The Naira on Wednesday weakened further against the dollar at the parallel market, barely 24 hours after the Central Bank of Nigeria (CBN) moved for the adoption of a flexible exchange rate.
The naira sold at N350, weakening further from its rate on Tuesday when it went for N347 to a dollar.
The Pounds Sterling and the Euro opened at N385 and N380 and closed at N390 and N385 respectively.
Traders at the market said that they were keenly watching out for the impact of the new foreign exchange policy of the apex bank at the market.
CBN, at the end of its Monetary Policy Committee (MPC) meeting on Tuesday, adopted a flexible exchange policy for the economy, a move financial experts said was long overdue.
In his remark, Mr Harrison Owoh, a Bureau De Change (BDC) operator, said that the new policy would frustrate currency speculation and hoarding.
This is what happens when a mediocre puts a mediocre at the helm of affairs like CBN.shame on the long overdue policy and this failed government. Bunch of Ewus (goats)
ReplyDelete#GodWillFight4Us#
My brother a blind man can't lead an eyed man. We are under the regime of illiterates, what do expect?
DeleteSo Emefiele appointed by your clueless GEJ is an illiterate? May be you're referring to your former president anyway
DeleteAnonymous 08:02AM
DeleteSo,with what is happening in Nigeria now, you still refer to GEJ as clueless?
You must be a big fool,
I wonder why people like you are still in existence
So... is this not devaluation?
ReplyDeleteWhy does the Government deceive it's people? Is this not devaluation? Or is it currency "price modulation"?
ReplyDeleteDuring the days of our always remembered honourable x-president Dr goodluck jonah, we did complain of the highest change of of 197 naira = 1 dollar. Now what do we say to our leading educated illiterate taking our a dollar =400 nair?
ReplyDeleteEnd time will begin from 9ja.
ReplyDeleteSai BABA MALU!