The Central Bank of Nigeria may soon allow the naira to freely find its value, with a possible depreciation on the official rate, usually pegged at about N305/$, an update on its website has indicated.
If the move sees light of day, it will mean that the value of the naira at the official window is depreciated with its concomitant closure of the peg. According to a report, the President of Shippers Association of Lagos State, Jonathan Nicol, said the Nigeria Customs Service had allegedly directed importers to pay for duties at the rate of N326 per dollar against the official rate of N306, citing an order from the CBN.
A move toward a market-determined exchange rate would be welcomed by investors, who have long accused government of some level of capital controls and bemoaned multiple exchange rates.
Liars CBN denied it.
No nation can grow without attendant attitude to energy and infrastructure. Yet, we still toil with ours without any single deliberate plan of action. May God help us
Until we run a productive economic system naira will continue to fall administration after administration. We can not have a productive economic system until we have 24/7 electricity. Unfortunately the President skipped this in his June 12 address. We are still in trouble
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