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Nairaland Forum / Nairaland / General / Business / Naira Drops To 241 Against Dollar (649 Views)
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Naira Drops To 241 Against Dollar by kriztovar(m): 1:46am On Jul 14, 2015 |
The naira hit another record low of 241 against the dollar at the parallel market on Monday as the Central Bank of Nigeria’s restrictions on foreign exchange sale fuelled unofficial trade in dollars, Reuters reported. The ban on importers from accessing the Nigerian foreign exchange markets for the importation of 41 items had led to the volatility of the naira- dollar exchange rate at the black market. Since June 23 when the new forex rule became operational, the naira has fallen by 10.5 per cent from 218 to 241 against the greenback. Foreign exchange dealers said the artificial scarcity of the United States currency still pervaded the market. The new forex rule had led to huge demand at the parallel market, causing dealers to hoard the dollar in anticipation of further fall in the naira Economic analysts had said the CBN needed to devalue the naira to allow the local currency achieve an equilibrium price against the dollar. The central bank had however said it would not be focusing on the thinly-traded parallel market when determining the exchange rate, adding that people preferred to use the unofficial market for undocumented transactions. Foreign investors had been on the sideline, waiting for the CBN to devalue the naira before investing in naira-denominated assets. Local and foreign analysts had predicted that the naira might hit 250 against the dollar at the parallel market any time soon if the artificial scarcity trend continued. The central bank appears to be in a fix as the spread between the official and parallel market continues to widen by the day. Meanwhile, stocks fell to a more than three- month low and the naira on Monday, Reuters reported. The local bourse, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, dropped for the ninth consecutive day as investors shed banking, consumer and oil shares. Source : http://www.punchng.com/business/money/naira-drops-to-241-against-dollar/
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Re: Naira Drops To 241 Against Dollar by kriztovar(m): 1:47am On Jul 14, 2015 |
Fp tinx |
Re: Naira Drops To 241 Against Dollar by braimeddy: 1:52am On Jul 14, 2015 |
9ja which way na. Is this d CHANGE they have all been shouting about? 1 Like |
Re: Naira Drops To 241 Against Dollar by Shortyy(f): 1:53am On Jul 14, 2015 |
. |
Re: Naira Drops To 241 Against Dollar by Karlman: 1:53am On Jul 14, 2015 |
THATS THE RESULT OF YOUR VOTE DEAL WITH IT AND STOP COMPLAINING 1 Like |
Re: Naira Drops To 241 Against Dollar by talentedjoe(m): 1:56am On Jul 14, 2015 |
Today is my birthday.Nairalnders please show me some ''loves'' |
Re: Naira Drops To 241 Against Dollar by bdidi: 2:07am On Jul 14, 2015 |
Re: Naira Drops To 241 Against Dollar by dayus444: 2:15am On Jul 14, 2015 |
What's really going on in our dear country? |
Re: Naira Drops To 241 Against Dollar by ArchEnemy(m): 2:16am On Jul 14, 2015 |
Karlman:You think so? Or that water is seeping through cracks that were already made |
Re: Naira Drops To 241 Against Dollar by Tallesty1(m): 2:19am On Jul 14, 2015 |
$1+one chance = N1 |
Re: Naira Drops To 241 Against Dollar by Davijunson: 4:22am On Jul 14, 2015 |
Don't Blame PMB.. its not his fault. it's jes that Gravity seems to have fallen in love with Naira that it doesn't want to let her go. |
Re: Naira Drops To 241 Against Dollar by boboLIL(m): 5:01am On Jul 14, 2015 |
B00hari wats happening? Can't u see this cap doesn't suit u? Chai,,, GEJ come oh |
Re: Naira Drops To 241 Against Dollar by Ugik(m): 5:49am On Jul 14, 2015 |
Dats a great news.................... |
Re: Naira Drops To 241 Against Dollar by jaybee104(m): 10:13am On Jul 14, 2015 |
Oh my lovely naira na even drop e drop. Jesos |
Re: Naira Drops To 241 Against Dollar by Truth234(m): 11:31am On Jul 14, 2015 |
It is expected to even drop further because Iran just sealed an agreement with world powers yesterday in Vienna. If the deal finally survived review we should be expecting more oil in an oversupplied market which will further reduce the price. Brent dropped 2.1% to $56.63 a barrel this morning because of the news, Nigeria will be affected more because of our overly dependent on oil. |
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