Naira drops to 490/$1, 600/£1 owing to ‘bombardment’ from Chad, Benin

Aminu Gwadabe, president of the Association of bureau de change operators of Nigeria (ABCON), says the free fall of the naira is due to activities of Nigeria’s immediate neighbours.

Over the week, the naira has been on a free fall at the parallel market, moving from 439 per dollar on Monday to 490 to the greenback on Friday morning.

The British pound and euro are also currently trading at N600 and N520 respectively.

According to Gwadabe, foreigners are mounting pressure on the naira by bringing in their dollar demand to Nigeria, hence, mopping up the dollars in the system.

“For the past few days, what we have been witnessing in the market is a kind of spike, a lot of volatility in exchange rate, and this has to do with fear,” Gwadabe told CNBC Africa.

“A lot of people are developing fear, and as a result of that, no naira is being kept. People are moving from naira to dollar.

“A very worrisome factor that we have been witnessing in the market is that the market has recently been bombarded by people from neighbouring countries to meet their demands.

“What I mean by neighbouring countries is that a lot of demand is coming from Benin Republic, from Chad. International demand is also accumulating; we see a lot of Chinese traders coming into the economy, mopping up any available dollar.”

Gwadabe said ABCON and Travelex are now into a partnership, which would take off soon, thereby easing the stress on the local currency.

The bureau de change boss expressed support for the proposed sale of some national assets to beef up foreign reserves and support the naira.

https://www.thecable.ng/naira-drops-to-4901-6001due-to-bombardment-from-chad-benin?_e_pi_=7%2CPAGE_ID10%2C6744103421

God Please save us... We arent Spending Dollar in naija yet it still affecting us.. Wat a Mess

SEE More @ http://www.musbizubeat.com/2016/09/naira-about-hit-the-dreaded-n500-mark-see-todays-naira-exchange-rate-against-dollar-pound-and-euro/

dis is serious

No policy in view to check the freefall. The President and his economic team are confused. We are in deep sh!t. We are heading to N1,000/$1 before December .

who cares, sai buhari forever

Wahala dey. Meanwhile, I think the banks are responsible for this outrageous rise in the exchange rate over the last 16 months. Since TSA funds have been taken away from them, the only way to make money is to sell the foreign exchange in their possession at exorbitant rates.

BlackPeni5:
Wahala dey. Meanwhile, I think the banks are responsible for this outrageous rise in the exchange rate over the last 16 months. Since TSA funds have been taken away from them, the only way to make money is to sell the foreign exchange in their possession at exorbitant rates.

exactly, why should government be selling forex in the first place, let them sell their $ at the black market and use the money to build infrastructure to spur local industries.

Lalasticlala

https://www.thecable.ng/naira-drops-to-4901-6001due-to-bombardment-from-chad-benin?_e_pi_=7%2CPAGE_ID10%2C6744103421

NAwa ooi

the lord is good

This is bull.shitt

A weak currency is the sign of a weak economy, and a weak economy leads to a weak nation.

I day fear for my country

I'm fed up

...God where are we going?

Let this man resign nah

The clueless dul'lard keeps blaming the past administration for his incompetence.

Bull Sh!t
This is too bad

D

490 to 1

ONE DAY, THE NAIRA SHALL SURPRISE THE DOLLAR




=

Oh boy!

We would soon get to one thousand naira at this rate. Went to get a laptop battery today and I almost screamed out loud. We are in soup!

N500, here we come baby!
Zimbabwe loading.
Meanwhile the dullard is still blaming GEJ for his failures which isn't surprising. Anyone who fails exams would always blame his teachers for being vindictive or his parents for not providing chop money

This isn't getting funnier!

Apc is a curse
And so is every Afonja state like Edo

Oh boy see wahala o . Is it really true?

sleekkid2015:
God Please save us... We arent Spending Dollar in naija yet it still affecting us.. Wat a Mess

It's a Flight To Safety Scenario.
CAPITAL Flight.
Everyone, foreigners and locals are telegraphing their complete loss of confidence in the government.
Investors usually vote with their money.
That is what is happening.

This house has fallen.

[size=14pt]BUHARI SAID[/size]

http://www.vanguardngr.com/2015/03/ill-make-naira-equal-in-value-to-dollar-says-buhari/

[size=14pt]INSTEAD SEE WHAT WE ARE GETTING[/size]


[size=14pt]ALL WE GET FROM BUHARI ARE [/size]


[size=14pt]WE ALL NEED TO[/size]

If you want to send money to relatives in Nigeria, I will buy your dollars @400/$ while you deposit into my US bank account. Dont even bother with western union and co, they exchange for 330/$.

All transactions are done within 1 minute.


Call or whatsapp, see contact in signature

[size=14pt]NAIRA NO DEY SMILE AGAIN[/size]


[size=14pt]THINGS ARE SO BAD THAT[/size]