Naira Finally Devalued By CBN - Business - Nairaland
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FOREX : Dealers Unable To Pick $100m Offered By CBN / Naira Finally Improves At The Interbank Rate / Naira Finally Devalued To N290/$ By Buhari (2) (3) (4)
| Naira Finally Devalued By CBN by sarrki(m): 3:43pm On Jun 15, 2016 |
The value of the Nigerian currency was today devalued to the dollar as the Central Bank of Nigeria announced a flexible foreign exchange regime that would see the country abolishing the dual exchange rate regime. Under the new plan, the official exchange rate of the naira will exist in a "single flexible window," which will likely be determined by market forces. The announcement end months of speculation about the official value of the Nigerian currency. BY SAHARAREPORTERS, NEW YORKJUN 15, 2016 The value of the Nigerian currency was today devalued to the dollar as the Central Bank of Nigeria announced a flexible foreign exchange regime that would see the country abolishing the dual exchange rate regime. Under the new plan, the official exchange rate of the naira will exist in a "single flexible window," which will likely be determined by market forces. The announcement end months of speculation about the official value of the Nigerian currency. President Muhammadu Buhari, who is currently on medical vacation in the United Kingdom, had initially opposed any form of devaluation, but his hands appear to have been forced by the necessity of borrowing badly-needed funds to finance a budget hampered by a debilitating shortfall in oil production. Mr. Emefiele's press conference in Abuja announced a series of measures to manage the new forex policy; these includes the introduction of Forex Primary Dealers, a Futures Market to enable end users to lock down rates and 12 other measures to ensure transparency and stability of the new |
| Re: Naira Finally Devalued By CBN by lilprinze: 3:45pm On Jun 15, 2016 |
Within one year this dullard and APC have already destroyed the economy of this country. |
| Re: Naira Finally Devalued By CBN by nairagossip: 3:46pm On Jun 15, 2016 |
hmmm |
| Re: Naira Finally Devalued By CBN by lilprinze: 3:46pm On Jun 15, 2016 |
buhari and APC have nothing positive to offer this country. 1 Like |
| Re: Naira Finally Devalued By CBN by nnamezie87(m): 3:48pm On Jun 15, 2016 |
come and see oooooooo..... finally finally.... Chei there is God ooo |
| Re: Naira Finally Devalued By CBN by papayeye: 3:50pm On Jun 15, 2016 |
I no to go school, but the small wen i read, tell me sey, dey never make the naira small as per dollar. Were Sahara reporters see sey dey don weaken d naira. Una too dey misyarn for nairaland. Shoor. |
| Re: Naira Finally Devalued By CBN by UyiIredia(m): 3:59pm On Jun 15, 2016 |
That is the change Nigerians voted for. |
| Re: Naira Finally Devalued By CBN by hopeforcharles(m): 4:36pm On Jun 15, 2016 |
Is this the best economic policy? Will this affect us positive or negative let's watch out. |
| Re: Naira Finally Devalued By CBN by saintfaculty(m): 5:08pm On Jun 15, 2016 |
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