[size=20pt]Experts predict naira to dollar at 250…local currency falls further to 232[/size]

Economic and financial analysts on Thursday predicted that the naira might crash to 250 against the United States dollar at the parallel market in the next two weeks following the trading of the currency against the greenback at 232.

They said the best action might be for the Central Bank of Nigeria to devalue the currency to say 240 or 250 to mitigate a looming major economic crisis.

The development means the national currency has lost 6.4 per cent of its value against the US currency within the space of 10 days at the parallel market.

The slide in naira value at the parallel market started last Wednesday when the Central Bank of Nigeria banned importers of 41 items, including rice, textiles and private aircraft from accessing their forex needs at the foreign exchange market.

The naira had fallen to 220, 223, 226.5, 228 and 230 against the dollar at the parallel market in the past 10 days following the new forex rule.

“We are probably heading for a twin economic crisis of high exchange rate and high inflation rate if we don’t quickly nip it in the bud. Going by the way the naira is falling, it may hit 250 against the dollar at the parallel market if nothing is done to reverse the trend,” a currency strategist and analyst at Ecobank Nigeria, Mr. Kunle Ezun, told our correspondent.

“For me, the best thing may be for the CBN to devalue the naira. The truth is that there is no dollar out there at all,” he added.

The Head, Research and investment, Sterling Capital, Mr. Sewa Wusu, said the “onus lies on the CBN to devalue the naira before it is too late.”

He said, “The market is reacting to the expected devaluation of the naira, which ought to have been done before now. What is actually pushing the naira southward is the banning of 41 items from the forex market.

“The CBN needs to devalue the currency. It needs to act fast. Even the foreign investors are waiting on the sidelines for the CBN to devalue the naira. They have stopped investing in naira-denominated assets for now.”

The Acting President, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, who had predicted that the naira would hit 230 against the dollar following the new forex rule, forecast the currency to trade at over 250 against the dollar at the parallel market soon.

“Going by the way the naira is falling, it may fall below 250 in the coming weeks,” he said.

The central bank had said it stopped forex sale to importers of the 41 items in order to preserve the external reserves, boost local industries and employment generation.

But the policy, which has pushed huge forex demand from the interbank (official) market to the parallel (black) market and the Bureau de Change retail segment, has led to artificial scarcity of the dollar and other major foreign currencies as operators now hoard them in anticipation of higher prices.

http://www.punchng.com/business/business-economy/experts-predict-naira-to-dollar-at-250local-currency-falls-further-to-232/

https://samueliyanu./2015/07/03/all-hail-our-brother-the-perfect-plumber/

Imagine, the FG needs to get some key appointments made, especially those related to this, MAY OUR NAIRA NOT BECOME LIKE ZIMBWEAN DOLLAR

ok

generaliy07:
https://samueliyanu./2015/07/03/all-hail-our-brother-the-perfect-plumber/

Imagine, the FG needs to get some key appointments made, especially those related to this, MAY OUR NAIRA NOT BECOME LIKE ZIMBWEAN DOLLAR

Its already more like it...

[img]http://assets.bwbx.io/images/iAcfpBw5vd8I/v2/1200x-1.jpg[/img]
[size=20pt]Nigeria, look at your president[/size]

Which kind old man be this self Chai this one pass one chance aswear!!!

When GEJ was president, were we not hearing of the need to devalue the naira. Which they couldn't do before election out of the fear of the masses? This is what this CBN governor is now doing. This devaluation is a fall out from GEJ's government and this CBN governor being clueless on how to prevent it

That's what happens when you support a COUP PLOTTER from the 1970s/1980s as President in the modern era of 2015. Are they not fools, the people saying SAI BUHARI. Now look, your country will now be officially declared by UN as the Ni.gga Area aka Nigeria

Mr President, with due respect, i dont want to believe those names NLders have given you. I believe you have a Good and Robust agenda for Nigeria hence, your delay of the Ministerial Lists. Nigeria is bleeding profusely now-- Economically,Securitically,Tribalistically,Psychologically.... Everything "Ically" because of the delay in allocation of Ministers to head each positions. The mode of the country is nothing different than a Plane-In-Flight but on AutoPilot mode.
Nigerians are patiently awaiting your Ministerial Lists and they are doing that painfully. They are paying the price of the delay with much patriotism because they believed you want to select the "Best Eleven" to work with you and because we believe you want to painstakingly select your cabinet...

B U T

If at the end of the day, Our Sacrifices are not worth it, AHHHHH!!! Your NairaLand Monikers will be longer/bigger than Nigeria Budget itself.

Nigerians wont listen to "when i now".
Nigerians are looking forward to how your 1st Hundred days in office will be like.

