By Chijioke Nelson


The Central Bank of Nigeria (CBN) may soon allow the naira to freely find its value, with a possible depreciation on the official rate, usually pegged at about N305/$, an update on its website has indicated.
The development is signaling an end to the most criticised foreign exchange rate window, which has been used mostly for government’s critical businesses that affect the public, particularly the importation of petroleum products.

If the move sees light of day, it will mean that the value of the naira at the official window is depreciated with its concomitant closure of the peg.

Yesterday, the apex bank, as opposed to the usual publication of the fixed exchange rate, opted to publish that “the rate will be market-determined.”

According to a report, the President of Shippers Association of Lagos State, Jonathan Nicol, said the Nigeria Customs Service had allegedly directed importers to pay for duties at the rate of N326 per dollar against the official rate of N306, citing an order from the CBN.

Also yesterday, the interbank rate depreciated by 0.2 per cent to N360.43 per dollar at the close of trading, while the parallel market remained steady at N360 per dollar.

A move toward a market-determined exchange rate would be welcomed by investors, who have long accused government of some level of capital controls and bemoaned multiple exchange rates.

The Chief Executive Officer of Nigerian Investment Promotion Council, Yewande Sadiku, was quoted as saying the apex bank was in talks with other agencies to move to a single rate for the nation’s currency.

For an economic analyst at Ecobank, Kunle Ezun, “putting that on the website means the central bank is gradually moving towards a single exchange-rate window. It is making the exchange rate more liquid to attract more inflows.”


https://m.guardian.ng/news/cbn-signals-end-to-official-rate-regime-for-naira/

When will Buhari return the price of dollar to where Goodluck Jonathan left it for him.

Ok

Next level is about to start full time. May God make it easy for each and everyone of us. No matter how unyielding this Buhari government will be, God will surely make us succeed by his grace

Very big mistake if you understand demand and supply

.

Okay finally the price of fufu will reduce and naira will be equal to dollar

Looting completed

This next level sha. May God see us through
I foresee cbn countering this news very soon as this doesn't just make sense.


Last batch of men long sleeve shirt from India on
clearance sales. 1500 per piece. Check link https://
www.nairaland.com/5224414/clearance-sale-last-
batch-men

hmmm

Tighten your seat belt Nigerians. Buhar is yet to be done with us

Let me wait first b4 I shange my 10 dollar

FG care less about the populace

Good for me because I will make more money with the naira volatility that will surely follow

And no increament in salary, I'm nit talking of govt workers o

dadavivo:
When will Buhari return the price of dollar to where Goodluck Jonathan left it for him.

When the price of crude oil returns to the rate it was under GEJ regime, that is at over $100 per barrel.

fukushaki:
Next level is about to start full time. May God make it easy for each and everyone of us. No matter how unyielding this Buhari government will be, God will surely make us succeed by his grace

That has always been the prayers of Nigerians since time immemorial. Nothing new.

Nigeria my country

It shall be well with Nigerian

Useless economic policies of CBN and APC

Why can't it fall back to N85/doller?

dadavivo:
When will Buhari return the price of dollar to where Goodluck Jonathan left it for him.

Where're you living in 2015,maybe it's not my own part of the country, cos ion know wer u buy ur bag of cement for 1k in 2015...PROPAGANDA

fukushaki:
Next level is about to start full time. May God make it easy for each and everyone of us. No matter how unyielding this Buhari government will be, God will surely make us succeed by his grace

Amen

Buhari wey no sabi wetin e dey do. E just wants to be in power ordering all agencies as he pleases while arresting nd imprisoning who flouts his orders or talk down on hz govt.

Military style

why float it now that you have destroyed this country? naira may end up being 1k to $1 .
this will affect salary earners more. the minimum wage increase will just be a waste of time

jauntty:
Good for me because I will make more money with the naira volatility that will surely follow

you are not alone bro.i can't wait for the naira to somersault once more so we start hitting that mad dough again.

FG should go and sit down

this is fake news

Economist pls hw do u make naira appreciate