DEVALUATION BETS RISE UPWARD AS DEVALUATION OF NAIRA IS ASSURED:::::::::::::::

Naira currency

By: Economic & Finance Report

The Naira forwards rose immensely as global traders believed the devaluation of the Naira was going to occur. This being the truth as the Naira is now 290 to USD $1.  Naira bonds have lost close to 10% this past year alone.

The Naira has been hovering between $197-$199 but in the black market it has been pegged even higher over $300/USD $1. Analysts have indicated that Nigeria had to devalue the Naira to allow growth in a country whose growth stymied around 2-3%.  The devaluation recently of the Naira allow currency market FX better positioning and flexibility into its fold. -SB

NIGERIAN CENTRAL BANK HAS NO PLANS TO DEVALUE THE NAIRA……..

Nigeria Naira

By: Economic & Finance Report

The Nigerian Central Bank has made strong indications that they would not devalue the Nigerian Naira. They have maintained over the last 4-5 months that they will be monitoring speculation and stabilizing the Naira against currency fluctuations.

The Central Bank has indicated it sees no reason currently to devalue the currency,  and the effect seems to be holding up… The question many analyst have indicated, is how long will this go forward????? The Naira has been flat since  March 2015. It has hovered around$198-$199 to $1 USD. Time will tell what will eventually occur. -SB

NIGERIA FEDERAL BANK INCREASES POSITION IN SUPPORTING NAIRA!!!

Nigeria Naira

By: Economic & Finance Report

The Nigerian Central Bank has placed currency traders in a tough position. As the Nigerian currency (Naira) slides, the Central Bank of Nigeria has indicated that currency traders will have to buy or sell their position in the Naira within the next couple of days, or be forced to sell it at the rate set forth by the Central Bank. CBN (Central Bank) has also restricted some currency trading in efforts to boost the Naira. Tough sanctions will be followed if noone adheres to the rules set by the CBN (Central Bank of Nigeria)  as well.

Many currency traders, analysts, researchers and speculaters are seething to the tune of the declination fo the Naira, betting that the Naira will continue to derail against the US dollar. The Naira has been devalued to 168 to the dollar but it continues to slide none the less.

The Nigerian economy is set to grow 5.5% this year set from the revision of 6.4% previously. This revision was set by the Nigerian finance ministry led by finance minister  and renowned global economist Ngozi Okonjo-Iweala.

-SB