Incredible...
As the new CBN policy took effect this morning, the market has seen
almost N100 taken away from the naira. As the Naira was quoted at
N253 against the dollar, and there are chances the rate could go
further down before the closing bell. The CBN last week, decided to
scrap its fixed exchange system and handsoff naira control. And it
looks like the policy is paying off right. The new policy will now
allow the market to ultimately determine naira value. I call this True
Forex.
So...no more dollar subsidy that never ceases to favour the rich.
This ultimately means that if you had $1000 in your account which was
what about N360,000 days ago,you would be what just N260,000 or less
by the end of today. But don't worry, your loss is the gain of over
160million Nigerians.
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