Breaking: Central Bank Of Nigeria Officially Devalues The Naira

The value of the Nigerian currency was today devalued to the dollar as the Central Bank of Nigeria announced a flexible foreign exchange regime that would see the country abolishing the dual exchange rate regime. 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. The announcement end months of speculation about the official value of the Nigerian currency.

ALSO READ WAEC Certificate: President Buhari Hires 13 SANs, 10 Other Lawyers To Defend Him

CBN

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.

The announcement end months of speculation about the official value of the Nigerian currency.

naira

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.

Mr. Emefiele’s press conference in Abuja announced a series of measures to manage the new forex policy; these includes the introduction of Forex Primary Dealers, a Futures Market to enable end users to lock down rates and 12 other measures to ensure transparency and stability of the new market.

Previous ArticleNext Article
Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

Leave a Reply

Your email address will not be published. Required fields are marked *