Naira Forwards Rise On Announcement of Flexible Exchange Rate


Nigerian Naira forwards rose to 6-month non- deliverable 2.2% to 275 against the US Dollar at 4.38pm yesterday in London, according to a data obtained from the Bloomberg terminal after the Central Bank's Monetary Policy Committee voted to allow “greater flexibility” with exchange rate.

The Central Bank of Nigeria on Tuesday abandoned its naira peg to the dollar in favour of a flexible currency regime, Reuters reports.The policy is a U-turn designed to boost local manufacturing and exports and stave off a recession.

However CBN Governor Godwin Emefiele sparked confusion by declining to say how the shift from a naira fixed at 197 to the dollar would be implemented.

Comments

Post a Comment

Popular posts from this blog

El-Rufai’s Son Killed In Auto Crash

Image
Former Minister of the Federal Capital Territory, FCT, Mallam Nasir El-Rufai, has lost one of his sons in a car crash. Hamza El-Rufai died Tuesday morning in Abuja. The former Minister and Chieftain of the All Progressive Congress, APC, broke the news on his faceboook page today. El-Rufai wrote: “From Allah, we came and to Him we shall return. Please join our family in praying for the repose of the soul of my son, Hamza El-Rufai who died in a motor accident in Abuja.” See more photo below:
Read more

President Jonathan, Wife, Gov Dickson Pay Tributes To Deceased Bayelsa Female Politicians, As They Are Laid To Rest In Yenagoa

Image
The remains of the female politicians, who died in a ghastly auto accident have been laid to rest at the Bayelsa State cemetery, Azikoro in Yenagoa, the state capital. President Goodluck Jonathan his wife, Dame Patience and the Bayelsa State Governor, Hon. Seriake Dickson as well as wives of the Anambra and Ekiti State Governors joined other sympathizers at a special memorial service in honour of the deceased women at the Dr. Gabriel Okara Cultural Centre, in Yenagoa.
Read more

Atiku: I Did’t Join APC to Contest for Presidency

Image
Former Vice President Atiku Abubakar has said that he did not join the All Progressive Congress (APC) so as to run for the Presidency in 2015,  but to nurture the party and ensure that good governance is entrenched in Nigeria  come 2015. Atiku who spoke in an interview with the BBC Hausa service, monitored in Kaduna on Monday,  maintained that if it were because of a  presidential ambition, he had clear chances of occupying the number one seat when he was in office with former President Olusegun Obasanjo, or even recently when he was in the defunct Action Congress of Nigeria (ACN ). He  said   he let that go in the interest of the nation. Atiku   vowed that he would never return to the PDP, saying that from all indications, the party would no longer be what it used to be.
Read more