Having played ostrich for weeks, the CBN today via the
backdoor devalued the naira again. More importantly, they
acquiesced on the naira moving from a managed floating
regime to what seems to be a crude freely floating one.

Under a freely floating system, FX dealers would provide 2-way quotes on the USDNGN however the version starting
tomorrow is going to be an order driven one way quote – like in trading stocks.

What that means in plain English is that the official USDNGN last at N168/$ disappears to be replaced by the rate at the interbank market which effectively moves us to the N195-200 range of the last few days. But unlike in times past the rate is now likely going to be more volatile.

In the interim the CBN would provide a mothering role by supplying the shortfall till the system teeths. So despite all the financial repression with NIBOR touching dizzying heights 70,80, 90% and blowing over $10billion of reserves, it comes to this.

A humbling surrender announced with the whimper of a press release.

This did not need to happen. Vote wisely!

ok

Apart from oil what other resource earns forex?

You complain about the naira fall because you want to buy more foriegn stuff that you don't deserve.

Make I wait till next week before I sell my USD be that .... was expecting the NGN to be devalued after the elections, but as the elections was postponed, I knew further devaluation wasn't far off. The NGN is useless at the moment

SweetJoystick:
Make I wait seel my USD be that .... was expecting the NGN to be devalued after the elections, bus as the elections was postponed, I knew further devaluation wasn't far off. The NGN is useless at the moment

The naira is useless because it is held by lazy people.

Get to work!

Japan has no single natural resources but imports all it needs to produce finished goods which it exports.

If your thieving legislators had at least passed the PIB, the Petroluem sector would have created more jobs in the downstream sector, reduce imports on finished Petroluem resins and products and began an industrial revolution.

But No, Tambuwal and his fellow northern legislatheives think it will not benefit the lazy north. So they stalled it and put it under the table.

Keep depending on oil and relying on the lazy Saudi model.

If you consume more than you produce, ou are set to go bankrupt.

There is simply not enough forex to sustain our artificial spending.

GBTYO:


The naira is useless because it is held by lazy people.

Get to work!

Japan has no single natural resources but imports all it needs to produce finished goods which it exports.

If your thieving legislators had at least passed the PIB, the Petroluem sector would have created more jobs in the downstream sector, reduce imports on finished Petroluem resins and products and began an industrial revolution.

But No, Tambuwal and his fellow northern legislatheives think it will not benefit the lazy north. So they stalled it and put it under the table.

Keep depending on oil and relying on the lazy Saudi model.

God bless you mister.
Many just sit back and criticize all they can without recourse to circumstance and reason.