The naira fell by four per cent against the dollar to 187.05 at
the interbank foreign exchange market on Wednesday. This is
the highest fall in five years on a closing basis, according to
analysts.
Foreign exchange market dealers linked the development to
the Central Bank of Nigeria’s announcement that its
Wednesday’s auction at the Retail Dutch Auction System
window was the last for the year.
It was learnt that traders and importers, who could not
access the RDAS window, rushed to the interbank forex
market to place their demand.
This, dealers said, led to huge demand for the greenback at
the interbank market, forcing the interbank rate to close at
187.05, down from 180.50 on Tuesday.
The CBN, however, said the official window of the foreign-
exchange auctions would reopen on January 5, 2015.
Analysts said the central bank might need to defend the naira
at the interbank market regularly till the end of the year to
minimise pressure on the naira.
“Banks may start selling their stock of dollars at high premium
since the greenback is no longer available at the RDAS
window till next year,” the Head, Investment Research,
Afrinvest, a research and business advisory firm, Mr. Ayodeji
Ebo, said.
“The CBN will need to keep intervening at the interbank
market to keep the naira-dollar exchange rate stable for that
period,” he added.
A currency strategist at Ecobank Nigeria, Mr. Kunle Ezun, said,
“If the rate remains at this level tomorrow, we expect the
central bank to intervene in the interbank market with sales of
dollars.”
Meanwhile, the Brent crude oil price closed at $62.36 a barrel
on Wednesday.

http://www.punchng.com/business/money/naira-falls-most-in-five-years-to-187/

Whose fault.?


We insist on


resource control

Fiscal federalism


Privatization

Which are the fastest route to economic diversification


But your lovers up North said no


So whose fault

Nawaoooo, the thing still dey fall?

Naira will rise again. This is really affecting business.

WhiteTechnology:
Whose fault.?


We insist on


resource control

Fiscal federalism


Privatization

Which are the fastest route to economic diversification


But your lovers up North said no


So whose fault

ask G E J not me. okay?

mayorall:
Naira will arise again. This is really affecting business.

Naira will rise when we diversify our economy


The fastest route to achieve it is by encouraging Resource control , Fiscal federalism and privatization

adrelanine:
ask G E J not me. okay?

No ask your senators and representatives who opposed resource control, fiscal federalism and privatization.

Jonathan is really working.


Buhari for president jare

WhiteTechnology:
Whose fault.?


We insist on


resource control

Fiscal federalism


Privatization

Which are the fastest route to economic diversification


But your lovers up North said no


So whose fault

You are a liar. Jonathan's government is very bad in economic management. They are also corrupt. Please don't blame the problem on fiscal federalism or resource control. If Jonathan was still governor of Bayelsa (he was never elected to that post and could not have won any election in Bayelsa) the treasury would have been empty.
There is nothing you can do when you have an individual whose main goal in life and purpose I politics is to manipulate public support for financial gain.
We also have facts and figures of transfers of foreign currency out of Nigeria by individuals close to government officials. 99% of all contracts are inflated, there is a study on comparative costs of roads, bridges and building between Nigeria and Holland a country built on reclaimed land. This govt is EXTREMELY CORRUPT and incompetent.