the close of 2015. Consequently, so long as the huge contrived disequilibrium between "eternally" surplus Naira and rationed dollar supplies persist, the Naira exchange rate would remain loyal to a southbound destination, even if crude oil prices once again rebound above $100/barrel and swells government revenue.
became evident when Ngozi Okonjo Iweala, the Finance Puma Fenty Creepers Red and Coordinating Minister of the economy noted at a recent media briefing in March 2015 that "the present fuel scarcity was caused by a number of factors, including the depreciation of the Naira'. The Executive Secretary, Petroleum Products Pricing and Regulatory Agency, Mr. Farouk Ahmed, was more categorical when he told the Senate Committee on Petroleum that "the scarcity currently being experienced across the nation was caused by two rounds of devaluation of the Naira carried out by CBN in November last year and this month (Feb 2015).
This reality is corroborated by the stagnation of the Naira exchange rate at about N150=$1, despite crude prices hovering well above $150/barrel, while exceedingly buoyant reserves provided more extended imports demand cover, than we ever thought possible about six years ago. Clearly, if government had recognized this clear relationship between fuel price and exchange rate, they would have also anticipated that lower crude.
arges, to increase subsidy well above N140/litre, if the domestic pump price remains regulated at N97/litre. The fact that this simple reality has finally dawned on the managers of Puma Fenty Creepers Suede
"Regrettably, despite over 20 percent Naira devaluation in recent months, the persistent imbalance between humongous surplus Naira and rationed dollar auctions has further fuelled speculation to drive Bureau De Change dollar rates above N220/$. Nonetheless, if the underlying causative factor of Naira surplus is not addressed, the gap between the present, official interbank rate of N198/$1 and the BDC rate of N220/$1 would continue to widen and it would not be unexpected if the Naira exchanges for N300/$ by Puma Creepers Shoes Sale USA