The Nigerian Naira continued to depreciate against the U.S. dollar on the parallel market, despite the claim of a steady rise in the foreign reserves.

The local currency lost N3 from N507 it traded on Tuesday to exchange at N510 against the U.S dollar on Wednesday.

While both the Pound Sterling and the Euro-single currency were exchanged at N625 and N535 respectively.

At the Bureau De Change segment, the Naira closed at N399 to a dollar, a CBN stipulated rate. While the Pound Sterling and the Euro-single currency traded at N626 and N537.

On the interbank market, the Naira traded at N305 to the dollar, the same rate it traded on Tuesday.

Traders across all the segments have attributed the recent drop in the Naira value to the activities of some speculators and currency hoarders that will do anything to profit at the expense of the Nation.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu said on Tuesday that the nation lost about $100 billion to militant attacks last year, which according to him has reduced foreign exchange revenue by the most in recent time and hinder the Central Bank of Nigeria from consistently servicing the economy with adequate forex.

In a separate but related news, Nigerian exports to India dropped by 54 percent in January, meaning Nigeria is losing about 60 percent of her oil’s monthly revenue going by current crude oil prices.

Therefore, “until production level increased, the exchange rate will continue to suffer and so will the economy as both consumer prices and consumer spending will be affected,” analysts at Investors King Ltd., stated.

Source http://investorsking.com/naira-exchanges-at-record-low-n510-a-dollar/

What do you expect?


Buhari is sick, Nigeria is sick

Na WA oooo... Where are we heading to.

Anyways check my signature

Artificial inflation of exchange rate ni fa....

E don happen. Now is time to collect my $2000 from my brother.

I still don't understand why people still post this " Under Mass Looting and corruption Dollar was N170 while Under Mass Savings and fighting Corruption Naira 500".

Under GEJ,
oil was over $100, oil production at 2.2M barel/day and we had monies in dollars flowing through banks and people did have cause to hoard dollars to exchange at higher rate. The excess on the dollars that was to be save incase of recession was shared among the government bodies cos they thought the affluence would last forever. This is the case of living in affluence and spending monies anyhow thinking hard times will never befall u. And when the inflow of monies stops or reduces u will not be able to manage ur expensive life style and become broke cos u failed to save and live within ur limits. There are musicians and sportsmen u can make examples of Mike Tyson, Mc Hammer, Micheal Jackson before his death became broke, Our own Daniel Amokachi and host of others.

Under PMB
Oil fell to $30, militant depleted the production to 1.4M barel/day, becuase we didnt save during the raining days our reserve couldnt withstand or expenses, The flow of government monies through the banks stopped, looters were afraid and took their monies away from the bank to hide their ass, and Nigerians as we know took advantage of it and hoard the dollars to make it scarce and maximize their profit.

Conclusion
If we were still under GEJ and oil prices fell to $30 p/b while still producing at 2.2M b/d, and with the excessive looting and spending, do u still think dollars will be N170 or even N500 with their lavish lifestyle?

Remember the words of Sanusi when the alleged $20 Billion dollars was missing and the looming economic crises after 2015 if nothing was done.
Recession was inevitable whether under GEJ or PMB. The policies of PMB has it flaws and people around him are corrupt but with the way things are now we can see our past mistake and ways to correct it even after PMB leaves office, our eyes are open now and we can see those who led us to this. If we dont taste hardship we will never value our comfort.

It will reach 1k very soon.

Buhari's destiny is to reck Nigeria
By the time the dullard is through
Believe me, a dollar will be 1000k

The zombies will tell u it's because of 16 yrs bad rule , it's because of bad military rule, blah blah blah

The truth is it's because of ill thought archaic economic policies dished out on Nigeria by Buhari ...

Worst is Buhari doesn't care
He is enjoying poor masses tax payers money in London

NB I have noticed the absence of characters like sarrki passingshot omenkalives ngeneukwuenu et all on threads such as these
Defending the indefensible is quite an audacious assignment I guess

Fayose, come and see oooooo, your prophecy is fast becoming a reality.

You be say before the end of 2017, one dollar will exchange for #600 naira.


This is just February oo, 1 dollar is now #510 naira.


I'mean watching closely to see if you will become the next President of Nigeria too according to your endless prophecies.

as i saw 510 i tot it was Arsenal Bayern scoreline 5-1

Just like the price of dollars Aresenal was defeated 5-1


Front page things...


