Sanusi's Impact-CBN Stocks tumble, Naira falls on weak Nigeria

For some investors, it is an opportunity for business. For the country, it's back to currency devaluation after the loss of CBN governor, Mallam Sanusi Lamido. Just the second week after the controversia suspension to exit of Nigeria's best Central Bank Governor, the naira, is yet to stabilise.

CBN Stock continues to tumble as Central Bank of Nigeria (CBN) offered USD800 million but sold USD767.59 million to end users at its bi-weekly Retail Dutch Auction last week.

In simple terms it means that, the exchange rate at ‘black’ market is N172.00/USD. The removal of Sanusi is proving costly to the nation and Naira falls flat on weakened Nigeria.