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Dollar Falls As Naira Increases On Demand - Politics - Nairaland

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Dollar Falls As Naira Increases On Demand by irririchris(m): 2:08am On Jan 08, 2014
Being a website designer, i was to bill a client in dollars, the last time i checked, the naira was about 1.70 to a dollar, luckily for him, he was with the dailies so he decided to confirm the rate of the dollar, that was when i found out the dollar has fallen and on making inquiry..i found out it is true, so i decided to bring it to the notice of my readers....

The nation’s currency naira yesterday weakened against the US dollar losing 52 kobo at the interbank as it closed at N159.72/$ compared to N159.20/$, data from Financial Markets Dealer Quotations (FMDQ) have revealed.

Victor OFILI, research desk, Cowry Asset Management Limited attributed the naira depreciation to demand not being met by adequate supply.

He anticipates an appreciation of naira tomorrow as the Central Bank of Nigeria (CBN) will sell forex at its Retail Dutch Action System (RDAS) window.

According to him, once the funds enter the market, it will supplement the amount available in the alternative segments which include bureau de change and parallel market.

However the CBN on Monday offered $350 million but sold $349.8 million to 20 deposit money banks at the rate of N155.72/$ at its bi-weekly RDAS window.

Analysts had expected naira to firm up across market segments this week as the Central Bank of Nigeria (CBN) resumes forex sales at the official market, after two weeks of year-end closure.

Interbank rates at the money market yesterday, climbed slightly across tenor buckets by 1.92 percent from 11.43 percent the previous day to 11.65 percent.

Consequently, Nigerian Interbank Offered Rates (NIBOR) for 7 days tenor increased to 10.91 percent from 10.83 the previous day. In the same way, 30 days, 60 days and 90 days tenors climbed from 11.08, 11.33 and 11.70 percent the previous day to11.45, 11.70 and 11.95 percent respectively.irriri.
Re: Dollar Falls As Naira Increases On Demand by hammedkola(m): 2:20am On Jan 08, 2014
Okay
Re: Dollar Falls As Naira Increases On Demand by Extom(m): 2:49am On Jan 08, 2014
The main question now is, how long will it stay this way??
Don't forget we're still in Nigeria, don't be surprised when you wake up to discover that its now N170/$
Re: Dollar Falls As Naira Increases On Demand by Tintinix: 4:42am On Jan 08, 2014
Extom: The main question now is, how long will it stay this way??
Don't forget we're still in Nigeria, don't be surprised when you wake up to discover that its now N170/$

Why be Pessimistic?!
Re: Dollar Falls As Naira Increases On Demand by Nobody: 4:45am On Jan 08, 2014
Extom: The main question now is, how long will it stay this way??
Don't forget we're still in Nigeria, don't be surprised when you wake up to discover that its now N170/$
Re: Dollar Falls As Naira Increases On Demand by Nobody: 6:38am On Jan 08, 2014
Tintinix:

Why be Pessimistic?!
smh
Re: Dollar Falls As Naira Increases On Demand by ochukoccna: 6:39am On Jan 08, 2014
I'm sorry if I sound impudent, but is this the rates of the streets i.e. black market?
This is because the black market rate is almost a mirror copy of the real rate given you by the banks
Heck even some banks have an in house 'Aboki' for their customers who require foreign exchange undecided undecided
Re: Dollar Falls As Naira Increases On Demand by eunisam: 7:07am On Jan 08, 2014
i dont understand this
Re: Dollar Falls As Naira Increases On Demand by adeoladrg(m): 8:13am On Jan 08, 2014
Story the mind doesn't want to understand.
Re: Dollar Falls As Naira Increases On Demand by thewarrior72: 8:26am On Jan 08, 2014
undecided Mek una forgive me, I was hoping to see #1 to $150, but what did I see just a marginal difference of 50kobo...
Re: Dollar Falls As Naira Increases On Demand by Nobody: 8:28am On Jan 08, 2014
the warrior72: undecided Mek una forgive me, I was hoping to see #1 to $150, but what did I see just a marginal difference of 50kobo...
grin grin grin
Re: Dollar Falls As Naira Increases On Demand by Extom(m): 9:19am On Jan 08, 2014
Tintinix:

Why be Pessimistic?!
Bros, its called "being realistic", or better still, "waking up and smelling the coffee".
Don't be quick to forget that we live in a geographical location where ministers squanders national funds, and are still in power, where ministers fabricates degree to get political seats, where our pedigree is being stained by some national destitute/illiterates around the globe, where our people known for looting/corruption/barbaric acts, are more than those known for exemplary/positive/humanitarian acts.
I'm one of the most optimistic people you will ever come across, but sometimes, you need to sit on the fence, and see the situation through the eyes of the neutrals.
And don't forget we're pitching against the dollars that has been on a gradual, but steady rise since God-knows-when.
Re: Dollar Falls As Naira Increases On Demand by adexsimply(m): 10:00am On Jan 08, 2014
Tintinix:

Why be Pessimistic?!
Methinks he's being realistic
Re: Dollar Falls As Naira Increases On Demand by adexsimply(m): 10:00am On Jan 08, 2014
50 kobo? angry angry angry
Re: Dollar Falls As Naira Increases On Demand by ifyalways(f): 10:14am On Jan 08, 2014
OP sef angry

I was expecting to see $100 = N15,000 or less.
Re: Dollar Falls As Naira Increases On Demand by Trut(m): 11:30am On Jan 08, 2014
Nonsense, I bought Dollar at N172 from Umaru yesterday.

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