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Naira Crashes To N484 Against Dollar As More Bdcs Go Underground / Naira Crashes To 288/dollar At New Official Market / Naira Crashes To N285/$1 At Interbank Market (2) (3) (4)
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The Naira Crashes To N285/$1 by nnadychuks(m): 5:33pm On May 31, 2016 |
– The Nigerian Currency, Naira has crashed
to N285 to a dollar at the interbank market
following the new flexible exchange rate policy
to be introduced by CBN
– Nigerian Customs reacts to reports that it
will begin to use the rate of N285 to the dollar
for the calculation of duty on all imports from
Wednesday June 1, 2016
– President Muhammadu Buhari gives the CBN
the go-ahead to introduce flexibility in the
naira exchange rate
Despite the Central Bank of Nigeria yet to roll out
the details of the new flexible exchange rate
policy, which is a monetary system that allows the
exchange rate to be determined by supply and
demand, the nation’s currency naira has switched
to N285 to a dollar at the interbank market, The
Guardian reports.
The policy, which throws naira into open market,
paves way for one to walk into the bank and ask to
buy forex at the market rate, hence, putting
pressure on black market and Bureau de Change
operators.
Following the new flexible exchange policy to be
adopted by the CBN, the naira has switched to
N285 to a dollar at the interbank market.
The new policy also means that banks and Bureau
De Change (BDC) operators will have to source
forex autonomously and sell according to market
dynamics.
The interbank rate had run nearly at par with the
official at N199 per dollar and N197 per dollar
respectively before the pronouncements on the
new foreign exchange measure.
The new rate represents about 43.2% increase
from N199 to the dollar it previously traded,
which according to analysts suggests that the
market is gradually adjusting itself to the new
direction, although the details are yet to be
unfolded.
However, a look on the apex bank official website,
www.cbn.gov.ng has shown the naira is still
pegged at N197.
Meanwhile, reports that the Nigerian Customs
department announced it will begin to use the
rate of N285 to the dollar for the calculation of
duty on all imports from Wednesday June 1,
2016, has been denied by the Service.
Reports had emanated on some online news
platforms, not NAIJ.com, that the Service had
announced N285 per dollar for duty calculation as
from 1st June 2016.
But according to the Service, the responsibility of
fixing official duty rates is the function of the
CBN, hence the Service could not have been the
one to announce a new official rate.
A statement signed by Wale Adeniyi, the public
relations officer for Comptroller-General of
Customs, read: “The attention of the Nigeria
Customs Service has been drawn to a misleading
publication in some online platforms claiming
that the Service has announced N285 per dollar
for duty calculation as from 1st June 2016.
“For the avoidance of doubt, the responsibility of
fixing official duty rates is the function of the
Central Bank of Nigeria (CBN) hence the Service
could not have been the one to announce a new
official rate as purported in the publication that
gave no source. The extant rate issued by CBN
which is still the basis for duty calculation is N197.
“Nigeria Customs Service has not received any
new rate from the CBN neither is it aware of any
dissemination of contrary information on this
subject matter.
“The General Public is therefore advised to
discountenance the misleading publication and
continue to comply with the extant rates until
such a time as may be deemed fit for review by
the CBN.”
NAIJ.com recalls that President Muhammadu
Buhari has given the CBN the go-ahead to
introduce flexibility in the naira exchange rate.
Speaking in an interview on Nigeria Television
Authority (NTA), Garba Shehu, the senior special
assistant on media and publicity to President
Buhari said: “The president is opposed to
devaluing the naira, he has said so repeatedly.
“He has given them leeway to introduce what he
has called ‘flexibility in managing’ the currency’s
value.”
Buhari said at the weekend that he supported a
stable currency, though he would keep “ a close
look at how recent measures affect the naira and
the economy.” |
Re: The Naira Crashes To N285/$1 by nnadychuks(m): 5:34pm On May 31, 2016 |
Lalasticlala please help inform everyone |
(1) (Reply)
BREAKING: Central Bank Of Nigeria Announces New ‘flexible’ Forex Regime / 10 Mindsets Of Billionaires / Currency Exchange
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