Breaking News! CBN Has Devalued the Naira Announces New 'Flexible' Forex Regime

Date: 15-06-2016 4:06 pm (6 years ago) | Author: Bayo Nelson
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- at 15-06-2016 04:06 PM (6 years ago)
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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.


Posted: at 15-06-2016 04:06 PM (6 years ago) | Hero
- osarobo62 at 15-06-2016 04:14 PM (6 years ago)
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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 (6 years ago) | Hero
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- morgan1 at 15-06-2016 04:33 PM (6 years ago)
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Ok let,s see how it goes,,,
Posted: at 15-06-2016 04:33 PM (6 years ago) | Hero
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- gogoman at 15-06-2016 04:35 PM (6 years ago)
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Until una comot eye from OIL OIL OIL!!!  go back to farming damn it
Posted: at 15-06-2016 04:35 PM (6 years ago) | Grande Master
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- quest3 at 15-06-2016 04:38 PM (6 years ago)
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I just dey look una...

Posted: at 15-06-2016 04:38 PM (6 years ago) | Upcoming
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- kison at 15-06-2016 04:46 PM (6 years ago)
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SOMEBODY WILL STILL FOOLISHLY BLAME THIS ON BUHARI…YOU LOONY…Y'ALL BETTER BE careful, be very very careful, CAREFULLLLLLLLLLLLLLLL……………………………….
Posted: at 15-06-2016 04:46 PM (6 years ago) | Hero
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- dickieponga at 15-06-2016 05:07 PM (6 years ago)
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That was expected..
Posted: at 15-06-2016 05:07 PM (6 years ago) | Hero
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- dickieponga at 15-06-2016 05:09 PM (6 years ago)
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Quote from: Quest on 15-06-2016 04:38 PM
I just dey look una...
Oh boy u always make me laugh..
Posted: at 15-06-2016 05:09 PM (6 years ago) | Hero
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- uduehi at 15-06-2016 05:39 PM (6 years ago)
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Cow buhari vow never to devalued naira hahahaha illiterate boko haram president when no get certificate
Posted: at 15-06-2016 05:39 PM (6 years ago) | Upcoming
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- GermoDon at 15-06-2016 05:44 PM (6 years ago)
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Naira Etí ee ka ego ndi Malawi
Posted: at 15-06-2016 05:44 PM (6 years ago) | Gistmaniac
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- Vectorcy at 15-06-2016 05:48 PM (6 years ago)
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life is really hard  here in nigeria
Posted: at 15-06-2016 05:48 PM (6 years ago) | Hero
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- scottchris at 15-06-2016 06:25 PM (6 years ago)
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Finally..... I saw it coming..... What next..?

Posted: at 15-06-2016 06:25 PM (6 years ago) | Gistmaniac
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- kp45 at 15-06-2016 06:27 PM (6 years ago)
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Oga come, he be like say I know you o?
Posted: at 15-06-2016 06:27 PM (6 years ago) | Hero
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- mikedonng at 15-06-2016 06:48 PM (6 years ago)
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very bad to d common man n d country's economy,,.......n its is called deadlin
Posted: at 15-06-2016 06:48 PM (6 years ago) | Upcoming
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- DJSNIPPER at 15-06-2016 06:51 PM (6 years ago)
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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 (6 years ago) | Gistmaniac
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- EDDYPRINCE at 15-06-2016 07:04 PM (6 years ago)
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WATCHING Shocked
Posted: at 15-06-2016 07:04 PM (6 years ago) | Addicted Hero
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- martins9092 at 15-06-2016 07:27 PM (6 years ago)
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This  naira matter  will end at 1000  naira  to one dollar  before  December  this year.
Posted: at 15-06-2016 07:27 PM (6 years ago) | Newbie
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- oluyemibanjoko at 15-06-2016 07:51 PM (6 years ago)
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Things are already hard in the country. Buhari just made it harder. God help us
Posted: at 15-06-2016 07:51 PM (6 years ago) | Newbie
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- zoe61 at 15-06-2016 07:53 PM (6 years ago)
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OMG Nigeria is dieing slowly
Posted: at 15-06-2016 07:53 PM (6 years ago) | Hero
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- schmit at 15-06-2016 08:06 PM (6 years ago)
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Sit down  dey  look
Posted: at 15-06-2016 08:06 PM (6 years ago) | Hero
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