The Central Bank of Nigeria governor, Godwin Emefiele, today, June 15, 2016, devalued the Nigerian currency to the dollar as he announced a flexible foreign exchange regime that would see the country abolishing the dual exchange rate regime. It was learnt that under the new plan, the official exchange rate of the naira will exist in a "single flexible window," which will likely be determined by market forces. Godwin Emefiele's press conference in Abuja announced a series of measures to manage the new forex policy; these includes: 1. The introduction of Forex Primary Dealers 2. Futures Market to enable end users to lock down rates 3. 12 other measures to ensure transparency and stability of the new market. Emefiele said the bank will operate a single trading window, which will take off on June 20, 2016, adding that the CBN will only step in from time to time regulate the market. The financial mogul who also disclosed that the bank will appoint less than a dozen primary dealers who would now be in charge of foreign exchange trading, driving flexibility in the system, added that the 41 banned items remain banned, and cannot access forex from the new window. The announcement end months of speculation about the official value of the Nigerian currency.President Muhammadu Buhari, who is currently on medical vacation in the United Kingdom, had initially opposed any form of devaluation, but his hands appear to have been forced by the necessity of borrowing badly-needed funds to finance a budget hampered by a debilitating shortfall in oil production.
I scour the world wide web to bring you interesting stories from around the globe. bayonel3@gmailcom
Posted: at 15-06-2016 04:06 PM (8 years ago) | Addicted Hero
osarobo62 at 15-06-2016 04:14 PM (8 years ago) (m)
whatever it takes to keep the crippled Nigerian economy afloat is okay.....just do it fairly, honestly and with determination to succeed.
Posted: at 15-06-2016 04:14 PM (8 years ago) | Hero
DJSNIPPER at 15-06-2016 06:51 PM (8 years ago) (m)
Parasites! Illiterates parasites had drown the economy down. Just in a year, witnessed a significant decline in our Foreign Exchange Reserves from about US$42.8 billion in January 2014 of Goodluck Jonathan to about US$26.7 billion as of 10th June 2016 of bokohari. Fantastically corrupt terrorist country presently compare with Somalia.
Posted: at 15-06-2016 06:51 PM (8 years ago) | Gistmaniac
TRENDING GISTS 
"6 Weddings Aren't Enough, I Wanted To Marry Priscilla Ojo Everywhere" - Juma Jux Reveals
PHOTOS: Young Woman Brutally Murdered By Suspected Ritualists, Priv@te Part Removed In Ogun
Lovely Video Of Singer Davido And His Wife, Chioma Vibing To His Song
Woman Slams Her Husband For Allegedly Having Unprotected S3x With Random Girls After Publicly Apologizing To Her
Actress, Laide Bakare Crowned UN Ambassador Of Peace
Actress, Uche Montana Celebrates Birthday With New Stunning Photos
VIDEO: President Tinubu Conferred With a Chieftaincy Title in Anambra State
Passengers Killed, Vehicles Set Ablaze As Gunmen Attack Commercial Bus in Imo