₦airaland Forum

Naira was not devalued, Implicitly, the Naira may Decline vs the USD within the first few weeks, but as Inflow begins to match or Exceed outflow, the Demand/Supply forces will shape a new, lower exchange rate.

Bottomline; CBN continues to be the major source for USD to the Foreign Exchange Primary dealers, the rate at which CBN sells to them will determine the rate they sell at the Inter-Bank Market. The inter-bank rate will now be the official rate of the Dollar.

The Black-Market will still exist to supply to the 41- Items Classified as Not Valid for foreign exchange
The Inter-bank market is not allowed to sell to BDC.
All the other allowed transactions as previously approved by the CBN (form A, PTA etc, must be backed by documentation) can be done at the Inter-bank market.
on Friday CBN will announce who the Primary dealers are.
then on monday, we will get a first taste of what the exchange rate will be, my guess is, it will fall to about N260, predicting the CBN may sell to the primary dealers between N220 - N250
please review these Giudeline released by the CBN today to understand the new policy

OluDare01:
Naira has been devalued and the second tier market(black market) has been abolished
We would know the exchange rate on monday. meanwhile it is expected that speculators will stop playing their games and rate will settle around 300(my opinion)
Yes the devaluation is the official policy pls transmit to the forum.
Don't rush to aboki yet wait till monday... meanwhile it has dropped from 370 this morning to around 330 on the street right now.

Na the lecture wey I receive from gunther6 be this o.