The solution to Nigeria palava na C.B.N (Comot Buhari Now)

Only if they can just make the dollar at most 250 at the parallel market.

Fingers crossed till the new policy is read out....

uboma:
Fingers crossed till the new policy is read out....

I even cross leg join bro.

The CBN is only good at employing the sons and daughters of the elite.

We dey wait

With three rates available in Nigeria; CBN, black market and interbank rate dem still one ads another

guente02:
Only if they can just make the dollar at most 250 at the parallel market.

I doubt it would be at that price but higher.

CBN to announce details of ‘flexible forex’ policy today

Meanwhile, the CBN will today announce details of the much anticipated ‘flexible’ foreign exchange rate policy. Acting Director, Corporate Communications Department, CBN, Mr. Issac Okoroafor, confirmed this to Vanguard, yesterday. He said: “Yes, details of the policy will be announced tomorrow (today).”

The announcement is coming three weeks after the Monetary Policy Committee, MPC, of the CBN decided to introduce “greater flexibility in the management of the foreign exchange market. “The foreign exchange market framework, now ready, the MPC voted unanimously to adopt greater flexibility in exchange rate policy to restore the automatic adjustment properties of the exchange rate.

Consequently, all nine members voted to hold and introduce greater flexibility in managing the foreign exchange rate. “The bank would, however, retain a small window for funding critical transactions. Details of operation of the market would be released by the bank at an appropriate time,” the committee said at the end of its meeting on May 24, 2016.

According to agency reports, sources at the CBN said an announcement by Governor Godwin Emefiele will be made in Abuja, having concluded consultations with various stakeholders on the policy. As part of the new policy, the CBN will allow market forces determine the exchange rate between the naira and other currencies but may retain a small intervention window to allow it intervene in some instances ‘critical’ to the nation’s economic growth and will apply foreign exchange at an adjustable rate between N230 and N250, depending on the rate in the market.

Naira to be officially devalued

“The Naira will be officially devalued tomorrow and going forward, the exchange rate will be market-driven as done anywhere else in the world,” a source with knowledge of the policy said on condition of anonymity.

The CBN had set the official rate at between N197 and N199 but the scarcity of foreign exchange due to the crash in the global price of crude oil, which accounts for the bulk of the nation’s foreign exchange inflow, has forced the Naira down at the parallel market (black market) to between N365 and N370, mostly due to speculative trading in anticipation of the implementation of the new policy. Analysts are positive that the new policy would stabilize the forex market, calm nervous foreign investors and ease the flow of foreign exchange in and out of the country.

Read more at: http://www.vanguardngr.com/2016/06/fg-bars-states-bank-loans/

Flexible policy A.k.a stylish devaluation of the naira

TPAND:
Flexible policy A.k.a stylish devaluation of the naira

APC has failed us hugely on economy.

We are waiting...and it better make sense.

What will happens to those in need of the naira to purchase foreign currency and pay for the child school fee abroad he must not think about the business men alone. He should also think about Education system outside nigeria..it should better be a good policy that will benefit all..

We are waiting. Hope the CBN gets it right.

Nonsense!!!

E no go ever pass policy wey go affect us negatively!!!

They should stop announcing biko!!

Every announcement in this APC government has only brought sorrow!!!

sLentlover7778:
The solution to Nigeria palava na C.B.N (Comot Buhari Now)

I concur

This will put an end to dollar palava just like we experienced in fuel issue

sLentlover7778:
The solution to Nigeria palava na C.B.N (Comot Buhari Now)

Abii!!!

hope not a policy that will facilitate job loss like the atomic bomb called TSA

.

.

Land booked! Beware of 419

How does dis affect d price of bag of rice?

greatiyk4u:
This will put an end to dollar palava just like we experienced in fuel issue

By exchanging dollar to almost twice the price to Naira now abi!!!

Please let's hear word!

The truth is that considering the economic realities, the government ought to have devalued the Naira but shame will not allow Buhari to.

At this point where Nigerians have lost patience and the goodwill hitherto enjoyed by the APC is almost gone.

At a time when Nigerians are still waiting for N1 = $1.

Arrogance will kill this government.

I hope it won't be a hardship policy for the poor masses...

We are patiently waiting to hear NEW APC STORY

And they waited until suffering and agony drenched Nigerians before adjusting.

It's either the government is wicked to the masses or FANTASTICALLY CLUELESS like their illiterate boss..