Naira Hits N206/$, CBN, Bankers Meet

NairaElectronic trading in the naira was halted for the second day on Thursday as the local currency was quoted at a new record low of 206.60 Naira to the dollar.

This would be amongst the issues discussed by the Central Bank of Nigeria Governor, Mr Godwin Emefiele, as he meets with the bankers’ committee in the nation’s commercial centre, Lagos.

Apart from its renewed effort to stabilise the naira, the bankers committee might consider issues around a possible devaluation of the local currency ahead the Monetary Policy Committee meeting next month, depleting foreign exchange reserves and the effect of polls shift on the financial market.

He was also expected to visit the Nigerian equities market after the meeting.

Minister Of Power Tells Banking Sector To Finance Electricity Generation

The Minister of Power, Chinedu Nebo
The Minister of Power, Chinedu Nebo

The Minister of Power, Professor Chinedu Nebo, has called on the banking sector to finance electricity generation and distribution in the country.

The Minister told the Bankers’ Forum in Abuja that more funding would be needed from the banking sector to realize the goal of stable electricity supply.

According to the Minister, Nigeria currently generates about four thousand megawatts of electricity; a situation he believes would improve with time.

While the bankers re-assured the Minister of their continued support, they also expressed concern about the recent drop in power generation and its effect on their investments.

Mr. Nebo, however, assures the Bankers Forum that efforts were being made to boost gas supply, in other to improve on power generation and distribution.

The Federal Government had earlier this month promised to invest three billion US Dollars between 2014 and 2018, for transmission capacity expansion. It has also set up a special task force on power to realize her goals.