The Central Bank of Nigeria’s Monetary Policy Committee might be forced to devalue the naira again after the general elections scheduled to hold in February, it was learnt on Monday.

The indication to this effect is coming less than two months after the MPC devalued the currency on November 25 from 155 to 168 to the United States dollar.

Sources said the proposed devaluation was because the currency was already trading at the interbank market below the 160-176 target band set by the CBN.

They said it was necessary to devalue the naira again in order to prevent further pressure on the currency and arrest subsequent depreciation of its value.

This came just as industry analysts predicted that the naira, which currently sells between 191 and 193 against the dollar at the parallel market, would likely exchange for over 220 soon.

The development, they said, would lead to a number of economic challenges this year.

“After the elections, the naira will sell above 220 against the dollar at the parallel market. And it is also noteworthy to say that the CBN will devalue the naira again after the February elections. The reason is due to the falling oil prices and the current demand pressure we are witnessing on the dollar,” the Acting President, Association of Bureau de Change Operators, Mr. Aminu Gwadabe, told our correspondent in an interview on Monday.

Some Nigerian and foreign analysts had predicted that the naira would sell for between 195 and 205 at the official market this year.

What do you expect when we have a clueless man at the helms of our affairs?

What happens to pegging the exchange rate and use savings from the excess crude account to counter the pressure against the naira? Oh, I forgot they have looted the account!

And instead of tightening their spending, the clueless man is planning another presidential plane (the 12th or 13th), budgeting over 500 million naira for feeding alone, plus all other thievery they are engaged in.

What about the 21 billion dollars missing from the NNPC account?

Chai! There is God ooooo!

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This is not good. I hope they achieve their aim sha if they eventually devalue the naira.

Which way Nigeria

All we know is #BuhariShowYourCertificate

The greatest threat we face at the moment is that INEC has yet to get the funds required to conduct the elections. Someone is trying to sabotage the electoral process. We are sitting on a keg of gunpowder in this country as we speak!!

Speaking from ur anus man

PassingShot:
What do you expect when we have a clueless man at the helms of our affairs?

What happens to pegging the exchange rate and use savings from the excess crude account to counter the pressure against the naira? Oh, I forgot they have looted the account!

And instead of tightening their spending, the clueless man is planning another presidential plane (the 12th or 13th), budgeting over 500 million naira for feeding alone, plus all other thievery they are engaged in.

What about the 21 billion dollars missing from the NNPC account?

Chai! There is God ooooo!

Ibb who they said is a pdp, forgeting he is an evil genius. Said his demonic term is better than gej. If they like let them cripple the economy, nigerians await its redemtion in 4weeks. Gmb yes we can

'To prevent further depreciation'?? I've always suggested that this men should stop using Airconditioner during harmattan.