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Nairaland Forum / Nairaland / General / Dollar Now Sells For N220 At Bdcs (876 Views)
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Dollar Now Sells For N220 At Bdcs by sammicool(m): 6:00am On Feb 20, 2015 |
The naira on Thursday crashed further against the United States dollar from 215 to 220 at the Bureau de Change segment of the foreign exchange market, following the closure of the Retail Dutch Auction System and Wholesale Dutch Auction System window by the Central Bank of Nigeria. The naira also weakened to 199 to the dollar at the interbank market, compared to 197 on Wednesday. The CBN had on Wednesday said all demands for foreign exchange should be channelled to the interbank market, adding that only genuine demands for foreign exchange would be met. The President of the Association of Bureau de Change of Nigeria, Mr. Aminu Gwadabe, told our correspondent in a telephone interview on Thursday that the closure of the RDAS could further affect access to foreign exchange by the BDC segment of the market. “The dollar has gone to 220 at the close of the market today from 215.5 yesterday (Wednesday). That is the rate you can buy now, that is even if you see it. You might not even see it at 220 because the supply is not much.” “Last week, we bought at the interbank at N203, N204. As of yesterday (Wednesday), the rate at the BDC was N215.5. “By tomorrow (Friday), we are likely going to see continuous volatility in the market except the CBN, as promised, continues to intervene at the interbank market.” He added, “Before the closure of the RDAS, the CBN had stopped selling its money to the BDCs through the RDAS for the past three weeks or so. We have been accessing foreign exchange through the interbank. Technically, what they are saying is that it is going to be a one-rate system.” There are over 2,500 BDC operators in the country. At the BDC, the process of buying dollars is less rigorous but the operators usually sell in small lots, compared with the interbank market, which can transact over $100m a day. “There is going to be a lot of competition in the interbank market because everybody will be going there. “So, to some extent, except the CBN is going to intervene heavily in the market as it said, we will find that the sources of foreign exchange to the BDCs will be narrowed again and the rate at which the BDCs sell will definitely go higher,” said Gwadabe. A fixed income and currency analyst at Ecobank, Mr. Olukunle Ezun, said with the wide margin between the RDAS and interbank market rates, the CBN had been subsidising the naira, which was not the best practice because it gave room for round-tripping and speculation. Ezun said, “This one is more like implicit devaluation because the CBN has not made the pronouncement. But if the CBN is selling at N196 or N197, that is devaluation without saying it.” Copyright PUNCH.All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Contact: editor@punchng.com wwww.jayseng.com/dollar-now-sells-for-n220-at-bdcs/ |
Re: Dollar Now Sells For N220 At Bdcs by vjsmiles: 6:01am On Feb 20, 2015 |
NIGERIA REEKS OF CORRUPTION AND ECONOMIC MISMANAGEMENT WHICH WAY FORWARD |
Re: Dollar Now Sells For N220 At Bdcs by 3Cees: 6:09am On Feb 20, 2015 |
All I can say is "BEHT WHY?" This naira devaluation is beginning to pain me. |
Re: Dollar Now Sells For N220 At Bdcs by iPopAlomo(m): 6:17am On Feb 20, 2015 |
Worst thing is pdp keep saying the economy is growing... are these people living in another Nigeria...? Very confused bunch of people... |
Re: Dollar Now Sells For N220 At Bdcs by firstolalekan(m): 6:17am On Feb 20, 2015 |
E NO GO BETTER FOR J0NATHAN AND NGOZI IWEALA 1 Like |
Re: Dollar Now Sells For N220 At Bdcs by ITbomb(m): 6:52am On Feb 20, 2015 |
Currency slide against the dollar is worldwide, it rest on the government to carefully manage the trend until there is stability in the world economy firstolalekan: |
Re: Dollar Now Sells For N220 At Bdcs by firstolalekan(m): 6:58am On Feb 20, 2015 |
ITbomb:What Rubbish is this one saying? How much was Naira to dollars early last year? Who devalued the Naira three months ago? Please reason before you type. |
Re: Dollar Now Sells For N220 At Bdcs by ITbomb(m): 7:23am On Feb 20, 2015 |
firstolalekan: Throughout last year, the naira was at 165 - 168 to a dollar. World oil prices slump affected many countries especially those dependent on crude oil/natural gas like Venezuela, Russia Comparing this chart, you will see how the fall of oil crude prices negatively affected most currencies, remarkably the naira held on very well compared to others but recently uncertainty following the postponement of the election have created an artificial slump which the central bank is trying to gauge by closing the markets,. [img]http://clamo.ftdata.co.uk/files/2014-11/28/Capture(3).PNG[/img] If you think like Buhari that you can control world oil prices then I wish you success in the wilderness of your ignorance 1 Like
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Re: Dollar Now Sells For N220 At Bdcs by firstolalekan(m): 8:00am On Feb 20, 2015 |
[s] ITbomb:[/s] Rubbish! How much did it affect Cedis Riyan Riyadh etc Gullible deluded PDPïg |
Re: Dollar Now Sells For N220 At Bdcs by Craigston: 7:56pm On Feb 20, 2015 |
ITbomb:That chart looks more like what USA suffered during the economic recession in 2008. And speculations show that such a slump is likely to happen soon. '401kaos', a book by Andy Tanner has some talk on it. |
Re: Dollar Now Sells For N220 At Bdcs by Revolva(m): 11:13pm On Feb 20, 2015 |
Haaa omo make one ma ga pay me dollars na..omo na correct bar I go hold o |
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