this days self, I just wonder when naira become a call girl always bending and going low and twerking to every tune of dollar.. now the craze don enter market ...chaii...and if madness graduate reach market,e don don... as wear, amtyred... we finished...

Truth234:
First, the militant need to stop their madness.

Previously the central bank used to intervene and prop up Naira value, but now that crude oil buyers are scared to lift Nigerian oil due to fear of been attacked.

Our foreign revenue that is not enough has dropped even more.

Have you forgotten the 97% and 5% theory?
How come the 5% is now over riding the 97%?

The sinking naira needs urgent redemption which could be provided by strong economic team who are not likely available.


How far has the country gone about Yuan project which was claimed to reduce demand for dollars, thus weaken it against naira.

Hope the country is not scammed.

Somebody sai baba!
somebody sai baba!!

Na wa oo
This is not good for our dear country.

God Bless Nigeria...

Truth234:


and why now, why not during GEJ?

It may have nothing to do with either GEJ or Buhari or anyone else. When pushed to the wall, everyone knows when to react. The cost of everything is way higher than it was during GEJ era. For communities that relied on fishing, amnesty funds etc, all that halted for some reasons. I think that may be one reason the militants sprung up.

onatisi:
Ppl need to ask the cbn governor and buhari about the billions of yuan they said was coming. Or has china changed her mind too

They were chanting Sai Baba everywhere.
Blindly forcing an old military Illiterate on a nation of 200 million in 21st century.
Hoping they were fighting GEJ.

Upon all the refined young politicians in the North, all they could throw at us was an old tribal religious stubborn bigot who not only failed Economics and maths but also never managed a successful business his whole life.

Now they want local farmers to pay for security of their crops so that their cattle won't eat them.

What baffled me was the way they thought GEJ was the owner of Nigeria. He was just another man.

Now see the mess.

Where are those quack Nairaland economists? Why do they avoid these kind of threads?

Scam is another name for APE APC,
Where is china's RMB TO NAIRA swap. Scam
Where is new fixed dollar rate. Scam
Still some fools in the south w.a.s.t.e refuses to see.

frozenSun:
sad country

Really sad men

Truth234:
The Nigerian Naira on Thursday weaken to an all-time low of N330.50 against the US dollar, following the Central Bank decision to abandon fix exchange rate.

The local currency dropped as much as 5.4 percent to N309 against the US dollar as of 12:24 GMT on Thursday before retreating to N292.40 on the interbank market.

A total of $7.27 million was traded at the interbank market, where traders were expecting the Central Bank to intervene as usual to ease dollar shortages, but up till now central bank is yet to intervene.

“Instead it was mopping up naira liquidity to support the currency. After market closed, a total of $7.10 million trades were done as low as 330.50 naira to the dollar,” a trader said.

“Now that the market has adjusted upwards it seems people are comfortable and that’s why we are seeing some trades,” he added.

Commercial Banks had been selling the dollar at 280 to 285 Naira after the central bank removed its 16-month-old peg of 197 Naira to a US dollar in June.

“But the lack of liquidity at those levels has curbed activity, leaving the central bank as the main supplier of dollars,” traders say.

http://investorsking.com/naira-hits-all-time-low-at-interbank-market/

Which Dollar traded at 330?
US dollar or Hong Kong Dollar?

Because I bought dollars 375 naira yesterday.

SamMilla1:


They were chanting Sai Baba everywhere.
Blindly forcing an old military Illiterate on a nation of 200 million in 21st century.
Hoping they are fighting GEJ.
Upon all the refined young politicians in the North, all they could throw at us was an old tribal religious stubborn bigot who nit only failed Economics and a the but also never managed a successful business his whole life.

Now they want local farmers to pay for security of their crops so that their cattle won't eat them.

What baffled me was the way they thought GEJ was the owner of Nigeria. He was just another man.

Now see the mess.

