Breaking News: Fuel Pump Price May Reduce By Monday

The decision that's going to be taken by this current administration on







Monday, 20th June 2016, might either favor Nigeria's economy in all ramifications or get things more worst. 

The Central Bank of Nigeria, CBN, on Wednesday released modalities for the country's new flexible foreign exchange regime. It is expected by Next week Monday:

1. The pump price of petrol may reduce

2. The naira will appreciate against the dollar immensely at the black market

3. Scarcity will be reduced as dollar will be more available to buy

4. The gap between the official market and the parallel market will shrink

5. Round-tripping by dollar dealers (individuals and companies) will be massively reduced

6. The restrictions on naira cards abroad will be removed

7. Naira will get a new official price against the dollar when the market opens on Monday

8. Inflation rate will reduce

Check out.

Read This Important Comment By A Nairalander: The CBN policy is to effectively bring about a duo parallel rate at the official market. This will lead to officially devaluing the naira and thus see a fall in the naira. There will also be diversions of forex







by those approved to source at the subsidised rate of 199 since why should I bother importing raw materials when I can simply sell the forex I get from the CBN at a subsidised rate at the black market?

This is just another foolish policy that will create avenue for quick money for those allowed to access forex. The only solution is to float the damn naira already in an open bidding auction.