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Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira - Politics - Nairaland

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Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by Jeus(m): 5:05pm On Feb 01, 2017
Acting President, Yemi Osinbajo, in a bid to reverse the downward slump of the Naira against the Dollar, has ordered the Central Bank Of Nigeria, CBN, to harmonize the forex market, in a bid to have an organized official exchange rate platform, for prospective buyers.

The development, is coming at a time the CBN had been accused of having over five different windows, where customers source for forex which according to financial analysts, was responsible for the massive devaluation of the nation’s local currency.

As at yesterday, Monday, January 30, the naira exchanged at N498 as against N512 exchanged to a dollar few days ago in the black market.
According to Foreign exchange traders, the development is as a result of to relative scarcity of forex at the greenback market, as CBN is trying to harmonize the market in a bid to strengthen the naira.

In the official market, the local currency closed at N305/dollar, the level it has traded since August last year.

Meanwhile, the naira is expected to remain at N498/dollar at the parallel market (black market), as the CBN continues sales of the greenback, to Bureau De Change, BDC operators.

”Confidence is gradually returning to the forex market as a result of improved foreign exchange reserves, dollar sales by international money transfer agents and the central bank assurance it will continue to support the local currency,” a trader told Reuters.

As at last week Tuesday, the CBN said it would continue to provide hard currency, with priority given to manufacturing industries that need to import raw materials and spare parts.

Presently, Economic and financial analysts are slightly divided over the outlook for the naira this year, following Osinbajo’s directive.

While some are insisting that the federal government overhauls its forex policy, others are of the view that certain aspects should not be totally written off, but adjusted to meet international best practices.

A Nigeria-based investment bank and research advisory firm, Afrinvest West Africa Limited, has predicted that the 2017 economic outlook, might force CBN to possibly devalue the naira from its current official exhange rate of 305/dollar to around 400/dollar.

“If you think about the monetary policy environment, we think that the CBN will be forced by the market to make a change.
“Currently, the naira is pegged at 305/dollar; we see it moving towards 400/dollar by the end of the year,” the Group Managing Director, Afrinvest, Ike Chioke, said at a press conference announcing the firm’s economic outlook.

Economic expert and Chief Executive Officer of Cocosheen Nigeria Limited, Henry Boyo, had in his own submission said, if the CBN fails to review its monetary policy framework, the naira might crash to almost 1000/dollar, at the parallel market before year end.

http://www.jamienaija.com/2017/02/acting-president-osinbajo-outsmarts.html?m=1

OAM4J Mynd44 Lalasticlala

Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by vedaxcool(m): 5:09pm On Feb 01, 2017
You have said nothing. .. pathetic bloggers

10 Likes 3 Shares

Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by lollmaolol(m): 8:14pm On Feb 01, 2017
All the best to bleeding
Nigeria economy
.

2 Likes

Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by royallord1(m): 8:14pm On Feb 01, 2017
hahaha... cheesy
really? pathetic blogger grin

4 Likes 2 Shares

Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by slimfit1(m): 8:24pm On Feb 01, 2017
Really !!!
Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by clickwtB(m): 9:18pm On Feb 01, 2017
Jeus:
Acting President, Yemi Osinbajo, in a bid to reverse the downward slump of the Naira against the Dollar, has ordered the Central Bank Of Nigeria, CBN, to harmonize the forex market, in a bid to have an organized official exchange rate platform, for prospective buyers.

The development, is coming at a time the CBN had been accused of having over five different windows, where customers source for forex which according to financial analysts, was responsible for the massive devaluation of the nation’s local currency.

As at yesterday, Monday, January 30, the naira exchanged at N498 as against N512 exchanged to a dollar few days ago in the black market.
According to Foreign exchange traders, the development is as a result of to relative scarcity of forex at the greenback market, as CBN is trying to harmonize the market in a bid to strengthen the naira.

In the official market, the local currency closed at N305/dollar, the level it has traded since August last year.

Meanwhile, the naira is expected to remain at N498/dollar at the parallel market (black market), as the CBN continues sales of the greenback, to Bureau De Change, BDC operators.

”Confidence is gradually returning to the forex market as a result of improved foreign exchange reserves, dollar sales by international money transfer agents and the central bank assurance it will continue to support the local currency,” a trader told Reuters.

As at last week Tuesday, the CBN said it would continue to provide hard currency, with priority given to manufacturing industries that need to import raw materials and spare parts.

Presently, Economic and financial analysts are slightly divided over the outlook for the naira this year, following Osinbajo’s directive.

While some are insisting that the federal government overhauls its forex policy, others are of the view that certain aspects should not be totally written off, but adjusted to meet international best practices.

A Nigeria-based investment bank and research advisory firm, Afrinvest West Africa Limited, has predicted that the 2017 economic outlook, might force CBN to possibly devalue the naira from its current official exhange rate of 305/dollar to around 400/dollar.

“If you think about the monetary policy environment, we think that the CBN will be forced by the market to make a change.
“Currently, the naira is pegged at 305/dollar; we see it moving towards 400/dollar by the end of the year,” the Group Managing Director, Afrinvest, Ike Chioke, said at a press conference announcing the firm’s economic outlook.

Economic expert and Chief Executive Officer of Cocosheen Nigeria Limited, Henry Boyo, had in his own submission said, if the CBN fails to review its monetary policy framework, the naira might crash to almost 1000/dollar, at the parallel market before year end.

http://www.jamienaija.com/2017/02/acting-president-osinbajo-outsmarts.html?m=1

OAM4J Mynd44 Lalasticlala
Pathethic bloggers wants to cause a rift between PMB and Osinbajo undecided

2 Likes 2 Shares

Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by RZArecta(m): 9:32pm On Feb 01, 2017
Thaaaats right grin make Osinbande seem good and a more intelligent option/messiah than Buhari cool
Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by mayorchelsea(m): 12:00am On Feb 02, 2017
Mr blogger, you said nothing.

1 Like 1 Share

Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by olaboy33(m): 12:07am On Feb 02, 2017
.
Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by Jabioro: 3:06am On Feb 02, 2017
An ambiguous writer is on the loose, hope is been tame otherwise he can caused alot of damages...

2 Likes 1 Share

Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by OreMI22: 3:11am On Feb 02, 2017
Its not like Osinbajo is smarter than BUHARI.

BUHARI isn't a nigerian. So he doesn't care to do any good for Nigeria. he is only interested in the welfare of fulanis.Especially thw wealthy fulanis like DANGOTE and DANTATA who would give him the money he is helping them make when re-election time comes.
Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by Khalifa04: 6:54am On Feb 02, 2017
Go bless Nigeria, God bless president Muhammadu Buhari,God bless prof Osibanjo ,God bless me

1 Like 1 Share

Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by ITbomb(m): 7:32am On Feb 02, 2017
If Buhari comes back, he would reverse everything
Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by ZUBY77(m): 7:33am On Feb 02, 2017
Lol
Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by Nobody: 8:00am On Feb 02, 2017
After arresting the "slump", they should charge it with treason and sentence it to an indefinite exile
Re: Osinbajo Outsmarts Buhari, provides new policy to arrest slump of Naira by Zeddicuz(m): 8:20am On Feb 02, 2017
Osinbajo should not stress himself trying to improve enytin,ge should just face his pastoral work
coz wen buhari comes bak,dead or alive,he will reverse every improvement,nd even make it worse dan before.

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