Developments in the foreign exchange market are putting the Central Bank of Nigeria under intense pressure to further devalue the naira. Our currency has been experiencing free fall since November 25, 2014 when the CBN Monetary Policy Committee devalued it by eight per cent from 155 to 168 to the dollar.

Following Saturday’s announcement of the postponement of the general elections by six weeks, the Naira on Monday again plunged from 188 to 200 against the dollar.

The Bankers’ Committee gave the hint of further devaluation on Thursday just as the nation’s External Reserves dropped by $1bn in 12 days.

The committee which comprises the Central Bank of Nigeria governor, the deputy governors, chief executive officers of Deposit Money Banks and other stakeholders, said the managers of the economy, including the CBN, were currently seeking a new level to devalue the already battered Naira.

Members of the committee met for over three hours in Lagos to review developments in the banking sector and the economy, among other issues.

The meeting, which was chaired by the CBN Governor, Godwin Emefiele, later appointed the Managing Director, Guaranty Trust Bank Plc, Segun Agbaje; Managing Director, FCMB, Ladi Balogun; Managing Director, CitiBank Nigeria, Omar Hafeez; and Director, Banking Supervision, CBN, Tokunbo Martins, to brief the press on some of its deliberations.

Agbaje said the currency was going through a period of "price discovery" to determine a new level:
"Where we are now is that oil prices are down. As a country, we are trying to find what level the currency devalues to. There is no central bank in the world that allows a free flow of its currency. What you do is try to find a price discovery and find a rate at which you can live with. I think we are going through that process in Nigeria. That is why at the last MPC meeting, the CBN devalued and also moved the midpoint of the naira. What you are seeing in the interbank market is again some price discovery.”

The naira hit a record low of 206.60 against the dollar on Thursday at the interbank market, and dealers halted electronic trading for the second consecutive day.

As of 2day naira is 207 to a dollar... pls how much was a naira to dollar 6yrs ago because dis tin no de make sense at all ooo.

what a country i was born into.

krall:
what a country i was born into.

LOL

the financial sector has lost it's reputation

Do the needful-vote out the government that preside over this porous devaluation.

Omotolu:
Do the needful-vote out the government that preside over this porous devaluation.

#GBAM!!!

GEJ is working!

Vote him again till naira becomes N1000 to a dollar.

Transformation indeed

hahn:
GEJ is working!

Vote him again till naira becomes N1000 to a dollar.

Transformation indeed

I thot we surpassing the UK economy...why all this devaluation ? UK didn't become what it is by fiscal mismanagement but you can't explain this to a TANoid.

The government is forcing us to believe the economy is growing in the face of devaluation of the Naira! It is just losing strength against other currencies even to the Kenyan Shilling!

Normally whenever l have N200,000 paid into my account in Nigeria and l check it at an ATM here Nairobi, l do always see nothing less than 105,000 Kenyan shillings on the screen but what l saw this week shocked me as l saw 91,736 Kenyan Shilling, loosing a whooping 13,000 shillings in difference, l was shaking as that 13,000 can cover my electricity bill for one year!

l can imagine what Dangote is going through as his worth has greatly depreciated.

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Wahala dey!!!!