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.

CBN devalued 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.

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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 Central Bank Governor Godwin Emefiele’s press conference in Abuja has  announced a series of measures to manage the new forex policy; these includes:
  • 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. 
The CBN Governor Emefiele stated that the bank will operate a single trading window, that will take off on June 20, 2016, including that the CBN will only step in from time to time regulate the market.
The known financial mogul who also daid 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, also include 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.
Nigeria President Muhammadu Buhari, who is currently on medical vacation in the United Kingdom, had initially opposed any form of devaluation, but it happen that 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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