I dedicate this feat to all Arsenal fans may Bayern Munich call you in 13 years time to apologize for yesterday's defeat

And they actually said we are recovering fast.....they need to get themselves a real economic team.

If Buhari has some little sense, he will sack the CBN director, the Finance minister and every minister on the economy. Cant he give an order than in 2 months the exchange rate must get to 450 or so and his orders get obeyed? I really don't freaking understand this country. If this old dumb cant work, let him resign. Or should his incompetence let the bureau de changers put this country to ransom?

All lies i just changed 5k usd at the cost of 495 this morning

Bizibi:
And they actually said we are recovering fast.....they need to get themselves a real economic team.

You dey answer them? Ten bad heads can never be equal to one good head.

I would give Buhari a C on anticorruption - because it has been selective.

But he would get a sure F9 for his management of the economy.

All our previous leaders get a F9 for anticorruption. Few like Obasanjo would earn good marks for management of economy.

GEJ = F9 parallel

Which way Nigeria?

ahhhh! Dollar ...why naaa?

aminho:
All lies i just changed 5k usd at the cost of 495 this morning

Go to abokifx.com

change! !!!! We all voter for it... live it love it

500$ a day loading





keep it coming buhari
just keep it coming

I think this is d time to get okonjo iwaela

Chai

APC is a mess.

Sadly this dwindling situation may never be reversed, though it can be halted by a good administration.

Zombies! how Una dey?

How the mighty has fallen...
Sooner someone will ask how comes price of food is increasing when virtually all we eat is imported.
From oil, to rice, to spaghetti, to butter even meat we import grass for them.

Rubbish country founded on lies, hate, tribalism and wickedness.
Minister of finance is so dumb that she cant say peem about this, what of CBN governor, he is also clueless.

straneur:
The Nigerian Naira continued to depreciate against the U.S. dollar on the parallel market, despite the claim of a steady rise in the foreign reserves.

The local currency lost N3 from N507 it traded on Tuesday to exchange at N510 against the U.S dollar on Wednesday.

While both the Pound Sterling and the Euro-single currency were exchanged at N625 and N535 respectively.

At the Bureau De Change segment, the Naira closed at N399 to a dollar, a CBN stipulated rate. While the Pound Sterling and the Euro-single currency traded at N626 and N537.

On the interbank market, the Naira traded at N305 to the dollar, the same rate it traded on Tuesday.

Traders across all the segments have attributed the recent drop in the Naira value to the activities of some speculators and currency hoarders that will do anything to profit at the expense of the Nation.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu said on Tuesday that the nation lost about $100 billion to militant attacks last year, which according to him has reduced foreign exchange revenue by the most in recent time and hinder the Central Bank of Nigeria from consistently servicing the economy with adequate forex.

In a separate but related news, Nigerian exports to India dropped by 54 percent in January, meaning Nigeria is losing about 60 percent of her oil’s monthly revenue going by current crude oil prices.

Therefore, “until production level increased, the exchange rate will continue to suffer and so will the economy as both consumer prices and consumer spending will be affected,” analysts at Investors King Ltd., stated.

Naira continues to slide! Soon, it will be N600 to a dollar. To imagine that this is a government that promised N1 to a dollar! Ludicrous!

this government they are fond of talking with both sides of their muoth;
1. Jonathan messed the economy
the blame has moved to the militants.
2. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu said on Tuesday that the nation lost about $100 billion to militant attacks last year, which according to him has reduced foreign exchange revenue by the most in recent time and hinder the Central Bank of Nigeria from consistently servicing the economy with adequate forex.

In a separate but related news, Nigerian exports to India dropped by 54 percent in January, meaning Nigeria is losing about 60 percent of her oil’s monthly revenue going by current crude oil prices.
my question is this why did we vote for you is it no to correct the error, why then are we suffering mre than ever before.
God will save Nigeria.

Naira keeps crashing , no international passport booklets since a month now , yet they say Buhari is working , they can't fix all they do is to blame past administration

They said d Country is recovering fast useless set of people

Record breaking ke, its bin breaking record since it was more than #200. Well all time lowest ni eleyio.......May God help us. Only CHANGE can CHANGE this CHANGE we are Witnessing now. # PEACE.

OP please where is your link This is suspicious news. Nigeria's oil production is currently 2 million barrels per day, 200,000 barrels short of the budget benchmark of 2.2million barrels per day. When the Forcados pipeline comes on stream in the next 2 months, production may even surpass the benchmark budget rate. Except someone is plotting to blow pipelines soon, these people hoarding dollars are in for a big surprise and massive losses.