By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN Announces New Foreign Exchange Policy [READ]
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
BusinessNews

CBN Announces New Foreign Exchange Policy [READ]

Farouk Mohammed
By Farouk Mohammed
Published: June 15, 2016
Share
2 Min Read
SHARE

Naira-Dollar-1-1-1-1-1-1-2-1-1-1-1-1-1-1-1-1-1-1-1

The Central Bank governor announced Wednesday after months of pressure to control a spiraling crisis in Africa’s biggest economy.

Gov. Godwin Emefiele told reporters the naira rate will be “market-driven” from June 20.

Critical foreign currency shortages caused by slumping oil prices forced a policy change that President Muhammadu Buhari for months had resisted. The bank had defended the naira at a rate of 197 to the dollar while the currency was trading at up to 370 on the parallel market .

- Advertisement -

Emefiele indicated a floating naira should abolish a system that encouraged speculators.

There will be only one exchange rate in “an open, transparent system,” he said.

Companies have gone bust, tens of thousands of workers have lost their jobs and militant attacks have shrunk oil production as Nigeria’s economy contracted for the first time in nearly 20 years.

Companies with naira earnings that the government has refused to allow them to repatriate will take a hit. International airlines are holding the equivalent of $600 million at the old exchange rate, according to the International Air Transport Association.

- Advertisement -

Analysts warn of expected interest rate hikes to tackle double-digit inflation.

“These actions are a down payment on our people’s ability to succeed,” Buhari, under pressure to devalue since his March 2015 election, wrote Wednesday in The Wall Street Journal.

“Longstanding structural imbalances and overdependence on imports have been cruelly exposed,” Buhari wrote. “We are an oil-rich nation that imports most of our gasoline. We are a farming nation that imports most of our basic food staples.”

Many Nigerians criticized the delay. “And they finally float the Naira, 9 months late. It will take us 2 years to recover from this unnecessary stubbornness,” one said on social media.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBNForeign Exchange
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Obanikoro Reacts to EFCC Raid Of His House In Lagos
Next Article Summary of CBN’s New Foreign Exchange Policy

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

PDP Crisis Deepens as Rival Factions Prepare for Separate NEC and National Caucus Meetings in Abuja
Politics Top stories
Dangote Refinery Unveils N720bn CNG Truck Fleet to Slash Fuel Costs, Save Nigeria Over N1.7trn Annually
Energy & Oil
Nigerian Troops Neutralize Terror Kingpin Mai Dada, Recover Arms in Multi-Region Operations
Security
NNPP Welcomes Possibility of Rabiu Kwankwaso Joining APC Amidst Ganduje’s Resignation
News
Tinubu’s State Visit to Saint Lucia Marks Historic Diplomatic and Cultural Engagement, Presidency Clarifies
International News
- Advertisement -
Ad imageAd image

You May Also Like

News

President Bola Tinubu Suspends Implementation of Financial Reporting Council Amendment Act 2023

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
News

Aminu Dantata to be Buried in Madinah After Saudi Approval

Muhammad A. Aliyu
Muhammad A. Aliyu
June 29, 2025
CrimeVideo

VIDEO: NDLEA Issues Strong Advisory to Travellers Against Carrying Unknown Bags

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?