178.25.
According to its website, the central bank has spent an average of $27.9
million a day this year defending the naira, which has tracked falls in
other emerging market currencies, especially those in economies that
are more sensitive to changes in the oil price, such as theRussian
rouble.
In a further tightening move on Tuesday, the central bank hiked banks’
cash reserve ratio for private sector bank deposits to 20 percent, from
15 percent previously.
Read more at: CBN devalues Naira, now 168 to the US dollar Naira | LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS
Read more at: CBN devalues Naira, now 168 to the US dollar Naira | LATEST NIGERIAN NEWS BREAKING HEADLINES NEWSPAPERS
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