The naira tumbled against the dollar from 222 on Wednesday to 225 on Thursday, barely 36 hours after the Central Bank of Nigeria banned importers of rice, textiles, tomato paste and 38 other items from getting their forex needs from the nation’s forex market.

The regulator had said the new rule would help preserve the external reserves, facilitate the resuscitation of domestic industries and generate employment opportunities.

But the ban, which economists said would see about $5.7bn quarterly forex demand by importers of the items move from the official to the parallel market, is already fuelling scarcity of dollar at the black market and the Bureau De Change segment of the forex market.

Black market operators in Lagos, Abuja and Kano told our correspondent on Thursday that they had limited amount of foreign currencies for sale.

While many claimed that they did not have dollar for sale, a few who were ready to sell the currency quoted between N224 and N225 as the selling price.

The Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, said the dollar sold for between 224 and 225 on the street market because many of the operators were hoarding their stock of forex in anticipation of further rise in prices against the naira.

The hoarding, he said, followed the CBN’s new policy banning importers of 40 items from the forex market.

He said, “Most operators at the black market and a few at the BDC segment are hoarding their stock of forex in anticipation of further price increase. Most of them believe the CBN’s new policy will shift a lot of demand to the parallel market and the BDC segment, a situation that may make the naira to fall. So, rather than sell what they have, they are hoarding it. It is this artificial scarcity that is causing the price to rise.

“As of today (Thursday), the United States dollar is being sold for between N224 and N225. However, pounds and euro are still at 350 and 249, respectively. They may also rise in the coming days, while the dollar may sell for N230 by next week.”

The CBN had said that traders desirous of importing the banned items could do so using their own funds without recourse to the forex market.

Economists and analysts said the move would put the naira under further pressure as importers push more demand from the interbank forex market to the parallel market.

Trading on the interbank market, which is pegged around the central bank’s rate of N196.90 to the dollar, was at N199.40 on Thursday.

An economic and financial analyst at the WSTC Financial Services Limited, Mr. Olutola Oni, said the new forex rule would lead to inflation.

The Head, Research and Investment, Afrinvest West Africa, Mr. Ayodeji Ebo, said that the new policy would reduce the income of banks.

Source:http://www.nairausd.com/2015/06/naira-now-n225-in-paralllel-market-on.html

That's why I prefer colonial masters. Which way naa?

Someone should wake up the sleeping General ... It's dawn already

this is really sad. if u are sending cash abroad d banks make it as low as 199

9niceguy:
That's why I prefer colonial masters. Which way naa?

You have to apologies to Nigeria for this statement.

No wonder my uncle couldn't buy yesterday, where is Buhari that promised us $1 for N1

Chai naija se na like dis we go dey dey??

I have dollars but am hoarding it too. Welcome to Nigeria

Do you wanted to type 225 kobo? Please correct that mistake of yours, 225 naira biti bawo.

thats why i will always develop dollar salary/income ideas..

I’ll make Naira equal in value to dollar, says Buhari

Owerri – The All Progressives Congress (APC) presidential candidate, Gen. Muhammadu Buhari, on Monday said he would ensure that the Naira was equal to the dollar in value, if voted into office.

Buhari stated this during the South-East presidential rally of the party at Dan Anyima Stadium, Owerri.buhari-Naira

“It is sad that the value of the naira has dropped to more than N230 to one dollar; this does not speak well for the nation’s economy,’’ he said.

http://www.vanguardngr.com/2015/03/ill-make-naira-equal-in-value-to-dollar-says-buhari/

Hustle Mode

All thanks to the clueless ogogoro dullard zoologist drunkard

If not for "CHANGI", the mofo would have bankrupted this country

#NEVERAGAIN

Baba will make one naira = one dollar very soon

Vote for me! I'll equal $1 to N1...


Buhari we still dey wait

ouch ! hurting price

PMB please do something...

N225 to $1 rather than the promised N1 to $1, a difference of N224 and Liar Mohammed is not blaming GEJ yet, what's he waiting for?

Ok,Buhari would do sometin about it

Something needs to be done fast. This is crippling!

Get the refineries working so we stop importing refined products, rather, exporting refined products.
Review importation of food, and some other silly items.
Improve power supply.
Encourage exports (all).
Work on security.
Attack corruption and stealing of public funds.
Checkmate currency racketeering from the FG, CBN, banks, NNPC, BDCs, to independent racketeers.

Unbelievable!

Op and title: Is N225 against Dollar? Pound. Or Yen?

Where is this Daura President? Does he want the exchange rate to hit N1000 to$1 dollar before he makes it N1 to $1?

Why this slow speed.

Why cant we get a real bureau de change in Nigeria?

Why must it be only malam?

That shh is soooo weird

Chai

Jacide:

http://www.vanguardngr.com/2015/03/ill-make-naira-equal-in-value-to-dollar-says-buhari/

PMB wants to go and parley with Obama next July.

Perhaps PMB wants to ask Obama to make N1=$1

Big man talk to fellow big man: PMB may ask President Michelle of W. Germany to influence Obama to help make N1=$!

This should be expected. It is the law of demand and supply at work...