Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters - Politics - Nairaland
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| Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by NgeneUkwenu(f): 2:02pm On Dec 01, 2014 |
LAGOS (Reuters) - Nigeria's naira touched a new record low of 183.05 against the dollar on Monday, driven by concerns over a sustained low oil price and expectations foreign investors would demand more dollars to pull out of local assets, dealers said. The currency was trading down 2.4 percent from Friday's closing level. The central bank has struggled to keep the naira within its preferred band even after devaluing the currency by 8 percent last Tuesday in a bid to halt a decline in the foreign reserves of Africa's biggest economy. Oil sales provide around 95 percent of those reserves. The bank's target band after devaluation is 5 percent plus or minus 168 to the dollar, but doubts remain about whether it went far enough given the likelihood of continuing low oil prices and the fact that Nigeria's oil savings were being depleted even during a period of record high crude prices. The coming weeks will test the bank's ability to maintain that level -- the naira is trading well below it and forex reserves are running out. Pressure on the currency from lower oil prices risks reigniting inflation, which has stabilised in single digits for the past two years, the first time it has been this low. Nigeria's economic troubles come at a bad time for President Goodluck Jonathan, who will seek re-election in polls scheduled for Feb. 2015. Barclays on Monday lowered its expected average Brent crude price to $72 a barrel for 2015, down from $93 a barrel previously, in a sign analysts have become more bearish following last week's OPEC meeting, which left supply targets unchanged. © Thomson Reuters 2014 All rights reserved http://af.reuters.com/article/investingNews/idAFKCN0JF1Q620141201 1 Share
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| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by NgeneUkwenu(f): 2:05pm On Dec 01, 2014 |
Nigeria's oil savings were being depleted even during a period of record high crude prices. Transformation my foot! Useless government being chaired by a simpleton of a president! I told someone last year, that this yeye man came but to bankrupt Nigeria! 5 Likes
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| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Nobody: 2:07pm On Dec 01, 2014 |
I was grumbling when my trader told me to take a position on Friday......she gave me what she called a good rate of =N=177.20/USD. Now......the market has gone crazy this Monday.....with no hope of a respite. Whoever have a dollar obligation should liquidate such now.....no hope for the Naira to go back to even 175/USD again in the medium term.. 1 Like |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by feelamong(m): 2:09pm On Dec 01, 2014 |
Una never see anything yet! dem just cut the tree and una dey shout: just wait make the leaves begin to dry up! I tell anyone I know to start planning on how he will buy dollars at N220.. This is the Transformation Agenda we were told about 5 years ago...  6 Likes |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by kokoA(m): 2:14pm On Dec 01, 2014 |
This is the work of APC and haters of GEJ, they devalued the naira to make GEJ's government look bad.. 12 Likes 1 Share |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by NgeneUkwenu(f): 2:14pm On Dec 01, 2014 |
ilugunboy: StanbicIbtc just called me this morning for my loan restructuring! I feel like clubbing to death any jonathan I meet on my way now! Useless government! |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by NgeneUkwenu(f): 2:18pm On Dec 01, 2014 |
feelamong: The country itself is being devalued! |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Nobody: 2:18pm On Dec 01, 2014 |
NgeneUkwenu: I have some dollar obligations in Bill for Collections.....our budget is 159/USD ( We were accessing the bi-weekly RDAS) now......we've been told to go and get the funds to settle the bills at the Inter-Bank market. The whole market scenario is just so so crazy.......Nigerians still don't know what we are heading into next year.... I would advise all those that always say IT IS NOT MY PORTION to really brace up for a very difficult and challenging 2015 because this is going to have an impact on virtually everyone.. 1 Like |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by vedaxcool(m): 2:18pm On Dec 01, 2014 |
This man has finished this country! 2 Likes |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Pennywise(m): 2:20pm On Dec 01, 2014 |
vedaxcool:The man has no clue about what is going on. His handlers know it but they dont care. They just want to amass as much dollars and real estate as possible while Nigeria burns. 9 Likes 2 Shares |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by laimo(m): 2:26pm On Dec 01, 2014 |
Jonathan in the recalcitrant arrogance of an ignorant man is gradually presiding over the destruction of Nigeria. What a president. 2 Likes |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Nelsizzy(m): 2:26pm On Dec 01, 2014 |
Brainless de-valuation of the naira. M just sorry for our economy............. |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by YungwizzzyPt7: 2:30pm On Dec 01, 2014 |
