Penisinpenisout:
Imagine they did this six months ago
The frontpage news of today would have been soo different.

babdap:
Make I hear Buhari is a duallard for this thread.

proeast:
Thats a welcome development, Nigeria going beyond this depth of hopelessness could result to anarchy! Our diaspora brethren could help both the economy & themselves by investing in assets like land here in Nigeria through remittances. Its a win-win situation because their hard currency is now over-valued since the CBN removed the peg on naira. We at Galaxy Properties are here to make sure that no shylock relative or friend rips you off, as we will have direct transaction with you while they come for inspection & feed back to you on their observation.

dre11:




• Gains N 500bn In Two Days

NEC Backs CBN On Flexible Rate




https://newtelegraphonline.com/new-forex-policy-stock-market-records-best-global-performance/

NOETHNICITY:
What a sad news prelude to the weekend for wailers! Sad news everyday now for wailers!

raphealolami:
Nigeria shall be great again and we will all witness and eat the fruit thereof.

erico2k2:
All this noise let Monday come.I thought they suspended forex trade until monday? ??

peaceuntous:


Maybe you are a trustworthy reputable business.
But guys outside the country have had their fingers burnt also by shylocks in your line of business. Anyone who wants to go into property in nigeria knows it is full of risks at every corner. From omoniles and locals, to lawyers and agents, to property managers, to ministry of land officers. The list is endless. You dont buy a land unless u are building immediately. And be ready to forfeit the whole money u paid for the land.

I can give evidence if you want. But i know you know what i am saying is true. You may be genuine. But land business in this our beloved country is SHINE YOUR EYES. TRUST NO FELLA.

According to Bloomberg News, stocks climbed 2.6 percent yesterday, the best performance worldwide, after jumping 3.2 per cent the previous day (Wednesday).

raphealolami:
Nigeria shall be great again and we will all witness and eat the fruit thereof.

Penisinpenisout:
Imagine they did this six months ago
The frontpage news of today would have been soo different.

onatisi:
exactly. This is something everybody had been telling the dullard to do for the past 12 months ,instead he kept saying he doesn't see the reason to devalue and he needs to be convinced of its benefits .it is only in Nigeria that the citizens celebrate the sluggishness and ineptitude of their leaders as a mark of wisdom

eleojo23:
I am just waiting for Monday to hear the new exchange rate. That is my major concern now 'cos I've got some dollar transactions to make.

Oblitz:


even person wey dey play baba ijebu dey win at times. no big deal for this news.
i don't support someone carrying out experiments with our collective destinies.

omolola15:


It might still be high now. But with time if demand and supply is balanced then we'll see a big improve on the exchange rate. But for now expect nothing less than 300.

eleojo23:

If it is at 300, it is still fair. At least better than 350 or 370.
But I wish it can go down to around 250. That will be better.

omolola15:

With time we'll get there. Even below that.

Lasgidy1:
Good things keep happening once The Ajala is not in town. I pray he stays put in his UK constituency till May 28th 2019

onatisi:
exactly. This is something everybody had been telling the dullard to do for the past 12 months ,instead he kept saying he doesn't see the reason to devalue and he needs to be convinced of its benefits .it is only in Nigeria that the citizens celebrate the sluggishness and ineptitude of their leaders as a mark of wisdom

dabossman:
There's been a lot of argument on Nairaland in the last 24 hours over the new CBN Forex Policy. Some have argued that it is a devaluation, asking why Buhari stubbornly refused to devalue the naira before, only to do so now. Others say it is in no way a devaluation. I'm not an Economist, so I decided to do some research, after all, we learn every day. I found some interesting articles that might throw a little more light on the matter.

Devaluation and Depreciation Definition

In general, everyday use, devaluation and depreciation are often used interchangeably. In fact for A Level economics it is not absolutely essential to distinguish between the two, but there is a distinct difference and using them correctly is good practice.

Essentially devaluation is changing the value of a currency in a fixed exchange rate. A depreciation is reducing the value in a floating exchange rate.

Definition of Devaluation

A devaluation is when a country makes a conscious decision to lower its exchange rate in a fixed or semi fixed exchange rate. Therefore, technically a devaluation is only possible if a country is a member of some fixed exchange rate policy.

For example in the late 1980s, the UK joined the Exchange Rate Mechanism ERM. Initially the value of the Pound was set between say 3DM and 3.2DM. However, if the government thought that was too high, they could make the decision to devalue and change the target exchange rate to 2.7DM and 2.9DM.

Definition of depreciation

When there is a fall in the value of a currency in a floating exchange rate. This is not due to a government’s decision, but due to supply and demand side factors. (Although if the government sold a lot of their currency they could help cause a depreciation.)

For example, the dollar has depreciated in value against the Euro during the last 12 months. This is due to market forces, there is no fixed exchange rate target for Euro to Dollar.

The problem is that in ever-day use, people talk about a devaluation in the dollar, when, technically speaking, they mean a depreciation in the dollar.

http://www.economicshelp.org/blog/355/trade/devaluation-and-depreciation-definition/

dabossman:


I'm no economist, but is this really a devaluation?

onatisi:

Thank you ,but the crux of the matter hasn't been on devaluation per se but in government taken off its hands and allowing the market determine the price,by rigidly sticking to the fixed rate of 197,the nation has lost a lot of economic ground

dabossman:


Long Term Impact of Depreciation or Devaluation of the Currency :

Depreciation of the currency is a slow process and value of the currency automatically gets adjusted by the market forces. Thus, once the currency of a country has depreciated, the investors from other countries will see an opportunity and are likely to shift from other economies. This will help in boosting the economy which may in the long run even push back the value of the currency.

On the other hand in case of devaluation, there is less trust in the economy and once currency is devalued, Government finds it very difficult to revalue the same by government dictate as there will be fear that such revaluation can backfire and put the economy in risk mode.

http://www.allbankingsolutions.com/Banking-Tutor/Depreciation-vs-Devaluation-of-Currency.htm