THE Central Bank of Nigeria (CBN) will probably lower its targeted trading range for the naira as dwindling foreign-exchange reserves and falling oil prices undermine its ability to halt the currency’s slide.

According to analysts at Lagos-based FBN Capital, Gregory Kronsten, policy makers may adjust the exchange rate to within a 3 percentage-point band of N160 per dollar from N155 over the next six to nine months.

The naira breached the target for the first time on a closing basis on June 7 and has ended trading above the peg each day since June 25 for a decline of 3.1 percent this year, according to data compiled by Bloomberg.

The naira traded above the band for the first time on a closing basis on June 7 on the interbank market and has ended trading above the peg each day since June 25. Nigeria’s central bank, which sells dollars at auctions on Mondays and Wednesdays to support the naira, sold $700 million last week, compared with $600 million the previous week, at 155.76 to 155.79 per dollar.

CBN Governor, Lamido Sanusi, in November 2011 devalued the midpoint of the bank’s exchange-rate range at its twice-weekly auctions from N150 naira. External reserves have declined more than 2 percent this month to $46.9 billion on July 18 as the apex bank boosted sales to meet demand amid declining oil prices, the source of more than 95 percent of Nigeria’s foreign exchange income.

The naira strengthened less than 0.1 percent to 161.18 per dollar as of 10:56 a.m. in Lagos. The currency has weakened 3 percent this year compared with a 0.5 percent decrease in the currency of Angola, which vies with Nigeria as Africa’s top oil producer.

CBN’s Spokesman, Ugochukwu Okoroafor, was not available for comment when contacted.
source Tribune

Unfortunate... are they not employing all these techniques they preach about to strengthen the naira?

Devaluation will affects lives because we consume imported goods and export nothing expect oil.Another SAP is coming

Fresh air!


Have they not devalued it already? Those of us in the import business know how the rate jumped from a steady 160 to between 163 and 165.

Should Jonathan not be stopped, he will ruin the country's economy to fund 2015 election.

blink182: Fresh air!


Have they not devalued it already? Those of us in the import business know how the rate jumped from a steady 160 to between 163 and 165.

Should Jonathan not be stopped, he will ruin the country's economy to fund 2015 election.

But how does this concern GEJ. No be SLS them mention?

Naira on the verge of equating with the cedis!

drnoel:
But how does this concern GEJ. No be SLS them mention?

GEJ disbanded prohibited goods that were band in Nigeria by Obj and has allowed for continuous importation of refined oil,among so many others things that affects the currency.

Dis clueless retardeen is a curse to dis nation

drnoel:
But how does this concern GEJ. No be SLS them mention?

to make it easy, the cbn is the mop up crew while the presidency is busy dumping shyt everywhere.

I don't even know what to type. I'm just typing whatever cos what i just typed is what my head tells me to.WTF am i talking bout?

Using our fustrated Naira makes it looks lyk money dnt have value generally, whereas it nt true... btw its an advantage to Nigerians abroad

All Ds Kpayan Wey Una Dey Talk No Clear To Me


Abeg Abeg.. Make Una Make Am $1 = N100.. At Least!!

Abeg naira should hit 200 Naira to Dollar...so that i can start pushing funds to 9ja for more profit...e no concern me if naira like make he hit 500 Naira to 1 dollar

Space for sale , bidding prices starts at N2500.






In unrelated news, PEJ and GEJ just sacrificed PEJ mother for 2015 election.

Iyanya

olas2u:

GEJ disbanded prohibited goods that were band in Nigeria by Obj and has allowed for continuous importation of refined oil,among so many others things that affects the currency.

what goods are you talking about ? pls mention

We will continue to go round in circles as a Nation until we put Agriculture in its rightful place and stop this crazy overdependence on Oil.

Its is also clear now that everything will be done by the political class to mopp up cash from circulation in preparation for 2015.

When Pastor Bakare said last year that Jonathan's destiny is to "balkanize and bankrupt" Nigeria, and that he must be stopped, many called him a sour loser. Here we are just one year on!

i am typing not as if i have sometin to say bt because i have to say something!!

Na wa ooo

Best line of action? Buy up as much dollars as you can to store value.when they are done devaluing the naira, exchange your dollars bit by bit for the naira.

i dont even know wat they mean..

but i need more money in my slim bank account

olas2u:

GEJ disbanded prohibited goods that were band in Nigeria by Obj and has allowed for continuous importation of refined oil,among so many others things that affects the currency.

The problem with ignorance is that you say things that make no sense and yet you say them confidently.

Now tell me, Nigeria produces 800,000 metric tonnes of palm oil and consumes 2.1 million Metric tonnes.
If you don't allow importation, where is the shortfall of 1.3 million metric tonnes going to come from. Don't you know the consequence on price if that kind of scarcity hits?? You need to know your facts before speaking ignorantly.

I think Sanusi is as confused as GEJ.
Another time he would be warning the FG against Spending during war,small time he'd want to change the polymer note;why can't him jus face dat his concubine and reason well for once?

[quote
author=eddiebruk]Abeg naira should hit 200 Naira to Dollar...so that i
can start pushing funds to 9ja for more profit...e no concern me if
naira like make he hit 500 Naira to 1 dollar[/quote]:
:
wetin u dey talk sef, if dem like make dem sell am for 5,000 Naira to a dollar, e no concern me.

Omen100: I have promised myself that, I ain't going to comment or contribute to any topic of discussion today & I hope, I am living up to my promise & also, its a known fact that one can't give out something from nothing because being broke is not funny at all

Dude calm down and drink garr.i

quiverfull: When Pastor Bakare said last year that Jonathan's destiny is to "balkanize and bankrupt" Nigeria, and that he must be stopped, many called him a sour loser. Here we are just one year on!

Funny thing is, GEJ will never be affected wen Nigerian economy crumbles.

It's the same unfortunate ones that support failure and destruction by his govt who will feel it for decades n decades to come.

†ђξ hadith of rasul(saw) is coming to pass whre paper money would crash A̶̲̥̅̊₪d̶̲̥̅̊ USA would transfer power to isreal A̶̲̥̅̊₪d̶̲̥̅̊ †ђξ sea of galilea dries up!!!!kfir @ work!!!

another sad news for nigerians at home but good news to those abroad

Okay.... u said so.