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Nairaland Forum / Nairaland / General / Business / Naira Depreciates To N270/dollar In Parallel Market (1501 Views)
Naira Depreciates To N355/$ / Naira "Strenghtens" To N270/Dollar At Parallel Market / Naira Situation Worsens, Falls To N270/$ (2) (3) (4)
Naira Depreciates To N270/dollar In Parallel Market by ifyan(m): 2:57am On Dec 17, 2015 |
*As CBN cuts supply to BDCs by 66% By Babajide Komolafe The Naira Wednesday depreciated further to N270 per dollar at the parallel market, following reduction of dollar sales to bureaux de change (BDCs) by the Central Bank of Nigeria (CBN). Vanguard Investigation revealed that from N260 per dollar at the close of business on Tuesday, the parallel market exchange rate rose sharply to N270 per dollar in Lagos, indicating N10 depreciation. But in Abuja, the parallel market exchange rate rose from N262 per dollar to close at N273 per dollar, indicating N11 depreciation. BDC operators, who confirmed this development to Vanguard, said that the sharp depreciation was due to further reduction in the weekly dollar sales by the CBN. President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe to Vanguard that though the CBN increase the number of BDCs it sold dollars to from 1,170 last week to 2,270 this week, it however reduced the amount of dollars sold to each BDC by 60 percent from $30,000 to $10,000. According to Mr. Harrison Owoh, Chief Executive Officer, H.J Trust BDC, the decision of the CBN aggravated the demand situation in the market. “There is huge volume of unsatisfied demand in the market. We had to turn down lots of request for dollars because of there is no dollars to sell to them”, he told Vanguard. An Abuja based BDC operator, who spoke on condition of anonymity told Vanguard, “The dollar is selling at N273 in Abuja this evening. It was N262 in the morning. We are surprised at the pace of depreciation, because we can’t explain why it just went up by such margin in one day”. Commenting on this development, Director, Corporate Communications, Central Bank of Nigeria (CBN), Ibrahim Mu’azu said that the reduction in dollar sales to BDCs is part of the demand management of the CBN in the foreign exchange market. He said that the depreciation of the naira to N270 per dollar is a speculative reaction to the development. “The rate is not sustainable”, he said. “This is because there are still other windows for end users to buy dollars at lower rate. They can buy dollars at the official rate from the deposit money banks, and from Travelex inside the airport. So by the time people know about these alternatives, the reaction in the parallel market, and the exchange rate will calm down.” Further investigations reveal that the naira also depreciated heavily against the British Pounds. From N365 per Pounds at the close of business last week, the parallel market exchange rate rose sharply to N385 per Pounds at the close of business yesterday. In addition to the reduction in dollar sales by CBN, foreign exchange supply from autonomous sources is thinning due to hording. “People are hording their dollars in anticipation of further depreciation of the naira, while some are demanding higher exchange rate before they sell,” said the Abuja based BDC operator. The anticipation of further depreciation is been driven by speculations that the reduction in dollar sales by the CBN might be followed by outright cancellation of the weekly dollar sales programme which was introduced in 2006. “The naira will hit N300 per dollar, if the CBN cancels the weekly dollar sales, projected the Abuja BDC operator.” Recall that last week the CBN introduced revised guidelines for BDCs which tightened regulation of BDC operations. Among other things the apex bank banned BDCs from having branch directing them to close all their branches within 90 days. The new guidelines also banned BDCs from having business relationship with street currency hawkers, saying it would revoke the operating license of any BDC with business relationship with street currency hawkers. Source: http://www.nairausd.com/2015/12/naira-depreciates-to-n270dollar-in.html?m=1 Twitter@nairausd Follow me on Facebook@ifyan ify