Nairaland is so full of surprises One thread you will see people praising GEJ shouting GEJ till 2019 and you come to another and see serious bashing!! lol I think we Nigerian youths never really know our problem |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Nobody: 2:30pm On Dec 01, 2014 |
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| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by steadybuck: 2:33pm On Dec 01, 2014 |
kokoA: Abi ooooo |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Nobody: 2:34pm On Dec 01, 2014 |
Nelsizzy: I think the panic measure of devaluation of the Naira sent very wrong signals..both to foreign portfolio holders and Nigerians with foreign exchange exposure. A good economy with good reserves should have been able to defend the national currency for at least 6 months.....but here we ran into trouble just after 2 months. 1 Like |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by olapluto(m): 2:37pm On Dec 01, 2014 |
By the time TAN is given the full campaign money, and other parasitic organisations come forward to collect their shares, naira will fall even more. It is not rocket science that GEJ is plundering our reserves at a rate never seen before. In the 4 years of GEJ, crude prices rose to the maximum. During that period, GEJ used to claim that he 'stabilised' the naira. Now it is clear that he actually soiled the naira. |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by NgeneUkwenu(f): 2:40pm On Dec 01, 2014 |
YungwizzzyPt7: No be bashing matter! What we (especially the entrepreneurs) are going through now, is really devastating! Imagine all the gains you made over the year being eroded by people's ineptitude and cluelessness? It's sad!  2 Likes |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by steadybuck: 2:41pm On Dec 01, 2014 |
NgeneUkwenu: |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Nobody: 2:43pm On Dec 01, 2014 |
NgeneUkwenu: My guy...you couldn't have put the predicament of many of us better.......people already looking ahead to posting a very good end of year result, but now all the profit is been wiped off by poor monetary measures of the goverment. 2 Likes |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by YungwizzzyPt7: 2:43pm On Dec 01, 2014 |
NgeneUkwenu: That's why we all need to unanimously vote out Mr clueless come Feb 14th!!!! 2 Likes |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by NgeneUkwenu(f): 2:44pm On Dec 01, 2014 |
ilugunboy: It's pathetic bros! All my gains in the course of the year are steadily being depleted by their sheer foolishness! |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by YungwizzzyPt7: 2:48pm On Dec 01, 2014 |
[size=45pt]Kick Mr Clueless out 2015!! [/size] 3 Likes |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Nobody: 2:48pm On Dec 01, 2014 |
NgeneUkwenu: I called my trader in the bank now.....she told me she can't quote me any rate as the market is seriously volatile.... My Xe currency application on my tab keeps fluctuating every minute it refreshes.... |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Firefire(m): 2:48pm On Dec 01, 2014 |
The Naira devaluation is a serious issue. my budget for 2014 was planned on #160/USD My coy RDAS bidding have not been successful 3 times running (19th, 24th & 26th Nov.) hoping today 1st Dec. would make it.  I do support the currency devaluation, we cannot continue to support the fx with our Foreign Reserve. I remember sometimes here some APC members are complaining of depleting foreign reserved (OBJ vs GEJ) SLS have being supporting the fx with our reserve for many months. So, let our nation currency finds it bearing on its own. (Painful thou) |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Nobody: 2:55pm On Dec 01, 2014 |
Firefire: Forget it...!!!! according to the recent CBN circular...once you are not successful at the third attempt..you will have to go to the Inter-Bank to source for the fund....even when the reason given for the failed bid is the usual vague 'OTHERS'. |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Firefire(m): 2:57pm On Dec 01, 2014 |
ilugunboy: That would be more painful as the fx rate in inter-bank is considerably higher than RDAS bidding  Anyway, I am waiting for the feedback... |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by iykemoney90(m): 3:00pm On Dec 01, 2014 |
Gej till 2019 |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Nobody: 3:01pm On Dec 01, 2014 |
Firefire: Be prepare to provide additional minimum of N13 for every single dollar you have to get from the Inter Bank....it's that bad. This is where bad economic policies combined with lack of foresight have brought us as a country...... |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Fweshdude(m): 3:02pm On Dec 01, 2014 |
The naira is gradually turning into mere pieces of paper. Its really annoying. |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by NgeneUkwenu(f): 3:04pm On Dec 01, 2014 |
Firefire: Sorry! You are a poor economist! What do you think a foreign reserve is meant for outside stabilizing the naira in times of volatility, especially in a mono economy like ours? Though I know you as a die hard jonathanian who neither sees nor hears evil about the shoeless otuoke thief, please stay clear of this subject as I dey vex this afternoon! |
| Re: Nigeria's Naira Falls To Record Low Of 183.05 Against The Dollar- Reuters by Firefire(m): 3:05pm On Dec 01, 2014 |
ilugunboy: It is well. From 157.54 to Bleep (Not very sure yet)  SME would suffer more... 1 Like |
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