Nigeria Currency Naira Has Been Devalued By CBN On June 15, 2016
Despite the efforts of Central Bank’s of NIgeria (CBN) of keeping naira’s value steel, it sad CBN has let go by devaluing naira.
Informationhood understand that CBN has devalued the Nigeria currency Naira today June 15, 2016, due to the heavy pressure on Naira. If we should take you back, in Fabuary 21, 2016, President Muhammadu Bahuri commented on issues of the Naira stating that his position not to approve further devaluation of the Naira President stands. At that time Buhari also included that Nigeria, which is not an exporting nation, would be worst hit if the Naira was devalued. This means that he fought hard in other for the Naria not to be devalued.
Following today’s report CBN had devalue Naira allowing the market forces to determine the true value of the local currency against other currencies across the world. The Chairman of CBN 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.
- The introduction of Forex Primary Dealers
- Futures Market to enable end users to lock down rates
- 12 other measures to ensure transparency and stability of the new market.