Nigeria phone instant phone sex


05-Jul-2016 06:01

There will only be one exchange rate and the bank will intervene in the market “as the need arises,” Governor Godwin Emefiele told reporters in Abuja, the capital, Wednesday.

Cited by Bloomberg, Emefiele said that “we’re talking about an open, transparent two-way system.

That would be positive.” To others, such as Nigeria's 175 million-strong population, this means that Nigeria is about become the next Venezuela, with imminent hyperinflation on deck, as prices soar to keep up with the collapse in the spot rate.

The naira will probably trade in a range of 280 to 350 against the dollar after the central bank implements its decision, analysts at Johannesburg-based Rand Merchant Bank said in a note on Wednesday before the announcement.

It’s intended we don’t have speculators and rent-seekers.

I don’t expect that any other exchange rate will be recognized.” As Bloomberg adds, Emefiele has faced calls for more than a year to devalue the currency, as other oil exporters from Russia to Kazakhstan and Angola have done, amid a rout in crude prices since mid-2014 to around a barrel.

Nigeria's GDP contracted in the three months through March for the first time since 2004 and inflation accelerated to 15.6% in May, the highest rate in more than six years. To be sure, the market reaction was instant: three-month non-deliverable naira forward contracts, already trading at a high premium to spot, surged as much as 9.5% to a record 333 per dollar after the announcement, suggesting traders expect the currency to trade around that level in the market, compared with the current official rate of 199.

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Instead of depleting its much needed (and virtually non-existent) foreign reserves, the Central Bank of Nigeria will select a group of around 10 primary dealers through which the naira will be traded.

Of course, what is bad news for the population is great news for capital markets, and since the central bank will have more reserves left now that primary dealers will be left holding the bag on FX trading (and thus devaluing the naira with double digit precision), it means that Nigeria will have more dollars left to pay off its liabilities.



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