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OPINION: A Dollar At N516 Parallel, What's Responsible? - Nairaland / General - Nairaland

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OPINION: A Dollar At N516 Parallel, What's Responsible? by richdaddy75: 6:42pm On Feb 17, 2017
NAIRA'S DEPRECIATION: What's responsible?
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The Nigerian Naira, quite obviously, has been depreciating steadily against major currencies (dollar, pounds, etc) of the world over the past few decades.
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In the early 80’s one naira was approximately two dollars . In the early 90’s it had fallen to N10 per dollar and by year 2000 it has grown over a hundred naira to one dollar.
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Currently, the currency exchanges today at N 516 at parallel market to the dollar. Why?
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Some financial experts assert the reason for depreciation to be Nigerians' dependence on importation. Due to the unbalance of import to exported goods, the demand for dollar is always on the rise, which generally causes a continued depreciation of the naira. Says expert
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Depreciation is steadfast at the parallel market and the
gap between naira’s value at the parallel and official
market widens easily due to this imbalance.
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To checkmate this, the CBN has devalued the currency a
number of times, only for the same thing to happen years later. This trend has continued and is continuing creating unbearable economic hardship to Nigerians.
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With all sincerity, the Federal Government seems to have expended all prudence at their disposal to avert this anomaly.
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What do you think is the way out?
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Let's be concerned as patriotic citizens. If it continues like this, by december a dollar may exchange for N1000.
.....
What is your own SUGGESTION?

God Bless Nigeria
Re: OPINION: A Dollar At N516 Parallel, What's Responsible? by Nobody: 5:32am On Feb 18, 2017
must we import, and even if we do,can't we use another currency Dan dollar? Government has to stop this because now oil marketers will start rearing their head on increase of petroleum products

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