The naira hit a record low of 325 to the dollar at the parallel market on Thursday as desperate importers scrambled for dollars to meet their obligations overseas.

The local currency had closed at 318 against the greenback on Wednesday, after hitting 313.5 and 310 on Tuesday and Monday, respectively.“The dollar is falling because importers need forex to bring in their goods. They cannot keep on folding their arms because there is scarcity; they must keep buying; the only thing is that the quantity may reduce,” a forex dealer told our correspondent under condition of anonymity.

The CBN has left the official exchange rate unchanged at N197 to the dollar on its official interbank window.

“We see the naira falling further in coming days if the central bank fails to lift the dollar restriction,” the Acting President, Association of Bureau De Change Operators, Aminu Gwadabe, said.Tumbling global oil prices have battered Nigeria’s oil-dependent economy, with external reserves down to an 11-year low at $27.89bn on February 9, Reuters reported.

President Muhammadu Buhari is concerned that further depreciation will hurt poor Nigerians, but the CBN’s refusal to revise the pegged exchange rate has widened a chasm between official rate and the parallel market.Last month, the central bank halted dollar sales to the BDC operators and allowed commercial banks to accept dollar deposits, in a failed effort to shore up dwindling foreign reserves.

Around 90 per cent of the nation’s foreign exchange earnings come from crude oil exports, but mismanagement of the refineries means the country must also import expensive refined fuel.The Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, said it was high time the CBN came up with a forex policy that would address the forex crisis confronting the nation.

In an economic note released on Thursday, Rewane said, “Nigerians are perplexed at the endless slide of their currency, which is now trading at N325/$, the lowest point ever.“This is happening even when the oil price is up at $31pb. The debate as whether to devalue the naira is not the real issue. The discourse should be whether we need an exchange rate policy or not. The absence of a policy is a recipe for economic anarchy and a race to the bottom.”

http://www.punchng.com/naira-falls-325-dollar-shortage/

I changed #330 dollar to Naira

Hmmmmm

.....and my school fees at Roosevelt University, Illinois is $18000 . what do I do now

Technically, the naira is still trading at 198 naira

Technically, Boko Haram have been defeated

Technically, Buhari is fighting corruption even though he is playing the ostrich over Amaechi

Technically, Nigerians are criminals apart from St Buhari and Hajiya Aisha and their disciple ministers


Technically, Aisha is not the first lady even though she attends international conferences organised for and by first ladies while being ferried in presidential jet

Technically, Osinbanjo is vp even though a mere commissioner

Technically, Buhari's only certificate is still with the army.

Technically, Budget scam is the handwork of koworpt civil servants

Technically, Jonathan bought arms but they only kill oyibo and not bokos with juju

Technically, liar mohammed remains a lying bastard until proven otherwise.

Technically, Zahra is a virgin.

Sai Barber!

9jvirgin:
.....and my school fees at Roosevelt University, Illinois is $18000 . what do I do now

Sell your kidney or get your virgin butthole into gay p0rn

I am still waiting for it to hit 400 naira, so I can sell off my 100k dolls "Dasuki's share"

Where are the zombies?

elbinmanny:
Where are the zombies?

They are basking in that warm beaker

[img]http://sallyember.files./2014/02/frog-heat-beaker.jpg[/img]

When the naira crashes to 500 to a dollar dem go wake up.

they will soon take dier blametocin capsules to cure the headache dis news might carry

Lalasticlala abeg wetin punch talk na true?

Someone told me the dollar would get to 500 to the naira by the end of this year, I doubted him.

341

Jaysuuuuuuuuuuuuuuuuuuuuuuuuuu!!!!

Change is HIA ooooooo. . . . . !

9ja which way?

When I hear news like this, I feel bad.

Chai. This is getting out of hand.

Please who knows how much gtb and diamond bank charge per dollar

Buhariiiiiiiiiiiiiiiiii
Maka why?
Why?
And you still leave that incompetent CBN boss in office.
Confused man.

ZombieNation:
Technically, the naira is still trading at 198 naira
Technically, Boko Haram have been defeated
Technically, Buhari is fighting corruption even though he is playing the ostrich over Amaechi
Technically, Nigerians are criminals apart from St Buhari and Hajiya Aisha and their disciple ministers
Technically, Aisha is not the first lady even though she attends international conferences organised for and by first ladies while being ferried in presidential jet
Technically, Osinbanjo is vp even though a mere commissioner
Technically, Buhari's only certificate is still with the army.
Technically, Budget scam is the handwork of koworpt civil servants
Technically, Jonathan bought arms but they only kill oyibo and not bokos with juju
Technically, liar mohammed remains a lying bastard until proven otherwise.
Technically, Zahra is a virgin.

Dude you dont need all these. Rather come up with an innovative idea , and let's watch this country grow.


Fall in Oil prices is the reason for this and that is what you should be saying and not blaming those who are trying to strengthen the Naira by Not devaluating it.



That is their own idea as a solution to the problem, what is your own innovative idea?

The way our economy is going down under APC, we'll soon rediscover PDP.

God! where art thou eyes. Nigeria is crumbling. I pray for we country.

OMG! I just imagine the trash Lie Muhammed would have been vomiting from his mouth now if GEJ had won last election. He would have told us how APC would have made things better. One lesson I've learnt is when someone promises to change your current situation for you, please don't get excited, sit down, think and ask the person "The change you're promising me will be from what to what? Good to Bad or Bad to Worse?" We've been scammed! #OneChanceChange.

ZombieNation:
Technically, the naira is still trading at 198 naira

Technically, Boko Haram have been defeated

Technically, Buhari is fighting corruption even though he is playing the ostrich over Amaechi

Technically, Nigerians are criminals apart from St Buhari and Hajiya Aisha and their disciple ministers


Technically, Aisha is not the first lady even though she attends international conferences organised for and by first ladies while being ferried in presidential jet

Technically, Osinbanjo is vp even though a mere commissioner

Technically, Buhari's only certificate is still with the army.

Technically, Budget scam is the handwork of koworpt civil servants

Technically, Jonathan bought arms but they only kill oyibo and not bokos with juju

Technically, liar mohammed remains a lying bastard until proven otherwise.

Technically, Zahra is a virgin.

Technically, the PDP ruined Nigeria and they will all soon be technically rounded up and technically jailed.

what?? and i still dey sell my dollars on paypal and neteller at ₦260, na wahooooo

Chai!!!!

End times. But why be say 1984 and 2016 get something in common. Is bad luck his middle name ni na joke o. Buhari self dey among those killing d naira. Wetin he use pay zahra school fees or his uk doctors

the more they make dollar spending strict, the more it soar

Anything Buhari and APC touches turns into shit

Those schools n hotel that asked, pls do you want to pay n DOLLARS. How market?