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Nairaland Forum / Nairaland / General / Politics / Nigeria To Devalue Naira As External Reserves Dwindle (14426 Views)
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Nigeria To Devalue Naira As External Reserves Dwindle by Nobody: 5:53am On Jul 23, 2013 |
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 1 Like |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by eightsin(m): 5:59am On Jul 23, 2013 |
Unfortunate... are they not employing all these techniques they preach about to strengthen the naira? 1 Like |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by Nobody: 6:10am On Jul 23, 2013 |
Devaluation will affects lives because we consume imported goods and export nothing expect oil.Another SAP is coming 2 Likes |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by Nomski0(f): 6:42am On Jul 23, 2013 |
olas2u: Devaluation will affects lives because we consume imported goods and export nothing expect oil.Another SAP is coming 6 Likes |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by Nobody: 6:53am On Jul 23, 2013 |
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. 5 Likes |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by drnoel: 6:55am On Jul 23, 2013 |
blink182: Fresh air!But how does this concern GEJ. No be SLS them mention? |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by Tolexander: 7:35am On Jul 23, 2013 |
Naira on the verge of equating with the cedis! 3 Likes |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by Nobody: 7:36am On Jul 23, 2013 |
drnoel: 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. 3 Likes |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by kkkp: 7:46am On Jul 23, 2013 |
Dis clueless retardeen is a curse to dis nation 2 Likes |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by Nobody: 8:38am On Jul 23, 2013 |
drnoel:to make it easy, the cbn is the mop up crew while the presidency is busy dumping shyt everywhere. 1 Like |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by DICKtator: 9:04am On Jul 23, 2013 |
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? 6 Likes |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by koolet: 10:04am On Jul 23, 2013 |
Using our fustrated Naira makes it looks lyk money dnt have value generally, whereas it nt true... btw its an advantage to Nigerians abroad 1 Like |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by Brimmie(m): 10:05am On Jul 23, 2013 |
All Ds Kpayan Wey Una Dey Talk No Clear To Me Abeg Abeg.. Make Una Make Am $1 = N100.. At Least!! 2 Likes |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by Nobody: 10:05am On Jul 23, 2013 |
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 |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by ochallo: 10:06am On Jul 23, 2013 |
Space for sale , bidding prices starts at N2500. In unrelated news, PEJ and GEJ just sacrificed PEJ mother for 2015 election. 3 Likes |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by Burger01(m): 10:08am On Jul 23, 2013 |
Iyanya |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by HOTWATER(m): 10:08am On Jul 23, 2013 |
olas2u: what goods are you talking about ? pls mention 1 Like |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by Royalty1(m): 10:10am On Jul 23, 2013 |
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. 6 Likes |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by quiverfull(m): 10:11am On Jul 23, 2013 |
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! 4 Likes |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by donPhill(m): 10:12am On Jul 23, 2013 |
i am typing not as if i have sometin to say bt because i have to say something!! 1 Like |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by fitzmayowa: 10:13am On Jul 23, 2013 |
Na wa ooo 1 Like |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by adahib: 10:15am On Jul 23, 2013 |
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. 1 Like |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by Omen100(m): 10:15am On Jul 23, 2013 |
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
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Re: Nigeria To Devalue Naira As External Reserves Dwindle by Nobody: 10:15am On Jul 23, 2013 |
i dont even know wat they mean.. but i need more money in my slim bank account |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by PapaBrowne(m): 10:26am On Jul 23, 2013 |
olas2u: 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. 5 Likes |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by Nobody: 10:27am On Jul 23, 2013 |
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? 1 Like |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by wordcat(m): 10:28am On Jul 23, 2013 |
[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. |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by DICKtator: 10:28am On Jul 23, 2013 |
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 |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by lacasa: 10:29am On Jul 23, 2013 |
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. |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by Abdul315(m): 10:32am On Jul 23, 2013 |
†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!!! |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by durap(m): 10:40am On Jul 23, 2013 |
another sad news for nigerians at home but good news to those abroad |
Re: Nigeria To Devalue Naira As External Reserves Dwindle by ogunteluwo(m): 10:44am On Jul 23, 2013 |
Okay.... u said so. |
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