Due to the persistent free fall of the value of the Nigerian currency- Naira- the Lagos Chamber of Commerce and Industry and the Association of National Accountants of Nigeria, on Friday, called for the review of the country’s foreign exchange policy.

According to the two professional bodies, if Nigeria doesn’t review the current exchange policy, the naira would continue to crash. As at Thursday, the Naira was trading at N391 to $1 at the parallel forex market.

President, Association of National Accountants of Nigeria, Chukwuemeka Nzom, while speaking in Ilorin, Kwara State, said the fall of the Naira had adversely affected financial and economic activities in Nigeria as well as financial institutions.

“The current crash of Naira is affecting everybody and institutions including banks and accountants because it is leading to galloping and hyper-inflation. Prices of goods and services have gone up.”

 Meanwhile, the LCCI Director-General, Muda Yusuf, said Naira would exchange for N700 to a dollar if the foreign exchange policy was not reviewed.
“The current policy is concentrating only on the management of demand; it is not addressing the issue of supply. I am not talking about supply from the sale of crude oil because there is not much we can do about that. But there is a lot we can do about supply from other sources, from export proceeds, from our people in the Diaspora, from multinational companies that need to bring forex here, from donor agencies that have projects here that they need to execute in Naira.”
Source: http://www.thewhistler.ng/story/naira-heading-for-exchange-rate-of-n700-to-a-dollar

Holding my dollars tight.

Ring me when naira reaches 1000 to $1

sdindan:
Holding my dollars tight.


Ring me when naira reaches 1000 to $1

Same here

Those calling for devaluation are right but I hope they won't blame Buhari if Naira is finally devalued or allowed to find its real value. By my own estimates based on demand for Dollar, the actual exchange rate without the present restriction should be between 800 to 900.

Abagworo:
Those calling for devaluation are right but I hope they won't blame Buhari if Naira is finally devalued or allowed to find its real value. By my own estimates based on demand for Dollar, the actual exchange rate without the present restriction should be between 800 to 900.

What the??

Good to c it crash to 370 now