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

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.

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Posted: at 15-06-2016 04:06 PM (7 years ago) | Addicted Hero

Ok let,s see how it goes,,,

Posted: at 15-06-2016 04:33 PM (7 years ago) | Hero

I just dey look una...

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Posted: at 15-06-2016 04:38 PM (7 years ago) | Upcoming

That was expected..

Posted: at 15-06-2016 05:07 PM (7 years ago) | Hero

Cow buhari vow never to devalued naira hahahaha illiterate boko haram president when no get certificate

Posted: at 15-06-2016 05:39 PM (7 years ago) | Upcoming

life is really hard  here in nigeria

Posted: at 15-06-2016 05:48 PM (7 years ago) | Hero

Oga come, he be like say I know you o?

Posted: at 15-06-2016 06:27 PM (7 years ago) | Addicted Hero

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 (7 years ago) | Gistmaniac

This  naira matter  will end at 1000  naira  to one dollar  before  December  this year.

Posted: at 15-06-2016 07:27 PM (7 years ago) | Newbie

OMG Nigeria is dieing slowly

Posted: at 15-06-2016 07:53 PM (7 years ago) | Hero