The naira on Wednesday depreciated further to N385 per dollar in the parallel market as demand for foreign exchange intensified in the market. This implies the naira has depreciated by N60 against the dollar this week in the parallel market, when compared with the closing exchange rate of N325 per dollar Friday last week. The currency however remained stable at the official interbank foreign exchange market as the interbank rate closed N199.34. Thus the gap between the interbank and parallel market rates widened to N185.66 per dollar from N127.53 Friday last week. Vanguard investigation also reveals that the naira depreciated against the British Pounds to N505 per pounds in the parallel market implying N65 depreciation when compared with the closing rate of N440 Friday last week. Investigations reveal that the sharp depreciation of the naira in the parallel market this week is driven by increasing demand by importers sourcing dollars to pay for imports from China. According to a BDC operator who spoke on condition of anonymity, “You know China had been on its one month annual holidays. But they resumed work on Monday, and people have to complete payment for goods ordered before the holidays. They had made 30 per cent down payment to order the goods and they now have to pay the 70 percent balance otherwise they will lose the 30 percent. That is why they are desperate and ready to buy dollars at any rate. Meanwhile supply is scarce and those who have dollars are not willing to sell because they might also need the currency soon”. The naira has been on steady decline since Tuesday January 12th 2016, when the Central Bank of Nigeria (CBN) stopped weekly dollar sale to BDCs. Prior to this action, the naira traded at N265 per dollar in the parallel market. Consequently the naira has depreciated by N80 in the parallel market since the CBN took the action.

Read more at: http://www.vanguardngr.com/2016/02/naira-depreciates-further-to-n385-in-parallel-market/

With the speed our naira is going down, hope we are nt moving towards zimbabwe

i

Lol

UTME Exam 2016 (Maths).

You spend 200 million naira every year to connect a cable from your residence to your gate. My brother, why are you doing Jamb?

that's what you get from voting a gworo crushing demon a useless bastard nonentity bullharry

Omenkata:
that's what you get from voting a gworo crushing demon a useless bastard nonentity bullharry

. Naira wan reach heaven before e.a adeboye

lmao

Why cant we have NAIRA - YUAN exchange so as to diffuse the current pressure on NAIRA - DOLLAR. We can even have a third, NAIRA - RUPEE.

Since most of our imports are done in China and India and not in U.S.A, will it not make economic sense to try out this option? We have a lot of Chinese and Indians in Nigeria , why not let them bring in their currencies directly and be able to exchange it into naira directly. America is no longer buying our crude so why should we be holding all of our external reserve in DOLLARS! we should have some in YUAN and Rupee to backup imports from these two countries. Why should our importers have to convert nairas to scarce dollars each time they want to bring in things from countries other than U.S.A? are we bewitched by America? to hell with currency triangulation with almighty dollar as the major beneficiary! we need to save our economy fast.

When NITEL was the only telecom provider, telecom services were very expensive but when MTN , ECONET etc came on board, NITEL's stronghold on nigerians died a natural death. Let us do the same with the Dollar.

Where are the economic gurus in the land? are we going to allow this nose diving nature of our currency to continue? before a general uproar or civil unrest breakout , President Buhari, please do the needful.

Nigerians in the North and South west voted for PMB, no complaining, let's all enjoy this changing situation

Buhari have absolutely no clue on how to govern a country in this modern age. But how some certain people couldn't see this knockle head coming to kill this country is depressing.

0nce upon a change

oboy I don hammer.
its just to wait for the dollar to reach #500 by next month and withdraw my $5675 from mmmglobal.
see flexing.

THANKS BABA.

please no one should quote me oooo

This is serious and not funny anymore. The cost of things will continue to go up.