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Re: Naira Depreciates To N270/dollar In Parallel Market by ogb5(m): 3:03am On Dec 17, 2015 |
Kai Buhari 2 Likes |
Re: Naira Depreciates To N270/dollar In Parallel Market by ifyan(m): 3:11am On Dec 17, 2015 |
ogb5: Guy you toooo much. |
Re: Naira Depreciates To N270/dollar In Parallel Market by Wonderboy1(m): 3:27am On Dec 17, 2015 |
seriously getting bad for Nigeria economy..... #change indeed. 2 Likes |
Re: Naira Depreciates To N270/dollar In Parallel Market by ifyan(m): 3:29am On Dec 17, 2015 |
Wonderboy1: Welcome to change 4 Likes 1 Share |
Re: Naira Depreciates To N270/dollar In Parallel Market by Omenkata: 3:59am On Dec 17, 2015 |
*faints * die baba die die die die die die die die die die die die die Insha'Allah amin 1 Like |
Re: Naira Depreciates To N270/dollar In Parallel Market by talktimi(m): 4:05am On Dec 17, 2015 |
GEJ should be impeached, he have destroy our economy. Sai Baba 1 Like 1 Share |
Re: Naira Depreciates To N270/dollar In Parallel Market by opalu: 4:36am On Dec 17, 2015 |
It is well with Nigeria |
Re: Naira Depreciates To N270/dollar In Parallel Market by BekeeBuAgbara: 4:38am On Dec 17, 2015 |
Electing Buhari is one of the worst mistakes in Nigeria's history, still some zombies come online to tell you things are moving fine, ask them to pinpoint what Buhari has done since May 29, they will remind you of ''PDP 16 years misrule'' as if most of APC members were not part of PDP. 1 dollar=270 naira, what a change. 3 Likes 1 Share |
Re: Naira Depreciates To N270/dollar In Parallel Market by olaboy33(m): 4:41am On Dec 17, 2015 |
next we hear is hw much GEJ stole again ............baba time waits for no one..take the bold steps now 1 Like |
Re: Naira Depreciates To N270/dollar In Parallel Market by rifasenate11(m): 4:48am On Dec 17, 2015 |
i no longer complain about this, every time i hear of the fall of Naira, i just know that Nigeria is reaping the fruits of our mistakes, mistakes of gullibility, mistakes of assumptions, mistake of ethnicity, mistake of religious affiliation, our government system is just an example of failure, our elected leaders sees that position as their time to shine and dash out, responsible office to their party supporters and political friends, be it who whether qualified or not. WE ALL WANT TO MAKE MONEY FROM NIGERIA, the leaders have nothing more to offer, just waiting for the day it will all end, as for me, i have only to get what i can a leave this country for them.. until we all reject greed and corruption, we are always going to be at lost in the future. i wonder what Naira to dollar will be in 2022, i foresee 1$ = #500. |
Re: Naira Depreciates To N270/dollar In Parallel Market by ERAKAMUS: 4:52am On Dec 17, 2015 |
Bull.ari has succeeded in DESTROYING NIGERIA. #PATAPATA. 1 Like |
Re: Naira Depreciates To N270/dollar In Parallel Market by Pavore9: 4:54am On Dec 17, 2015 |
This is getting out of hand! 2 Likes 1 Share |
Re: Naira Depreciates To N270/dollar In Parallel Market by Billygee2u: 4:56am On Dec 17, 2015 |
may God help his children in Nigeria to survive the future hardship awaiting Nigerians |
Re: Naira Depreciates To N270/dollar In Parallel Market by Demmocrats(m): 5:02am On Dec 17, 2015 |
Re: Naira Depreciates To N270/dollar In Parallel Market by Standing5(m): 5:07am On Dec 17, 2015 |
Jonathan should cough as much as possible o3 what he has hidden. |
Re: Naira Depreciates To N270/dollar In Parallel Market by Ferdinandu(m): 5:11am On Dec 17, 2015 |
Nigerian Naira officially taking over from Zimbabwe dollar |
Re: Naira Depreciates To N270/dollar In Parallel Market by Pidggin(f): 5:12am On Dec 17, 2015 |
After seven months of fighting kuaruption, Bubu's propaganda government will still blame this on GEJ, what a scam. |
Re: Naira Depreciates To N270/dollar In Parallel Market by Billygee2u: 5:17am On Dec 17, 2015 |
Ferdinandu:if I send $ now to Nigeria ,it's going to give me much Naira,but yet, I am not happy how Naira have been murdered in a cold blood,untimely. blame those northern oil well owners that have milked Nigerian resources dry. leave the shores of Africa and see how their children are lavishing money with their luxirious life styles. youths in Nigeria are there praising and dying for those wicked politicians, while their kids are wasting their collective treasury abroad. what a shame? 1 Like |
