Naira To Exchange At N80 To A Dollar!

CBN governor, Mallam Sanusi Lamido Sanusi may have concluded plans to inflate the value of the Naria by over 120%. In a leaked memo by internal CBN officers, the governor is pursuing a two pong approach whereby once reasonable amount of the debts owed the five indicted banks has been recovered, the apex bank will introduce a shock treatment to the foreign exchange market by flooding the market with dollars. The move is intended to catch currency speculators off guard and severely hamper their ability create scarcity in the foreign currency market through hoarding as well as reduce pressure on the exchange market. 

http://pointblanknews.com/os2079.html

SANUSINOMICS in action. We dey watch.

hmm. Interesting approach but considering this is already in the press could the potency of the action (if true) already be jeopardised?

A mallam will always remain a mallam. This what you get placing mallams at sensitive spots. More to come in the Yar'adua series.

dis pointblank news people be like tabloid and gossip journalists wey dey thrive from rumours. why na only dem know about this secret memo?

de tory no make sense. if dem flood market with dollars, the dollar fit appreciate for market, but na for how long?  if i be speculator, no be say i go just sit down on top my dollar wait for naira to fall back to natural levels? i no believe de tory at all. 

But one ting wey dey surprise me be say, as naira dey depreciate per CBN rate every day for the past 2 weeks, black market rate no move and infact  e dey move closer to CBN rate.  either sanusi be magician or him don warn mallams dem say if dem mess up, na efcc go come catch dem. 

A "shock treatment" simply won't work.  They have to consistently flood the market with dollars indefinitely to make a difference, and that doesn't seem to be possible due to the lower price of oil and the reduction in our oil production capacity due to Niger Delta crisis.  If we can't boost our oil earnings, then we need to content ourselves with the the benefits of the reduced value of the naira - it makes exportation more profitable!

Flood the market when we don't manufacture anything, how's that going to work? At best, the Naira would make a wretched 1 week appreciation, before crashing abysmally. The only thing we export is oil and we have no control over its pricing, everything we consume is imported and paid for in dollars; there will be absolutely no way to keep the value of the Naira up.

I hope this story is just a rumuor, because it hasn't been done yet.

A beg go educate Sanusi and other mallams from Katsina/Kano/Kaduna running around like Abacha saying what they don't know.

lol is he high

like 4ril

Hmmmnnn. Naijas hard to handle. Always looking for a loophole.

The talk about naira being exchanged at 80 naira is just being used as a trojan horse in this case to achieve something else.

I doubt if this is the ultimate objective.

My sense is this is just a ploy to liberalize the dollar market, so that mallams can go back to selling dollars on the streets. The special interests who lobbied Sanusi's way to CBN Governorship. This was one thing they always wanted.

So when Sanusi wants to deliver his promise to his sponsors he should be courageous enough to say so rather disguising it to what it is not.

Everyone knows that the ratio of export goods relative to import goods is what will ultimately determine exchange rate in the long term. Everything else is cosmetic.
Its even more shameful that whoever is dropping this line thinks Nigerians will believe it.

Just going to fold arms and watch.
I will like to see what he would do to make $ exchanged for 80N when the black market is still the main source of $ for the masses.

I am still waiting for this almighty exchange oh

Soludo was just at the right place at the right time.
Nothing in the economy of Nija shows that the naira will be valued high against $$ anytime soon.