CBN Floats The Naira - Finally, The Central Bank of Nigeria (CBN) on Wednesday have come out to announce what it termed the “automatic adjustment mechanism of the exchange rate” in a flexible foreign exchange regime aimed at reducing the pressure on the Naira.
Since the coming to power of this present government, the Central Bank Of Nigeria, has been going through some immense pressure from international momentary power house to devalue the Naira for a while. Though this move was actually resisted by both the monetary and fiscal authorities, reasons been that the past devaluations did not benefit the economy- which is import dependent.
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According to the CBN Governor Mr. Emefiele said, “The Central Bank of Nigeria has always maintained that it would continue to monitor situations on the ground and ensure that the Bank’s policies reflect these facts and developments rather than the sentiments of any groups or sectors. CBN Floats The Naira

It is in light of this principle that we now believe that the time is right to restore the automatic adjustment mechanism of the exchange rate with the re-introduction of a flexible inter-bank exchange rate market.

“The workings of this market will be consistent with the Bank’s objectives of enhancing efficiency and facilitating a liquid and transparent Foreign Exchange Market.
Highlights of the flexible regime Under the new regime
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Hmmm "automatic adjustment mechanism of the exchange rate" well let's see.

We have seen it coming already.
Just so unfortunate that Nigeria is in weak hands.


Imagine just one year at the helm of affairs, Buhari and his economic advisers has successfully depleted the value of naira into infamous entity.

I'm curious, if # vs $ is 370 just after one year. what will be the fate economy of this nation at the end of their four years?

Bad enough, we are not planning towards revamping the economy through massive industrialisation rather, recurrent expenditure as palliatives. E.g 500,000 teachers that adds absolutely nothing to GDP.

With this current development, could 2016 national budget be taken seriously? Knowing fully well that the controversial budget was benchmarked at a dollar rate far lesser than this.

Fuel crises is possible to resurface because, the present pump price figure was calculated at #284/Dollar and our refineries are grounded. This development will surely affect the landing cost and the price of goods will trend along.

I think the people that padded the budget have seen ahead and now the budget need to be re-padded.

should we ask the oyinbo people to come and rule us again...