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CBN Signals End To Official Rate Regime For Naira - Business - Nairaland

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Dollar Official Rate Today $1 Equals N182.16 / Buying USD At Official Rate / Dollar Cheaper At Parallel Market Than Cbn Official Rate (2) (3) (4)

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CBN Signals End To Official Rate Regime For Naira by dre11(m): 6:44am On Jun 13
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/

1 Like 1 Share

Re: CBN Signals End To Official Rate Regime For Naira by dadavivo: 6:46am On Jun 13
When will Buhari return the price of dollar to where Goodluck Jonathan left it for him.

74 Likes 8 Shares

Re: CBN Signals End To Official Rate Regime For Naira by kingphilip(m): 6:48am On Jun 13
Ok

1 Like

Re: CBN Signals End To Official Rate Regime For Naira by fukushaki(m): 6:54am On Jun 13
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 cry

159 Likes 9 Shares

Re: CBN Signals End To Official Rate Regime For Naira by Sirheny007(m): 6:57am On Jun 13
'Between 2015 & 2018, the cost of living has been at an all time rise for the average Nigerian, WITH NO END IN SIGHT'

95 Likes 4 Shares

Re: CBN Signals End To Official Rate Regime For Naira by bigpicture001: 6:58am On Jun 13
Very big mistake if you understand demand and supply

7 Likes 1 Share

Re: CBN Signals End To Official Rate Regime For Naira by superlanny(m): 6:58am On Jun 13
.
Re: CBN Signals End To Official Rate Regime For Naira by Damilaresammy: 6:58am On Jun 13
Okay finally the price of fufu will reduce and naira will be equal to dollar
Re: CBN Signals End To Official Rate Regime For Naira by NaijaFutbol: 6:58am On Jun 13
Looting completed

15 Likes

Re: CBN Signals End To Official Rate Regime For Naira by GAZZUZZ(m): 6:59am On Jun 13
I see price of cars going up very soon....

This car price might go up soon, hurry and make an offer before it happens.

https://www.nairaland.com/5171214/2010-range-rover-lr4-hse

5 Likes 2 Shares

Re: CBN Signals End To Official Rate Regime For Naira by Kendumazy(m): 6:59am On Jun 13
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
Re: CBN Signals End To Official Rate Regime For Naira by toxxnoni(m): 6:59am On Jun 13
hmmm
Re: CBN Signals End To Official Rate Regime For Naira by michlins(m): 7:00am On Jun 13
Tighten your seat belt Nigerians. Buhar is yet to be done with us

18 Likes

Re: CBN Signals End To Official Rate Regime For Naira by oladele239(m): 7:00am On Jun 13
Let me wait first b4 I shange my 10 dollar

5 Likes

Re: CBN Signals End To Official Rate Regime For Naira by eluquenson(m): 7:00am On Jun 13
FG care less about the populace

1 Like

Re: CBN Signals End To Official Rate Regime For Naira by jauntty: 7:00am On Jun 13
Good for me because I will make more money with the naira volatility that will surely follow grin

2 Likes 1 Share

Re: CBN Signals End To Official Rate Regime For Naira by davades(m): 7:01am On Jun 13
And no increament in salary, I'm nit talking of govt workers o

3 Likes

Re: CBN Signals End To Official Rate Regime For Naira by Ijaya123: 7:01am On Jun 13
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. grin grin grin


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 cry

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

16 Likes 6 Shares

Re: CBN Signals End To Official Rate Regime For Naira by Auxtin85(m): 7:01am On Jun 13
Nigeria my country
Re: CBN Signals End To Official Rate Regime For Naira by dheaven: 7:02am On Jun 13
It shall be well with Nigerian

1 Like 1 Share

Re: CBN Signals End To Official Rate Regime For Naira by Amuocha: 7:02am On Jun 13
Useless economic policies of CBN and APC

6 Likes

Re: CBN Signals End To Official Rate Regime For Naira by bigstan11787(m): 7:03am On Jun 13
Why can't it fall back to N85/doller?

1 Like

Re: CBN Signals End To Official Rate Regime For Naira by TheFacelessMan: 7:03am On Jun 13
grin

Buhari just can't catch a break.

When he defended the Naira, they ranted and abused him for being a dullard. They screamed he should "float" it.

Now, he wants to, they are shouting again " next level "

IF, the Naira is floated.... things would get much worse and i don't see Nigeria recovering in the next decade

8 Likes 1 Share

Re: CBN Signals End To Official Rate Regime For Naira by dejonathan(m): 7:03am On Jun 13
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

7 Likes

Re: CBN Signals End To Official Rate Regime For Naira by Pidginwhisper: 7:03am On Jun 13
cheesy
Re: CBN Signals End To Official Rate Regime For Naira by hush15: 7:04am On Jun 13
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 cry

Amen
Re: CBN Signals End To Official Rate Regime For Naira by thunderbabs: 7:07am On Jun 13
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

4 Likes

Re: CBN Signals End To Official Rate Regime For Naira by Nobody: 7:08am On Jun 13
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

8 Likes 1 Share

Re: CBN Signals End To Official Rate Regime For Naira by nwanneni(m): 7:08am On Jun 13
jauntty:
Good for me because I will make more money with the naira volatility that will surely follow grin
you are not alone bro.i can't wait for the naira to somersault once more so we start hitting that mad dough again.
grin

3 Likes 1 Share

Re: CBN Signals End To Official Rate Regime For Naira by omoadeleye(m): 7:09am On Jun 13
FG should go and sit down

1 Like

Re: CBN Signals End To Official Rate Regime For Naira by Artzdanielsz(m): 7:11am On Jun 13
this is fake news
Re: CBN Signals End To Official Rate Regime For Naira by Sinach0191(m): 7:11am On Jun 13
Economist pls hw do u make naira appreciate

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