U mean this

The prophet that prophesied famine in the land will not feed his own family with stones. The action of the militants is not excepting the Niger deltans too. I am not praying that economic should collapse, but if it eventually does, the militants and their supporters will also bear the consequences with other Nigerians. Even the politicians that ate supporting them to fight Buhari will have nothing to rule over and loot as usual.

God will help us!!!

SmartMugu:

It may have nothing to do with either GEJ or Buhari or anyone else. When pushed to the wall, everyone knows when to react. The cost of everything is way higher than it was during GEJ era. For communities that relied on fishing, amnesty funds etc, all that halted for some reasons. I think that may be one reason the militants sprung up.

Do you know their activities is what pushed our consumer prices up? By now we expect our FDI/capital importation to be up but it is not because investors are scared.

Just yesterday, India ordered oil from Malaysia saying Nigeria is too risky because of militant. We need capital importation to ease forex pressure, their are activities is jeopardizing the economy.

bad

SamMilla1:


Which Dollar traded at 330?
US dollar or Hong Kong Dollar?

Because I bought dollars 375 naira yesterday.

This is at interbank window, not parallel market.

bad...............

All is well

Seems like the stock of dollars in CBN coffers has depleted drastically

Interesting

Importation would be expensive. Cost of production would increase, its effect on retail cost would increase also.

Some companies(multinationals) with foreign investors would have increase dividend yield.

Those whom the policy should help, of the first above, rather it now jolly for foreign investors.

Policies should be for the benefit of its citizens not just for foreigners.
Unfortunate.

As for me, nothing surprises any more in this APC government


I only can't wait for this four years to pass as fast as possible

Israel is here, negroes we are going home , redemption has come

The dispersal and tribulation is ending; signs in the sun in the moon and in the stars, on the earth the sea is roiling, hahaha home sweet home . Jerusalem if I ever forget you, may my right hand lose its dexterity!

Home sweet home

Jeremiah 30:3
For, lo, the days come, saith the Lord, that I will bring again the captivity of my people Israel and Judah, saith the Lord: and I will cause them to return to the land that I gave to their fathers, and they shall possess it.

I was initially thinking that the interbaank rates will affect how much one is charged when transacting with ATM cards, but i was disappointed that the ATM was charged closed to the black market rate which left me wondering how the interbank rate affect normal transactions

Truth234:
First, the militants need to stop their madness.

Previously the central bank used to intervene to prop up Naira value, but now that crude oil buyers are scared to lift Nigerian oil due to fear of been attacked.

Our foreign revenue that is not enough has dropped even more.

Let Buhari continue looking for Tompolo to collect N13bn........a wise man chooses his battles.

Feranchek:
Nna OP you can lie for Africa o0oo!! N330 and you talk sey na all time low??!!! Ah ah na..... naira don reach N400 before! I've bought goods online with N360 per dollar before (the tin hook me and I got no choice buh to buy it )

Are you a bank? The op said interbank rate. Anyway, you probably don start Friday morning with kai-kai

D Niger vengeance are doing their piece as sai babas are doing theirs.

God help us all

DaBullIT:
Did Naira drop or not ??

According to the news , Naira traded for 280 to USD , is this good news or not ? Yes it is good news for those who don't know , it means Naira is getting stronger and healthier and contrary to the claims of these bad news agents, Nigeria may not be as broke as they want us to believe , And since this is good news , someone say with me


SAI BABA oooooooooooooooooooooo



You asked a reasonable question, but you asked sarcastically , I personally have not forgotten the Yuan deal, i think the reason why the deal has not taken effect is probably because naira is yet to stabilize , to introduce a new currency to our CBN , i think Naira has to be climing against USD or should be at its peak and stable

Bros onatisi no dey argue .i am patiently waiting for my last predictions about buhari to happen before I know what to say next and that is the printing of more naira notes. Till then I go just dey observe Nigerians

So Buhari has finally agreed to devalue the naira against the Deutsche Mark and French franc ko?