Governor of the CBN, Mr. Godwin Emefiele Tuesday officially announced the introduction of a flexible foreign exchange rate regime that would effectively devalue the naira against the United States dollar at the official window.
The governor, who announced this during a briefing at the end of the Monetary Policy Committee (MPC) meeting at the CBN headquarters in Abuja, said he would give details of the flexible forex regime in a few days.
Authoritative sources with knowledge of the development told THEWILL that the CBN would set the new exchange rate at N250 – $1 from its current about N198 – $1 regime.
“The MPC (Monetary Policy Committee) voted unanimously to adopt a flexible exchange rate policy to restore the automatic adjustment properties of the exchange rate,” Emefiele said, adding that the “bank would retain a small window for funding critical transactions” and that “details of operations of the market would be released by the central bank at the appropriate time”.
The Governor also announced that the MPC retained the MPR at 12%, CRR at 22.5% and Liquidity Ration at 30%.
culled - Thewillnigeria.com
They should do whatever they want to do... Nigeria is in the hands of God
ReplyDeleteEnd time currency
ReplyDeleteOkay!
ReplyDeleteA merry go round.
ReplyDeleteIt's been a long-time coming!
What a confused govt.every right thinking economist have said dis over and over again,but the clueless govt will never heed d advice of others.sometin dat shuld have bin done several months ago. A country dependent on importation is now plagued with unavailability of forex,resulting in scarcity, price hikes and inflation. And now that we have an economy heading for recession, you now eat ur vomit. typical case of a fool: someone that does not know and he doesn't know dat he doesn't know.SMH
ReplyDeleteAnon 7:35 I'm so happy for you...God is really great..Dontworry He that has started it , will finish it for you in Jesus Name..Amen. I also tap into your testimony for my Father , though his is a broken bone..but I believe God is working because He is a faithful God , He has never failed and he can never fail.
ReplyDeleteU dey dream? Where is the Anon 7:35?
DeleteAmen!
ReplyDeleteThis is wrong.
ReplyDeleteCampaign promise : $1 = =N=1......
ReplyDeleteAPC - All Promises Cancelled
Bogus claims to take over by all means beacause they were clueless, now reality has hit the loafers and exposed their planless regime.
Lesson: Never judge, unless you are wearing the shoe. He who wears the shoe knows where it pinches.
Shame on APC!
DeleteShame on Buhari!
$1 to N1 indeed, e easy?
Shay...Shay...Shay...
Shame!!!
Gbam, bottle of Champagne for you.
DeleteSo Buhari cannot keep to his promise. Shame
ReplyDeleteI thought that one who calls himself our president said that he won't bow to IMF's pressure for us to devalue our naira!
ReplyDeleteIf it were GEJ,the yorubas would have asked him to resign but since its a Northerner ruling,they are all quiet!
Yorubas are the true JUDAS. They sold us out
DeleteThem they fear am nah, usu set of people.
DeleteThis is not the promise made to us by bugari
ReplyDeleteAnd what happened to their promise? APC- Shame.
ReplyDeleteStill waiting for one naira to be equivalent to one dollar.Side eyes at the CHANGE People in the house.
ReplyDeleteThis is just the beginning. Am sure when they get to exodus, all those that betrayed GEJ and voted these guys will ask for forgiveness.stella if you like don't post my comment as usual.
ReplyDelete