Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,195,173 members, 7,957,378 topics. Date: Tuesday, 24 September 2024 at 11:46 AM |
Nairaland Forum / Nairaland / General / Business / Naira Falls To Record Low At 311 A Dollar (903 Views)
Naira Falls Against US Dollar / Naira Sinks To Record Low At N420 Against Dollar / Naira Hits All Time Low At Interbank Market (2) (3) (4)
Naira Falls To Record Low At 311 A Dollar by tafrica(m): 10:22am On Feb 05, 2016 |
Naira hits record low against the dollar and other major foreign currencies yesterday in the parallel market, extending the wide gap between official rate and that of black market. The naira, which has been hit by the collapse of crude oil prices, fell to 311 a dollar in Abuja and Lagos, some dealers reported. The British Pound Sterling was sold at N432 yesterday while the Euro exchanged at N331 at the parallel market. The interbank rate, as at yesterday, was 199.25 a dollar, 290.92 to Pound Sterling and 223.24 to a Euro. There are lots of pressure on the Central Bank of Nigeria (CBN) to devalue the naira in order to adjust to the reality due to the fall in the price of crude oil in the global market. Oil and gas generate about 95 per cent of Nigeria’s foreign exchange. In recent times, a barrel of crude has fallen to $27. The naira had lost about 30 per cent of its value at the parallel market following the suspension of the weekly auction to the Bureau de Change operators (BDCs) last month by the CBN. The governor of CBN, Godwin Emefiele, said recently that the widening gap between the parallel market and the interbank is not an issue as the parallel market is very insignificant to forex transactions. http://www.dailytrust.com.ng/news/business/naira-falls-to-record-low-at-311-a-dollar/132280.html |
Re: Naira Falls To Record Low At 311 A Dollar by ProsAutos: 10:23am On Feb 05, 2016 |
Where is falling to? |
Re: Naira Falls To Record Low At 311 A Dollar by Emekamex(m): 11:02am On Feb 05, 2016 |
2 Likes
|
Re: Naira Falls To Record Low At 311 A Dollar by Pidggin(f): 11:03am On Feb 05, 2016 |
Pounds don become gold, dollar na silver, yet PMB dey for UK dey sympathize with Syria. |
Re: Naira Falls To Record Low At 311 A Dollar by biafranbaby(m): 11:03am On Feb 05, 2016 |
The zoo is finished 1 Like |
Re: Naira Falls To Record Low At 311 A Dollar by Scholes007(m): 11:04am On Feb 05, 2016 |
...don't worry much all the govt needs now is to stop unnecessary importation, let's start producing. note not by foreign investors but local investors. Any economy built by the locals is best for business it is about time we stop tribalism and move on. Grant equally to all individuals and watch us all grow. Anyway I am looking for a fulani girl to adopt. |
Re: Naira Falls To Record Low At 311 A Dollar by Nobody: 11:06am On Feb 05, 2016 |
Our president is debating Syria issues in London. How did we get to this stage? 3 Likes |
Re: Naira Falls To Record Low At 311 A Dollar by biafranbaby(m): 11:16am On Feb 05, 2016 |
Scholes007: It good you are putting your repetitive nonsense in bold. Tell me which progressive economy is a local one? 3 Likes 1 Share |
Re: Naira Falls To Record Low At 311 A Dollar by biafranbaby(m): 11:16am On Feb 05, 2016 |
PROVACATEUR: He may be your president but he's not mine. 2 Likes |
Re: Naira Falls To Record Low At 311 A Dollar by danysi(m): 11:21am On Feb 05, 2016 |
Naira on its lowest ebb, hmm things will not remain thesame after this naira drop. lets our engineers and other professional start doing something for the benefit of our economy |
Re: Naira Falls To Record Low At 311 A Dollar by desmond122(m): 11:24am On Feb 05, 2016 |
CBN Gov Emefiele policy have ruin the naira, pack ur luggages ur days are number 1 Like |
Re: Naira Falls To Record Low At 311 A Dollar by rolchi(m): 11:24am On Feb 05, 2016 |
Scholes007: I agree. But with what do you start producing locally? Bare hands? Where is the machinery? Do we have the technology? These basic ingredients still need to be 'imported'. |
Re: Naira Falls To Record Low At 311 A Dollar by Scholes007(m): 11:52am On Feb 05, 2016 |
desmond122:naira's devaluation is inevitable in this situation so keep your blame game and produce something or you go into farming |
Re: Naira Falls To Record Low At 311 A Dollar by Scholes007(m): 11:54am On Feb 05, 2016 |
biafranbaby:I didn't get you right pls |
Re: Naira Falls To Record Low At 311 A Dollar by Scholes007(m): 12:03pm On Feb 05, 2016 |
rolchi:good questions. Thats why i said we locals should invest into... . It involves importing relevant and necessary machineries and technology. I said unnecessary importation should be stopped. Example why why lubricants while we can produce it locally. Why import steel while we have a viable steel industries. So you see necessary importations should be allowed until it is unnecessary. |
Re: Naira Falls To Record Low At 311 A Dollar by 989900: 12:13pm On Feb 05, 2016 |
Emefiele and Buhari need help -- fast! |
Re: Naira Falls To Record Low At 311 A Dollar by Swizdoe(m): 12:23pm On Feb 05, 2016 |
This is serious ckick on my signature and see how easy it works |
(1) (Reply)
Get Access To A Sure-fire Business Model With 6 Money Making Opportunities! / Hire Purchase Car Needed In Ibadan / Robust And Responsive Multi Vendor Ecommerce Script For Sale
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 24 |