Re: Naira Depreciates To N270/dollar In Parallel Market by Nobody: 5:19am On Dec 17, 2015 |
. 1 Like |
Re: Naira Depreciates To N270/dollar In Parallel Market by bros12345: 5:32am On Dec 17, 2015 |
Dont worry. Buhari if pighting kworuption. These guys dont know that you dont just create news to divert people's attention on what is really happening. The next news you will hear is that GEJ stole 200 billion dollars, that's why naira is depreciating. Instead of assembling the economic team and asking serious questions on what is happening and the way forward, these guys are using media to rule and diver attention. No problem. I pity these youths on nairaland who have no job, fighting over first to comment, biafra protest, shites protest, etc, instead speaking out and holding these leaders to account 1 Like |
Re: Naira Depreciates To N270/dollar In Parallel Market by dejonathan(f): 5:49am On Dec 17, 2015 |
Shebina Dollar Cost No Be Garri..Tank God |
Re: Naira Depreciates To N270/dollar In Parallel Market by emmyclassic(m): 5:50am On Dec 17, 2015 |
APC is scam... Are they not the same refineries that APC told us (bearly 1 month he was handed over; b4 the appointment of his saints [sic] cabinet) to start cheering because PMB's body language has made them to start functioning to the tone of over 60% of their install capacity and that 100% is assured by December. Among which is the failed Kaduna refinery which gets its crude oil through pipeline thousands of miles from Niger delta creeks He therefore inferred that since Liar Moh'd can confirm that his body language can perform wonders in all sectors including Power, oil and gas...that having noise makers [sic] ministers will just be mere formalities. On the other new Fashola has opined that Nigerian would get 24/7 power supply if they can afford his proposed tariff hike. Yet U have not attracted any single new investment in power sector since APC 7 months rein. Production is at abt 5000Mw while we needed at least 40000MW to achieve what Ur saying Why has God decided to punish Nigerians with APC? 1.U want to toll federal roads that was free 2. U want to increase electricity bill 3. U want to increase fuel pump price by N10; when PDP removed N10 close to election U said it was political move that price of crude oil in int. market should crash fuel to N40/L 4. U want to remove subsidy on petroleum products 5. U want to reduce minimum wage 6. U can't pay Federal and state workers promptly 7. U can't regulate the exchange rate $1 = N260 8. U clamping down on business men and drivers of economy, U have denied importer forex 9. U are violating court rulings, and human rights, witch hunting the opposition parties 10. Ur a plague, Ur evil 2 Likes |
Re: Naira Depreciates To N270/dollar In Parallel Market by BekeeBuAgbara: 5:50am On Dec 17, 2015 |
davidante27:Get out joor, this is getting stale. People are complaining bitterly about the bad state of the economy under Buhari and you're here typing nonsense . Did Nigerians voted for Buhari to always remind them of how bad Jonathan's administration was? 1 Like |
Re: Naira Depreciates To N270/dollar In Parallel Market by sexaddict08(m): 6:52am On Dec 17, 2015 |
emmyclassic: hahaha... still GEJ is the clueless man that destroyed Nigeria |
Re: Naira Depreciates To N270/dollar In Parallel Market by ishiamu(m): 7:07am On Dec 17, 2015 |
Omenkata: LoL So this naira never discover oil yet? |
Re: Naira Depreciates To N270/dollar In Parallel Market by dav8id(m): 8:02am On Dec 17, 2015 |
Breeze of change sai baba |
Re: Naira Depreciates To N270/dollar In Parallel Market by ifyan(m): 10:11am On Dec 17, 2015 |
talktimi: Are you still at sleep or in coma |
Re: Naira Depreciates To N270/dollar In Parallel Market by ifyan(m): 10:20am On Dec 17, 2015 |
olaboy33: Na true yarn you yarn |
Re: Naira Depreciates To N270/dollar In Parallel Market by talktimi(m): 10:21am On Dec 17, 2015 |
ifyan:let me ask Ifa |
Re: Naira Depreciates To N270/dollar In Parallel Market by ifyan(m): 10:22am On Dec 17, 2015 |
talktimi: From the authority bestow on you are permitted |
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