The declining fortunes of the Naira continued, yesterday, as it suffered another182 kobo depreciation at the foreign exchange auction conducted by the Central Bank of Nigeria, CBN.
The results of the bi-weekly auction showed that the official exchange rate rose to N158.41 to the dollar at the end of the session, from N156.59 at the last auction on Monday. This translates to 182 kobo depreciation for the Naira against the dollar, and the largest depreciation at the official market since November 2011. Cumulatively, the Naira has lost 202 kobo at the official market this week, and 265 kobo this month.
Meanwhile, the CBN yesterday reduced dollar sales at the official auction by 72 percent. Results of the bi-weekly Retail Dutch Auction System, RDAS, session held yesterday showed that the apex bank reduced dollar sale to $114.04 million, from $397.33 million sold on Monday. This represents the lowest dollar sale in any RDAS session since January 21st this year when the apex bank sold $100 million.
The reduction in dollar sales, and depreciation of the Naira, indicate that the CBN has decided to protect the nation’s external reserve instead of defending the Naira.
- See more at: http://www.vanguardngr.com/2014/11/cbn-depreciates-naira-182-kobo/

Good step in the right direction.

myhoodlink:
Good step in the right direction.

Did you by any chance attend economics class while in school or you merely wanted to be FTC?

Kirinwa:


Did you by any chance attend economics class while in school or you merely wanted to be FTC?

Lol. That hurts.

Damn Naira loosing value ohhh. let me holla at my friend in Canada. please send me 100 dolars

FG should recall Soludo Charles

Because Sanusi Lamido Sanusi and Godwin Emefiele both past and present failed us Big time...

Dumb people in position of authority.

How can the naira be stable or appreciate when multi nationals transact in foreign currencies in NIgeria.

Yes I said so or have you not heard that shell and chevron and the others pay their contractors 60% in dollars while only 40% is paid in naira. gradually , the naira would become fcucked for life

Kirinwa:


Did you by any chance attend economics class while in school or you merely wanted to be FTC?

One point you fail to understand is that using external reserve to servicing the naira today may backfire too in the nearest future. Let the naira finds it's own bearing (place) among world currencies. Guess that's what CBN is trying on now. Try read the last paragraph again please. Thanks.

I pray and hope naira finds a better place to settle... Atleast this is better than defending it with our reserve which JEG is killing already