By Babajide Komolafe The improving fortune of the naira in the parallel market was reversed yesterday as the currency depreciated to N355 per dollar in the market.

Vanguard investigation reveals that the parallel market exchange rate rose sharply from N305 per dollar on Tuesday to close in Lagos and Abuja at N355 per dollar, implying depreciation of N50 per dollar. This was in sharp contrast to the N70 appreciation recorded from Monday to Tuesday, when the parallel market exchange rate dropped from N375 per dollar to N305. Bureaux De Change operators however express dismay over the sudden depreciation of the naira. President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe attributed the development to speculation and hoarding. He said there appears to be a conspiracy to hoard dollars in order to halt the appreciation. An Abuja BDC operator who does not want his name mentioned said the people are not willing to sell dollars and this worsened the demand-supply dynamics. “It the same factor of fear and rumour that occasioned the appreciation that are also behind the depreciation”, he said.

Source: http://www.vanguardngr.com/2016/02/naira-ends-2day-rally-depreciates-to-n355/

lalasticlala . I think naira won't stop surprising us

Meanwhile, check what caused it here>> http://naijabadnews..com/p/see.html

All hail ifeanyi ubah

Fear...........Fear............Fear is Nigeria's major economic problem!

I can instil faith in the citizenry and you will see 1 dollar to 1 naria. Let buhari send me a pm and I will give him a lifeline

Naira will appreciate again

Just when pple were rejoicing that it got better yesterday

Hmmmmm

Hmm

Action film

Where's NgeneUkwenu who bought his for $1-#100.
Sai-babarians where una dey?

PMB messing things up..... Smh

Anti corruption is really trying to step up the value of naira... hope this is achieved

ahnahn why na, although say I get small dolls I don't pray this continues.

When would the dullard and all the APC e-diots on this forum have sense?

Anybody that voted for Buhari in the last election needs to has his brain checked!

Really
Again, it seems I spoke too soon.
It is high time I become a prophet and be making money from the gullible worshipers.

Burger01:
No shaking bruh... We dey kampe. Buhari go deliver..and deliver good

HungerBAD:
Hehehehehehehehehehe.

Enemies don shame.

Nigeria is moving forward.

Where that Golden Parrot called Fayose sef?make him come run him Jangolova mouth again.

mrvitalis:
One thing I love about Buhari is once he has taken a stand there is no going back

www.nairaland.com/attachments/3234361_fbimg1450823846843_jpegccc7ea9d509141b638a64535ab185d08



All Propaganda Congress, APC


www.nairaland.com/attachments/3224589_lairs_jpg6e0caea0fb4a33217c062310b908b6df



www.nairaland.com/attachments/3356469_screenshot20160131120000_jpeg639beaec46d4ced684f639998a489af2

This situation we found our self in, really sucks, and i'm sick and tired of this. My problem is not now much naira is to dollar but rather how it move back and forth at will. I'm afraid to sending money to China because i don't want to send money today and wake up tomorrow to hear that it's now 1usd to 190.
This is not the change we voted for oo.

i don tire

FP of same day saying different things about the exchange rate.

It's really pitiable to know that Buhari was really not ready for governance.

There is more to governance than apprehending your enemies in the name of fighting corruption.

Did I see this on fp this morning or am I dreaming??
"Naira Gains 30%, Sells For N250/dollar"

our note is now a season movie

Saudi Arabia is facing exactly what Nigeria is facing but they took a different approach to solving their illiquidity problem.

The king of Saudi handed over the economic matters of the kingdom to his brother which has the expertise in that regard. (I hope PMB will learn that.)

His brother consistuted an economic team which in turn recommended that experts be brought in from Canada to supervise the economy in this trying time. they will do this in consulting capacity. Our president and his team of junketeers will not ask the Saudi team how they are weathering the storm. I am not one of those fooled that he has gone to pray for Nigeria to be good. Thats a dumb thing to sell. Nigerias problem is not from heaven. we refused to save when we ought to, we refused to diversify when we needed to . so how exactly is it God that is doing us.

The Saudis have a team of 9 experts who operate on the model of "PERFORM OR GO" these experts meet on weekly basis with ministers and heads of various ministries. woe be tied you if you dont show up in that meeting with tangible progress report. once the team recommends you should go, the king fires without recourse to you. every one is on top of their game to perform.

since our president appointed ministers, i can only remember 7 who appears to be on the media. I dont even know most of them talk more of performance.

Why did Saudi go to Canada to get experts. Canada was the only advanced nation in the world that during the 2007/8 credit crunch stood the heat and was never affected.

nations like Germany, U.K and U.S could not understand the magic Canada did. but the man behind the magic was Mark Carny, the then governor of the bank of Canada. In 2013, England broke their own law to hire this same man who managed Canadian economy in trying time to run their national bank and made him chairman of monetary policy

Saudi has learned and gone for other retired team members of Mark Carny.

Our president must go to any mile possible to have working brains on monetary and fiscal policy.

If we dont get it right and define our path in the next four to five months, this nation is headed for a cesspit.

Prof Wole Soyinka , Funsho Philips and other observers including myself are calling on mr president to assemble his economic team before its too late. the honey moon is over. we wasted time in appointing ministers and that is why the embarrasment of the budget. permanent secretaries and directors prepared a budget of yam in the absence of ministers. the lazy ministers came and never read it. here we are.

enough of the junketing, there is work to be done. The energy exacted on begging nations to help us will do better if we channel it to work.

I thought it was finally gonna be N1=1$ after it appreciated hours ago.

Ifeayin ubah o..

What happened to your miracle? Its not working again o

Queennikky:
PMB messing things up..... Smh

no. Its ifeayin ubah messing things up.

Who we can blame for diz?

All lies . . .

Which way nija

Why is the naira so popular

Who dey play this kind rough play. Make una stop o!

With time everything will get better

Let's just hope it doesn't depreciate further.

Take a break from this naira wahala and read why I think nature can b a bit*ch http://listernaija.com/2015/10/5-recent-proofs-that-nature-is-screwing-with-us/

Em hailed ifeanyi ubah.... I trust dey'll nail muhammadu buhari



Let d nailing begin!!!!!


Thank your stars mr lai mohammed that you haven't said anything.

Nigerians and blaming games are like siamese twins