With Inflation at 16.5%,Nigeria Stumbles into the Reform Path-LBS EBS Jul 2016

Proshare

Tuesday, July 19, 2016/ 9.20AM / fdc

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After months of confused rhetoric, the Nigerian public were partially relieved to hear that Nigeria had accepted to adopt a managed floating exchange rate system. The euphoria was short-lived as the policy implementation appeared to be marred by glitches and structural defects.

Finally the CBN has allowed for the emergence of a true market with the Naira now headed towards N310/$ at the interbank and the parallel market rate likely to appreciate to N340/$ in August, after falling to N370/$.

These swings in the exchange rate are having a profound effect on sectors and businesses especially the rate of inflation now at an 11 year high of 16.5%.

The impact of the Nigerian response to crisis as it stumbles into the path of reform is discussed at this month’s LBS breakfast club by Bismarck Rewane and the FDC Think Tank. 

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