Forex: CBN throws Naira into open market, nullifies N197/$ exchange rate

MEETING: From left, Governor, Central Bank of Nigeria (Cbn), Mr Godwin Emefiele; Director-General, Economic Policy, Cbn, Mrs Sarah Alade and Director-General, Operations, Mr Suleiman Barau, at the Monitoring Policy Committee meeting, in Abuja, yesterday. Photo: Nan.

 

ABUJA — The Central Bank of Nigeria, CBN, yesterday, announced a flexible exchange rate regime aimed at making foreign currencies more accessible.

 With this action, the CBN has nullified the official exchange rate regime of N197/dollar. The CBN took the measure following severe pressures on external reserve and foreign exchange supply crisis. Governor of the CBN, Mr. Godwin Emefiele, who announced this at the end of the Monetary Policy Meeting, in Abuja, also said the Monetary Policy Rate, MPR, was retained at 12 per cent; Cash Reserve Ratio, 22.5 per cent; and Liquidity Ratio, 30 per cent.

Nigerian develops model to boost fuel supply

A NIGERIAN Petroleum Engineer, Mr. Chinedu Onyeizu, has developed a three node policy and a technology-based model aimed at addressing the challenges of fuel supply in Nigeria, by empowering Nigerians and the authorities with the capacity to track supply across all the downstream petroleum sector value chain.

Addressing newsmen in Abuja, Onyeizu, a graduate student of the Massachusetts Institute of Technology, MIT, said the model will help address Nigeria’s fuel challenges in one year. He also said the model will empower the authorities to allocate and monitor fuel supply across all the supply chain in real-time, using sophisticated computer packages as well as enabling Nigerians to track fuel supply from depots, through transport facilities to petrol stations.

INTERVIEW QUESTIONS FOR ECONOMISTS, HINTS AND CV HINTS.

1.              Define your country’s Economy?  Hint: Mixed Economy, Capitalist Economy, Socialist Economy etc.

2.              What is the mathematical representation of an open Economy? (i.e. GDP or Output)

3.              What is OPEC and it’s Functions?

4.              What are GDP, GNP, NNP, and NDP? Distinguish.

5.              What is National Income, Per Capita Income?

6.              Differentiate between Economic Growth and Economic Development?

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