The N2.054 trillion disbursed in Q3 2020 was 9.6 percent lower … The CBN in a circular – which proved a second devaluation of the naira – instructed forex dealers to sell to end-users at N386/$1. March 12, 2020, 1:00 AM EDT Updated on March 12, 2020, 5:46 AM EDT 3:19. Share. The apex bank had earlier moved the official rate to N360 to dollar from N307 to dollar. So if this new development is not reviewed, Nigerians should probably brace up for hard times. Dr O.S. On Friday 20 March 2020, the CBN technically readjusted the FX sales rate of the Naira to N380.20/$1.00 from N366.70/$1.00 at the importers and exporters window (which is in effect a devaluation of the naira). The people that will benefit from this new development: Companies that earn in dollars – There will also be a windfall for most firms such as lawyers, accountants, consulting firms, financial advisers, etc. Experts allay fear of naira devaluation in 2020. 0 41. A quick check on the CBN website as at Friday, November 20, showed that the official exchange rate still remained at N379 to dollar. devaluation of the Nigeria Naira using relevant data and graphical trends. Facebook: @bellanaija NAIRA: Basing devaluation on parallel market rate wrong — CBN. At the current rate, the local currency has lost N140 per US dollar when compared with N360 it was sold in the same month of 2019 […] Confirmed Cases of the Coronavirus up to 26 | Here’s an Update on All that’s Happening, These Women Are Representing Nigeria in Water Sports at the 2020 Olympics, Living & Celebrating the African Dream! ... November 11, 2020. CBN devalues naira by N6 in move to unify exchange rates – The Central Bank of Nigeria (CBN) on Friday devalued the naira by N6 to dollar.The naira devaluation has brought the local currency closer to the exchange rate unification agenda of the apex bank as recommended by the International Monetary Fund (IMF) and World Bank. DECEMBER 10, 2020 . This site uses Akismet to reduce spam. The same goes for those who are used to saving in dollars. Tweet on Twitter. The research draws attention to the currency devaluation 2000-2020 and the negative impact on the economy as a result of a static exchange rate mechanism. A new report has revealed that naira devaluation is unlikely in 2020 despite it being nine percent overvalued and a deteriorating external position. 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Previously, the regulator had revised the exchange rate from 307 Naira to the dollar to 360 in March. Market Unfavourable for Naira Devaluation — CBN March 13, 2020 0 Comments In a statement by the Director, Corporate Communications, Mr. Isaac Okorafor in Abuja on Friday, the Central Bank of Nigeria (CBN) says market fundamentals do not support Naira devaluation this time around. So if inflation arises due to this devaluation, it will give them a huge advantage over those who earn in naira. How Much the Naira (vs. This is the highest official exchange rate between the dollar and … Published. Defending the naira cost more than $3.3bn in the second half of 2019. A devaluation leads to a decline in the value of a currency, making exports more competitive and imports more expensive. Naira Devaluation As False Economics - LEADERSHIP. The fact is the country has major revenue issues and the artificial measures to prop up the Naira will definitely wear out. Twitter: @bellanaija Virtually all the CBN governors between 1982 and 2020 have devalued the Naira. In August the CBN reopened forex trade to Bureau de Change operators after a halt in March to evaluate the COVID-19 lockdown. All the … The FMDQOTC NAFEX market website has now confirmed that the naira official exchange rate has been devalued again to N390/$1 in November. Naira notes. Africa’s Business Heroes 2020 Selects One Nigerian Among 10 Finalists, EndSARS Protest Leads To Looting Of Hidden COVID-19 Palliatives. Kindly Share This Story. September 19, 2019. It makes investors less willing to hold government debt because the devaluation is effectively reducing the real value of their holdings. Nigeria’s Monetary Policy Rate Remains At 11.5% – CBN, Plane Ticket Prices For Lagos, Abuja Closing N100,000 In December. COVID-19, VAT increase, naira devaluation spur rise in prices of consumables. Naira to United States Dollar exchange rate plunged to N500 on Monday after the Central Bank of Nigeria (CBN) devalued the Naira by N6 on Friday amid growing scarcity. The reason for the devaluation was the decrease in oil prices, USD shortages, and increasing […] Nnaji, Director of Trade and Exchange, CBN signed the circular which says the new rate caps the period Monday, November 30 to Friday, December 14, 2020. By Gbenga Salau. According to Punch, the Naira has being under pressure after oil prices have crashed further to below $24 per barrel, way below the government’s approved Benchmark price of $57 per barrel in the 2020 budget, as a result of the impact of the coronavirus pandemic on the global economy. The country will now have a single exchange rate for official transactions and bureau de change operators as well as for importers and exporters of goods and services. A quick check on the CBN website as at Friday, November 20, showed that the official exchange rate still remained at N379 to dollar. Required fields are marked *. Speculators and those with dollar savings – Some people are quite good with speculating and some have started accumulating dollar in anticipation of a possible devaluation. Naomi Campbell is Magical Kenya International Tourism Ambassador, Wole Soyinka airs his view on the state of Nigeria in a characteristic unapologetic manner on Arise TV, New Music: Double D O’clock - Wotz De Time. Follow us On Friday after the circular by the CBN was released, the naira reached a high of about of N400/$1 and closed at the rate of N390.25/$1. Now that it has been devalued, they can exchange that money to naira and post good profits. Nigerian naira to remain stable at the foreign exchange market in 2020, analysts have predicted. Analysts Forecast Naira Devaluation To N400/$ The naira has been tipped to depreciate by between 10 and 20 per cent next year as the impact of falling crude … A new report has revealed that naira devaluation is unlikely in 2020 despite it being nine per cent overvalued and a deteriorating external position. On November 25, 2020 7:53 am In Money Market by Nwafor. The last adjustment of the naira exchange rate was on August 27, 2020. Michael Owhoko. (Q!, 2020). The exchange rate at the parallel market according to AbokiFX this Monday morning is N490/1. tweet; Naira against dollar. CBN’s Devaluation of the Naira: Here’s What it Could Mean for You. What to expect in 2020 Devaluation Experts have continued to stress the need for major changes with the unsustainability of CBN’s Naira defence. Nigeria’s forex devaluation timeline – 2020 - NAIRAMETRICS. We use cookies to ensure that we give you the best experience on our website. The devaluation of the naira against global currencies will impact negatively on foreign currency loans and weaken capital base for the lenders, banking sector report has shown. Mr. President, it … The apex bank had earlier moved the … What analysts said about devaluation: Financial experts and analysts, during the 2020 Nairametrics Economic Outlook Hangout, disclosed that CBN might devalue the naira in 2020 as structural imbalances from the revenue standpoint, development in the global oil market and policies from the CBN among others pose a very bleak outlook for the economy. The Central Bank of Nigeria (CBN) said Friday's decision to peg the exchange rate of the Naira at N380 to the dollar is not a devaluation of the Nigerian currency. People who earn salary in dollars – Some Nigerians earn their salaries in dollars even though they live in Nigeria. This will most likely get it the $1.5 billion loan request from the World Bank and $3.4 billion loans which it seeks from the IMF. 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