The desperation to buy American dollars has continued to affect its exchange rate at the parallel market, leading to further depreciation. Yesterday morning, the foreign currency was trading at N385 to $1, and by nightfall, Guardian Newspapers reported that it was trading at N400.

Speaking yesterday, a BDC operator gave an insight on why the black market rate continues to slide further. “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,” the dealer explained the reason for the enormous difference between American Dollars to the Naira which is officially pegged at N199.


“They had made 30% down payment to order the goods and they now have to pay the 70% balance otherwise they will lose the 30%,” the operator continued. “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.”

On Twitter, Nigerians are reacting to the stunning difference in a myriad of ways.

See above

Source: http://www.trezzyblog.com/2016/02/naira-is-fallingbaba-is.html

Read more http://www.trezzyblog.com/2016/02/naira-is-fallingbaba-is.html

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I suspect publicity motives from murray bruce

Pls where baba dey get him dollars to travel. Was oga ben such a critIc during GEJ

Who will safe Nigerians from bubunomics. RIP our dear Naira but remember to tell your creator how APC ended your life abruptly with their incompetence and mediocrity.

lol

the naira has overtaken the Zimbabwean dollar....someone should tell me that the twitter user that said that is lying...choi which kan problem we enter so

that is the best for now, he is in consultation with other world leaders to see how they can reverse the current crisis in oil dependent countries, one of such is to cut down supply thereby pushing the price up. he can only keep his wisdom high by consulting with his pears not sit at home drinking ogogoro.

I need to confirm something.
Buhari said hr will not kill the naira but the dollar had buried it.
Does the dollar buried the naira alive?

"When you meet Buhari one-on-one and . . ."

. . . that guy killed it.