The Naira has been freely floated, its value is now subject to market forces. Nigeria does not export, she majorly imports, so balance of trade is not in her favour, undefended against the dollar, or 'flexible exchange rate policy' as the CBN's says, its value will drop relative to the dollar. Dollar will become stronger, Naira will become weaker, Nigerians will be punished harder.

Buhari is our end time president.

Really?

If actually that's what he wanna do its cool, but trust me it'll change soonest. But before it does, make I go change some dollars buy goods for China.

$1 = N500 loading ::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::80%

Woah... So it's obvious that dollar is now very scarce...Fellow Nigerians if you think the current economic situation is bad, please brace up.. It's about to get worse

Lmao this government is a joke. Summary for those who do not understand; they will sell forex to themselves at a yet to be fixed new official price, but the Naira has been devalued and its price will be determined by demand and supply for everyone else other than top ranking government officials

This isn't good.

Not good at all. Forces of demand and supply won't help us here.

I think this news is misrepresenting and misinterpreting the CBN policy. CBN did not devalue naira. What happened to the $/285 exchange policy specifically for pms importation. Why was that not mentioned in this article.

Just watch how the people that have been crying for devaluation will come here to cry that tins are expensive

You better brace up for though time.

But I warned u guys about this very dullard that failed Economics and Mathematics even in a forged waec result..
I warned u all..

Well I think this is good, because it will mean more people exchanging the dollar, there will be a healthy competition and thus it will lead to the reduction of the dollar rate against the naira.Well on paper it is workable I guess

Whoever said education is not important to a country is a fool.


This is what you get when leaders know next to nothing about economics.

I pity the future generation of this country.

The positive side....

Opportunties for exporter.

In a nutshell, Naira is technically devalued.
Why are these people always being economical with the truth.
Another name for forex in Nigeria is SPECIAL WINDOW.

repogirl:
lol! Don't mind them....they are scared of using the term, so that it doesn't appear as if they have finally given in to what they were supposed to do months ago.

Trail and error government!

devaluation should have been done 8 months ago, this Government is completely confused.... Buhari needs to beg Okonjo and sanusi to join his economic team... The mofos in his team dont know jack about managing a national economy,especially that lady minister who only knows how to speak with british accent...

TechRev:
"Special window" there is your corruption for the fantastically corrupt nation. What is special window and what qualifies special window transactions and what rate will the special window get?

Special window is for his favored few. And they are looking for corruption.

Pls ask them again? The amount of money that has been lost to corruption because or buhari foreign exchange policy is more than the dasuki arms deal. Double standards everywhere. Whither Nigeria

sportskid:
Well I think this is good, because it will mean more people exchanging the dollar, there will be a healthy competition and thus it will lead to the reduction of the dollar rate against the naira.Well on paper it is workable I guess

If naira is floated, it will never revalue. It will only get worse. The hawk will never allow it to revalue. Stronger naira threatens western economy, hence reason why it will never happen.

So essentially naira has been devalued without announcing d devaluation

All these yeye policies without strict and proper laws to severely regulate it will see these nation fold up in few months time.

How can u make such policies in a market u can not control? Normally, our commercial banks are very very fantastically corrupt. Watch them conive with BDC and black marketers and milk the economy dry. No be issue of demand and supply again?



We are watching, meanwhile, keep doing trial and error with lives of millions of innocent Nigerians.

papawemba:
I did not read it but it is a good move.

You have no idea what you are talking about son... Nigerians brace up, Winter is coming.. The next 3 weeks will open your eyes.

Integrityfarms:
Trial and Error Economics!
We are now gonna see the dollar sell at #400 and above on a consistent stable basis!

Zombies una well done o!

Not exactly.....the fact is we do not have enough forex to buffer the naira....and meanwhile keeping the brake on the exchange rate, while a good idea to stop the naira from depreciating at a faster rate....eventually had to go because not enough dollars are coming in.

If GEJ was in charge...the same thing would have happened. After all....Emefiele is his appointee.

And no....I am not being partisan....the cold fact is that Nigeria has been dependent on oil for too long. Eventually, we are going to make the hard choice of diversificaiton....which means a longer period of hardship.

anigold:


devaluation should have been done 8 months ago, this Government is completely confused.... Buhari needs to beg Okonjo and sanusi to join his economic team... The mofos in his team dont know jack about managing a national economy,especially that lady minister who only knows how to speak with british accent...

The mofos actually know but buhari insists on being the chief economist of his regime. What do you want want the mofos to do. Argue with the emperor?

paying of international fee would be xpensive

Uduak2019:
Nairaland economists should come and interpret this voluminous, esoteric article/press release for us! The writer of this article intentionally made sure that ordinary Nigerians don't understand the new monetary policy

There is nothing hard to understand, they just devalued our currency.

anigold:


devaluation should have been done 8 months ago, this Government is completely confused.... Buhari needs to beg Okonjo and sanusi to join his economic team... The mofos in his team dont know jack about managing a national economy,especially that lady minister who only knows how to speak with british accent...

The fat puff puff face, Jonathan that dumb brought us here. I pity people with children, Kai they will suffer chai.

anigold:


devaluation should have been done 8 months ago, this Government is completely confused.... Buhari needs to beg Okonjo and sanusi to join his economic team... The mofos in his team dont know jack about managing a national economy,especially that lady minister who only knows how to speak with british accent...

Well...I guess they did not devalue then because it would have made things worse....oil prices were low...and we did not have forex coming in...and we were still on subsidy.

Now...we have removed the subsidy, and some more forex is coming in...so CBN feels more confident to devalue....more room to maneuver so to speak.

ikevictor22:
If actually that's what he wanna do its cool, but trust me it'll change soonest. But before it does, make I go change some dollars buy goods for China.

Don't buy any good right now. Keep your money in dollars or pounds sterling

priceaction:
Why are people complaining again. At least let the market forces do it's thing.. They narrow the exchange rates, you people complain. They relax it you people complain. Bring better solution, you don't have. The truth is that economy has sunk right from many years ago. It just shows physically now. If you are partisan thinking it is PDP or APC, you get it wrong. Because mwhen they want to steal, they do collabo to do it irrespective of the party..They don't care about us. Their family will hardly feel it even if the dollar trade is 500naira. Even if it is Gej on the throne , it won't be better.
You better brace up for though time.

You and I know this won't go down well. It surely won't if you under the reason why $1 was ₦400 few months ago.

Abeg who get time take read this long episode?jonathan self

repogirl:
lol! Don't mind them....they are scared of using the term, so that it doesn't appear as if they have finally given in to what they were supposed to do months ago.

Trail and error government!

Yea, you're right. Same thing but different name. I've come to understand that they are very good at twisting stuffs & aren't straight forward at all

Osamuzi:
paying of international fee would be xpensive

Yes.....it would be.

Which leads me to the real problem here....our reliance on oil.

When oil prices are high....we have enough forex to buffer the naira....and to pay fees easily...because the naira is stronger.

When oil prices fall...the reverse happens.

Nigeria has to make the hard choice and get off oil. That it might involve an intial period of hardship....while we spend more on industrial infrastructure, etc....and less on welfare and subsides....does not mean we should not take that path to sustained forex revenues.