BREAKING NEWS!!! Buhari Makes Another Policy Somersault; Devalues Naira
After a long wait, the Monetary Policy Committee of the Central Bank of Nigeria has bowed to pressure, thus, directing its management to switch to a flexible exchange rate policy. This is in negation of President Buhar’s promise on several occasions that his administration will maintain the exchange rate of the Naira at N199 against the dollar. One of Buhari’s campaign promises during the 2015 elections was that his administration will make Naira equal to a dollar.
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A flexible exchange-rate system is a monetary system that allows the exchange rate to be determined by supply and demand.
The CBN Governor, Godwin Emefiele made this disclosure on Tuesday while addressing newsmen shortly after the end of the two day MPC meeting held at the apex bank headquarters in Abuja.
The apex bank boss said with the new directive, the CBN would within the next few days unveil a new guideline on the management of foreign exchange in the country.
With the development, there is possibility that the Naira would experience further decline against the dollar.
Emefiele said following the recent drop in the