By Modupe Gbadeyanka

The Central Bank of Nigeria (CBN) may have finally bowed to immense pressure from various quarters to devalue the Naira.

Few days ago, there were speculations that the central bank would devalue the local currency, following crash in the prices of crude oil at the global market and steep decline in the foreign reserves.

This created panic at the currency market and caused the Naira/Dollar exchange rate to shoot as high as N400/$1 at the black market. The value only retreated to N375/$1 at the parallel market on Thursday after the CBN had maintained that it was not going to carry out exchange rate realignment.
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Yesterday, the Presidential Economic Advisory Council held a meeting with President Muhammadu Buhari and he was bluntly told that the current economic situation in the global could force Nigeria to devalue the local currency.

Same yesterday, the CBN auctioned OMO bills worth N150 billion, but foreign investors, who are qualified to buy the investment tool, snubbed the exercise, forcing the apex bank to declare a No Sale.
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On Friday, Reuters said the central bank sold forex to Jaiz Bank Plc at N360/$1 instead of the official rate of N306/$1, “implying a 15 percent devaluation.”

Quoting traders as its source of information, the reputable foreign media platform said “no quotes were shown on Friday for the Naira on the official market, which has been supported by the central bank for more than two years.”

It stated further that today, only few trades were done on the Naira at N380/$1 on the over-the-counter spot market for investors on thin liquidity.
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Last week JP Morgan said it expected Nigeria to devalue its currency by around 10 percent to N400/$1 by the end of June after a sharp oil price tumble ramped up the pressure on Africa’s biggest economy.

Reuters said the central bank was not available for comment.

https://businesspost.ng/economy/report-suggests-cbn-devalues-naira-by-15/

Hmmm

OK

I'm not surprised. Black market will be selling at $430-$450 then.

Loan the extra 15 percentage Money produced to small and medium sized Entrepreneurs.

Wow...

It is no news because we all saw this coming.... but my concern is majorly for those who are still passive about the scenario. The only way to safeguard your money is by investing in certain platforms.

If you invest in an agricultural platform, your money is able to attack inflation a bit and still withholds its value.

For me, here are some investment platforms you should consider...



https://www.youtube.com/watch?v=RjCxMtRY8ng

The only reason why the demand for dollars is so high is because of bad unstable leadership

It seems they can maintain the current exchange rate for much longer. They'll have to devalue the currency sooner or later if the oil price doesn't rebound. They should honest just give up multiple exchange rates and move on. They were spebding billions to defend the currency to what end.

Blue3k:
It seems they can maintain the current exchange rate for much longer. They'll have to devalue the currency sooner or later if the oil price doesn't rebound. They should honest just give up multiple exchange rates and move on. They were spebding billions to defend the currency to what end.

They have been defending the naira use scarce reserves for 3 years now to hide the incompetence of your master Buhari

Useless CBN

GamalNasser:


They have been defending the naira use scarce reserves for 3 years now to hide the incompetence of your master Buhari

Your foolishness is too much. I been saying they should quit for a longtime. I dont why losers like yourself lie so casually. It must be part your backwards culture or something.

Blue3k:


Your foolishness is too much. I been saying they should quit for a longtime. I dont why losers like yourself lie so casually. It must be part your backwards culture or something.

I didntveven know I responded to you , small small you will expose your Buharist agenda here you this deceptive character . Come here playing moderate while in reality you are a roving BMC .

Egungun has been hit by trailer

[s]

GamalNasser:


I didntveven know I responded to you , small small you will expose your Buharist agenda here you this deceptive character . Come here playing moderate while in reality you are a roving BMC .

[/s]

Lol you're rambling foolishly as usual. Instead of admit to your lies your making stupid excuses. In reality you loser who tells idiotic lies. Pay attention before you hit quote button again.

When bunkums are in charge

e don dey happen

BiafranBushBoy:
Wow...

It is no news because we all saw this coming.... but my concern is majorly for those who are still passive about the scenario. The only way to safeguard your money is by investing in certain platforms.

If you invest in an agricultural platform, your money is able to attack inflation a bit and still withholds its value.

For me, here are some investment platforms you should consider...



https://www.youtube.com/watch?v=RjCxMtRY8ng

Here is one wise youth right here.
We hope people can tap into this Goldmine.
We keep thanking God we realised this couple of years ago.
NO REGRETS whatsoever!