The federal government on Wednesday hinted of plans to unify the current Naira multiple exchange rate regime as a strategic monetary policy option to generate more local currency from its dollar inflows and manage the rate in a sustainable manner.

The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, was quoted by Reuters, based on what the online medium linked to an official document, as proposing as replacement of the current exchange regime.

Ahmed was also quoted as saying that the government will also, amongst other options being considered to strengthen the national currency’s exchange rates, direct oil companies to sell dollars to the Central Bank of Nigeria instead of the Nigerian National Petroleum Corporation (NNPC).

The document by the ministry also reiterated government’s commitment to full deregulation of petroleum prices as part of measures to safeguard oil revenues.

According to the document, the proposed policy will be implemented over a 12 month period. It would be recalled that the monetary authorities had, over the past years, subscribed to a multiple exchange rate regime to mitigate the exchange rates volatility in the market and by implication, avoid major devaluation of the Naira.

However, latest developments in the international oil market occasioned by the impact of the COVID-19 pandemic on global economies, particularly oil exporting nations’, have continued to threaten Nigeria’s forex accruals as earnings from crude oil exports have dwindled significantly over the past months.

Meanwhile, the Naira opened on the exchange market at 6.2% depreciation against the U.S. dollar yesterday as traders quoted the currency close to the over-the-counter spot market rate on the back of speculations that the monetary authorities will sustain, with stronger zeal, efforts to beef up the nation’s foreign reserves.

Source: https://www.dailytrust.com.ng/fg-mulls-unified-naira-exchange-rate-regime.html

Ok

We have been hearing this for years now, yet no clear-cut implementation strategy or move

News for zombie miscreants

Better

I don't understand

Pls can someone braeak it now for me!!

The Government and all agencies should stop saying and start doing....

Thought it was the reason for the last Naira devaluation!, Which clearly didn't work, cos black market sells above 450/$ now as against official 360.5/$

This Yeye Government have been planing since they came on board without action

m

I did not read the post...


But thunder fire FG

L

What effects does it has on the current naira to dollar exchange rate ?

Lifeless shocker


2 feet forward, 10 feet backward


Where is our supreme leader of toilet matters

We all know where its heading to.. 500 naira per 1 dollar loading......

Like everyone in Apc is clueless...

Apc should talkless and act more.... propagating nonsense won’t help

Everything about Apc audio..

The federal government on Wednesday hinted of plans to.

When you see the bolded and will, shall, going to, etc. Know it is an audio as usual.

Okay, but we have heard this before.

Let me explain.

It means that you can now buy anything you want in Naija without paying for it. CBN got your back.

Please ask others if I am right.

mrkings84:
I don't understand

Pls can someone braeak it now for me!!

They had better leave it how e dey o. I'm benefitting from the high rate

Pls go ahead and implement the policy if it will improve the common man's economy and those who need this service. Afterall, If it is VAT increase now, u won't mull anything before implementation

Is this good or bad thing?

Audio planners

Accountant dictating finance policies

I really doubt if it would be implemented as it will not favour the north who make up 80% of bureau d change.
As we all know, if a policy do not favour our northern brothers it won't see the light of the day

Confused government

KingMicky3286:
Let me explain.

It means that you can now buy anything you want in Naija without paying for it. CBN got your back.

Please ask others if I am right.

Thanks guy man, pls where's your Aunty's shop??