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LequteMan
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The Central Bank of Nigeria, CBN, is set to put the peg back on the naira's exchange rate to the dollar at the official market, Proshare says.
Excerpt:
Unable within its own self-imposed 7 day (168 hour) deadline to reconcile the contradictory monetary economic principles undergirding a promised flexible exchange rate regime, with a concomitant vow by President Buhari against a Naira devaluation – the Nigeria central bank is poised to again reverse course and rather tweak the current illiquid managed fixed peg exchange rate regime.
A free float could have seen the Naira fall temporarily to 380-400/$1USD or spike even higher. A tweaked regime postpones the day of truth.
Click here to read full story
Excerpt:
Unable within its own self-imposed 7 day (168 hour) deadline to reconcile the contradictory monetary economic principles undergirding a promised flexible exchange rate regime, with a concomitant vow by President Buhari against a Naira devaluation – the Nigeria central bank is poised to again reverse course and rather tweak the current illiquid managed fixed peg exchange rate regime.
A free float could have seen the Naira fall temporarily to 380-400/$1USD or spike even higher. A tweaked regime postpones the day of truth.
Click here to read full story
