Thursday, 12 May 2016

Gists: Govt Hints Of Naira Devaluation

Naira depreciation

Another major policy summersault by the present administration may soon be experienced, as Vice President Yemi Osinbajo has hinted that the government may adopt a more flexible option in the management of foreign exchange.
The flexible option, according to analysts, would portend devaluation of the nation’s currency, which currently exchanges for N197 to the dollar at the less accessible official window, against N318 it is currently trading against the green back at the parallel market.President Muhammadu Buhari has consistently affirmed that the naira would not be devalued, despite some pressures from within and outside.
The vice president’s statement is coming on the heels of recent hike in petrol prices in the country, under a new deregulated regime, despite the known stance of Buhari to the contrary. CONTINUE READING...

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