Fresh reports reaching us suggests that President Muhammadu Buhari has finally bowed to IMF pressure, and he will soon devalue Naira according to Sahara Reporters
After months of insisting that he had no plans to devalue the naira, has caved to pressure to change course; SaharaReporters has learned from an exclusive briefing by a few top aides of the president.
A day after the Buhari administration increased the price of the pump price of fuel by 67%, from N86.5 to N145 a liter, our sources disclosed that Mr. Buhari has also agreed to demands by the International Monetary Fund (IMF) that he significantly devalues the Nigerian currency.
Our sources indicated that the naira would be pegged at N290 to one dollar. The current official rate is about N200 to a dollar.
Our sources said Mr. Buhari and his economic team took the decision to accept the IMF’s terms for funds that the Nigerian government wants to access to bridge a critical shortfall in revenue occasioned by a drastic decline in oil revenues.
An administration insider told SaharaReporters that Nigeria could receive as much as $3 billion in credit facilities from the IMF. “The truth is that Nigeria cannot operate without sourcing credit from the IMF,” said one of our sources, an economic adviser to Mr. Buhari, who spoke on condition of anonymity. “And the IMF was adamant that we must devalue before they can discuss extending credit to us,” he added. Click to signup for FREE news updates, latest information and hottest gists everyday
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N1 naira is technically equal to $1 dollar. Hehehehe.APC chanji! Sai Baba!
ReplyDeleteN1 to $1..... Campaign promise.... Now, N290 to $1... Changiiiiii
DeleteSaid buhari
ReplyDeleteNext time, you will vote for change again.
ReplyDeleteI thought he said devaluation was the same as murdering the Naira. Clueless, unstable govt full of traitors with no plan but to chop national cake and sponsor ethnic cleansing. Why will they not be changing face anyhow.
ReplyDeleteIt is clear that this administration is confused. I am beginning to loose hope in them.
ReplyDeleteThis means that major importers like Dangote will significantly raise prices of commodities as they would no longer enjoy the cushion of N199 to $1
ReplyDeleteUna neva see norin!!!
ReplyDeleteBuhari your twist your tongue like that of alligator. Campaign promises are N1 to $1,fuel price less than N87.00 among others. This year you have told this nation that by May, there will be fuel everywhere.
ReplyDeleteThe fight against corruption has gained Nigeria a wonderful title. If I say that your administration lacks merit that is an over estimation. Apc as a whole has failed the nation in all sphere and betrayed the thrust.
Have you seen that this country is greater than political parties talk less APC led government. Please do well and resign.