₦airaland Forum

The Central Bank of Nigeria (CBN) will today Wednesday officially devalue the naira just as it plans to unveil the new flexible foreign exchange regime.

“The Naira will be officially devalued tomorrow and going forward, the exchange rate will be market-driven as done anywhere else in the world,” a source with knowledge of the policy said on condition of anonymity.

The CBN had set the official rate at between N197 and N199 but the scarcity of foreign exchange due to the crash in the global price of crude oil, which accounts for the bulk of the nation’s foreign exchange inflow, has forced the Naira down at the parallel market (black market) to between N365 and N370, mostly due to speculative trading in anticipation of the implementation of the new policy.

Analysts are positive that the new policy would stabilize the forex market, calm nervous foreign investors and ease the flow of foreign exchange in and out of the country.

http://www.financialwatchngr.com/2016/06/15/cbn-to-officially-devalue-naira-today/

Let's see how much it will be devalue too. Anything less than 300 will put unnessary pressure on our currency

After many trial and errors with our economy, the clueless cbn governor wants to yield to the advice from the international community since last year.

Ok

Push n start government specialised in the art of trial and error in public policy and governance. Una well done

This government and cluelessness are like Siamese twins.

It is quite laughable that FG has finally agreed to devalue the Naira after so much noise of never doing it. This administration might run dis country aground with all dis their trial and error policies. Just to think we have anther3 years to endure all this.

Good nrws.it can't get worse yhan it is now.

LRNZH:
Free float of the Naira was always the right thing to do. The problem is that the economy has not been diversified before this is happening.

U nailed it........

Just like subsidy removal adjustment
They finally yield to devaluing the Naira!!
Toh!!! No more importation from Gear Best be dat...
Oya anybody fit epp me with any Chinese online mkt wey I fit import gadget?

Well when you chanted change, expecting to get it from an 80 year old war monger and a 60 year old career looter from Lagos. You got what old men can give...

Worst government ever

We won't devalue.... We won't devalue.

Who is smarter now... IMF or Buhari and his stupendous economic team.

This is what Buhari should have done since. Expect another abrupt increase in prices of goods and services.

Let's conclude GEJ had a better team and cabinet to Buhari. Buhari's government is dominated by pensioners and stack kakistocrats. An administration where a lawyer is the Minister for Power. Hmmmmm

This will be painful at this moment after Buhary's tough stands against it.

People it has economy has always been shielded with oil money but now that cost of running the over bloated government is high compared to income the first to go will be the shield then if thing persist mass retrenchment.

Those feeding fat within the civil service will have to feel what its like to earn a living.

If the only tool you have is a hammer, then every problem to you seems to be nail.

kenny987:
Push n start government specialised in the art of trial and error in public policy and governance. Una well done

we knw that most of you are naturally **** if not, you wld av thought about the numbers of times the yeye naira has been devalued with no positive developmental upshot.

Not a bad idea, at least they took out time to study the situation before yielding to the devaluation pressure in a few week's time now, exchange rate palava will be stable like the fuel now in the market


If you fail to plan..............

OmG

oo

I think is long overdue .

lol fake news can't find on vanguard....

Na so una talk last time.

Chai, this country is in a serious mess & there seems to be no hope in sight for the masses!

KINGwax007:
we knw that most of you are naturally born dunces (offence intended), if not, you wld av thought about the numbers of times the yeye naira has been devalued with no positive developmental upshot.

Are you for real?! Like, you're that pained about a comment that will add or remove nothing to u or anyone else? And so at 5am you deliberately set out to intend and cause offence? You must really lack some joy and purpose to ur miserable life so I enjoin u to quickly hit the middle of the busiest highway closest to you and remain there until there's nothing left of u anymore.

While you're at it ur last thought should be that the same way my post had no effect on ur life is the same way u mean absolutely nothing to the government u feel so strongly about, enough to be a rude and offensive thing this morning.

As many times as d naira has been devalued, why have they decided to devalue now after all the empty posturing with no means or even intelligence to back up their rigid stance? And even with d dunce hat u have on, you did not think that this same stubborn refusal to devalue by d lying illiterate, Mr Daftus, was also his trademark in his time as military head and the economy took an even worse battering under his watch? Did u avert ur empty mind (impossible I know), to the dizzying n mind numbing level of embezzlement n corruption as a result of his bullish stand through round tripping of dollars with d unofficial devaluation in the black market?
The same oaf pretending to fight corruption yet opening the door wide for policy n government approved corruption to the benefit of a few which he and his cronies are part of?

Just hit the road and do as I've said, that's all u need right now to correct the anomaly of ur unfortunate existence.

kenny987:
Push n start government specialised in the art of trial and error in public policy and governance. Una well done

hahaha