The EAGLE'S-EYES Nigerians are watching CLOSELY

There is actually no Difference between a Plane on AutoPilot and Nigeria without Ministers.
It's like a Bread without Butter, Tea without Honey, Rice without Soup, shirt without trouser, shoes without socks, Couples without child(ren), Snake without Head.

The only thing stopping people from using Snake as Rope is its head. Nigeria is really vulnerable economically and security-wise if the issue is not addressed ASAP.

IS NIGERIA ON AUTOPILOT??

With juicy campaign promises and bashes towards Gej govt, i thought this govt will do better but it all seems to me that we've been played.

Nigeria is in for a long nightmare. It's getting crazier by the day.

Let's try the industrialization of Nigeria under Buhari. Though it failed under Obasanjo, it has a better chance under Buhari.

Buhari Dullardhino, where is #1 =$1.........? Contrary to this, Dullardhino have only succeeded in giving us #232 = $1..... Baba Goslow....

Time to do swift biz.

This is what we with foresight were trying to avoid. GEJ wasn't perfect but he was the best we ever had. You never know a good thing until you lose it...

This is OLD news. This has been said looong before that clueless fisherman handed over. It has absolutely nothing to do with PMB. CBN has been defending the undefendable since the clueless one and his satanic vampires sucked the nations wealth dry for the elections.

January 29 2015

Analysts predict naira devaluation to N215/$
Analysts have predicted that the naira will be further devalued to N215 per dollar saying the current official exchange rate does not reflect the fair value of the currency.
http://www.vanguardngr.com/2015/01/analysts-predict-naira-devaluation-n215/

January 6 2015

CBN may further devalue naira after elections
“After the elections, the naira will sell above 220 against the dollar at the parallel market. And it is also noteworthy to say that the CBN will devalue the naira again after the February elections. The reason is due to the falling oil prices and the current demand pressure we are witnessing on the dollar,” the Acting President, Association of Bureau de Change Operators, Mr. Aminu Gwadabe, told our correspondent in an interview on Monday.
http://www.punchng.com/business/business-economy/cbn-may-further-devalue-naira-after-elections/

Feb 10, 2015

Analysts predict further depreciation of naira
According to analysts at the Renaissance Capital, “We see no respite in the short term and expect further naira depreciation to N220/$1 over the coming year. This has a significant impact on our input cost forecasts for the consumer companies under our coverage in 2015 financial year. As a result, we have cut our 2015 financial year earnings forecasts and TPs across the group.
http://www.championnews.com.ng/analysts-predict-further-depreciation-of-naira/

Did anybody listen to the CBN Governor's interview on channels yesterday? It was a shame. No doubt, we need Soludo back

Ikengawo:
[img]http://assets.bwbx.io/images/iAcfpBw5vd8I/v2/1200x-1.jpg[/img]
[size=20pt]Nigeria, look at your president[/size]

Will always be better than your president (GEJ).

This is bad.

biafranqueen:
This is what we with foresight were trying to avoid. GEJ wasn't perfect but he was the best we ever had. You never know a good thing until you lose it...

The exchange rate when GEJ assumed power was N150 to the dollar. GEJ would only be better if the rate had stayed as he met it or if he'd reduced it to N1 to N149 to the dollar.

Let stop being economical with the truth, the official rate remains largely stable at 196 - 199 band. Its the job of the Governor Central Bank to manage the exchange rate.

mensdept:
That's what happens when you support a COUP PLOTTER from the 1970s/1980s as President in the modern era of 2015. Are they not fools, the people saying SAI BUHARI. Now look, your country will now be officially declared by UN as the Ni.gga Area aka Nigeria

which kind sentimental post is this sef. This crisis started during the latter stage of GEJ administration.

Gej was the best Nigeria have had in recent times but he lacked a good media team to project his works.

This was what the lady that does Moments With Mo told him in an interview. His media team were so dulling.

As for Buhari, his I too know attitude and self righteousness won't let him have the best hands, I can bet on that.

This maybe unfair to the average man on the street, but for those that earn their money in had currency, it could be liken to miracle.

Our president hs more importtant things to thnk.
By dis time next year US Dollars go equal his dream.

The blog that discusses, politics, literature, sports, entertainment, science, proverbs nd tutorials all in the Igbo language. Giving massive international presence to Igbo Language.promote www.odeniigbo..com

Impeach Buharinow before it becomes too late

Very soon it will increase to N350 per dollar. What a dullard president we have. Posterity will never forgive all those who were instrumental in the removal of Goodluck Jonathan.

Am watching.

The same people shouting change are now confused,now between yu guys and Goodluck who is clueless?