Nigerian currency, the Naira, continues to depreciate in the parallel market on Thursday as it traded at 400 naira to a US Dollar.

NairaWatch recalled that the currency on Wednesday sold at N385 to a dollar but barely 24 hours, it has crashed by N15 to sell at new record low of N400 to a Dollar.

According to a Bureau De Change operator, the crash was due to soaring demand for the Dollar in the foreign exchange market.

UPDATE

Already, 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.

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.

Source: http://greennews.ng/nairawatch-naira-crashes-further-now-n400-to-a-dollar/

Brings us back to the question..


Where is Buhari's O level result..


I am interested in what he got in Economics..

kilokeys:
Brings us back to the question..

Where is Buhari's O level result..

I am interested in what he got in Economics..

Nigeria is in Hot Pepper soup

Every day, people go to the market to increase price of dollars with their mouths. The parallel market is deregulated.

If I have dollars I can sell for 280,200 or 400.

I know some people are making a lot of money from this, especially the bankers. I blame CBN for the gap between the official and the black market.

j

kilokeys:
Brings us back to the question..

Where is Buhari's O level result..

I am interested in what he got in Economics..

well his certificate is nt the problem.

kilokeys:
Brings us back to the question..

Where is Buhari's O level result..

I am interested in what he got in Economics..

well his certificate is nt the problem. bt me and you.

[b]....there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike!
But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152!
imagine if $1=₦1000, the gain is ₦902!
So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$.

(take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed)

you have other opinion?[/b]

CBN compunded the problem by crashing the interest rate, fixed deposit and Tresury bills rates. Now people are changing their money from fixed deposit and those used in buying TB into dollar. Speculations are on going and people and even banks are making money everyday.

And the talk of devaluation is also making people panic and quickly changing their fund into dollars

And with high demands of dollar more than supply, naira will continue with the free fall, until CBN wakes up or we get another governor ready to captain the ship.

Thank God.
Very soon Nigerians will have no choice but patronize made-in-Nigeria products.
#MadeInNigeria