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Naira Falls and Settles at N401/$

It’s Official: Nigeria’s Central Bank Adjusts Exchange Rate to N410/$1

Poor Naira. After years of fluctuating FX policies, characterized by multiple exchange rates, the Central Bank of Nigeria (CBN) has decided to adopt the Nigerian autonomous foreign exchange (NAFEX) rate — weakening the naira by 8 percent to N410.25/$1, Samuel Nwite writes for Tekedia.

Like I say wherever I go: factories and warehouses will save Naira and not anything cooked by CBN  headquarters. It is not physics but dictator Sani Abacha managed Naira better than the current government as during his rule, Abacha “stabilized” the currency. Now, another countdown begins: how long will this N410 last before we move to another level?

Meanwhile, the Central Bank of Nigeria has retained the monetary policy rate at 11.5%t, with the asymmetric corridor of +100/-700 basis points around the MPR (Monetary Policy Rate).