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US$1 Now Exchanges for N241: Where Is Buhari? - Business - Nairaland

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US$1 Now Exchanges for N241: Where Is Buhari? by Nobody: 12:20am On Jul 14, 2015
The naira hit another record low of 241 against the dollar at the parallel market on Monday as the Central Bank of Nigeria’s restrictions on foreign exchange sale fuelled unofficial trade in dollars, Reuters reported.

The ban on importers from accessing the Nigerian foreign exchange markets for the importation of 41 items had led to the volatility of the naira-dollar exchange rate at the black market.

Since June 23 when the new forex rule became operational, the naira has fallen by 10.5 per cent from 218 to 241 against the greenback.

Foreign exchange dealers said the artificial scarcity of the United States currency still pervaded the market.

The new forex rule had led to huge demand at the parallel market, causing dealers to hoard the dollar in anticipation of further fall in the naira

Economic analysts had said the CBN needed to devalue the naira to allow the local currency achieve an equilibrium price against the dollar.

The central bank had however said it would not be focusing on the thinly-traded parallel market when determining the exchange rate, adding that people preferred to use the unofficial market for undocumented transactions.

Foreign investors had been on the sideline, waiting for the CBN to devalue the naira before investing in naira-denominated assets.

Local and foreign analysts had predicted that the naira might hit 250 against the dollar at the parallel market any time soon if the artificial scarcity trend continued.

The central bank appears to be in a fix as the spread between the official and parallel market continues to widen by the day.

Meanwhile, stocks fell to a more than three-month low and the naira on Monday, Reuters reported.

The local bourse, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, dropped for the ninth consecutive day as investors shed banking, consumer and oil shares.
http://www.punchng.com/business/money/naira-drops-to-241-against-dollar/
Re: US$1 Now Exchanges for N241: Where Is Buhari? by Middlefinger1: 12:22am On Jul 14, 2015
bought
Re: US$1 Now Exchanges for N241: Where Is Buhari? by Cutehector(m): 12:24am On Jul 14, 2015
Wat is the problem
Re: US$1 Now Exchanges for N241: Where Is Buhari? by NaijaSingleBoy(m): 12:24am On Jul 14, 2015
We voted him to tackle security and forgot about our economy.
Waiting for 1$=#1....

99 Likes 4 Shares

Re: US$1 Now Exchanges for N241: Where Is Buhari? by NaijaSingleBoy(m): 12:25am On Jul 14, 2015
Middlefinger1:
bought

How much for Nigeria used? @your signature

3 Likes

Re: US$1 Now Exchanges for N241: Where Is Buhari? by omogin(f): 12:29am On Jul 14, 2015
He will discuss this extensively with Obama, no shakings. By the time he's back $1=#1.
If not that GEJ pampered corruption, Nigeria deserves better than these 'try your luck' APC has brought on the nation.

50 Likes 5 Shares

Re: US$1 Now Exchanges for N241: Where Is Buhari? by StOla: 12:34am On Jul 14, 2015
That's the healthy economy Okonjo Iweala handed over.

You never see anything. The fresh air is still blowing.

19 Likes 2 Shares

Re: US$1 Now Exchanges for N241: Where Is Buhari? by dyabman(m): 12:38am On Jul 14, 2015
What should buhari do about this now ? angry

1 Like

Re: US$1 Now Exchanges for N241: Where Is Buhari? by Nobody: 12:45am On Jul 14, 2015
Buhari and APC are applying "Try Your Luck" economy. No Finance Minister, economic team, everything is left to CBN. By the time he wakes up from this slumber, $1 would have reached N500.

I hope Nigerians wont be using wheel-barrow to transport cash as it is done in Zimbabwe before 2019.

97 Likes 8 Shares

Re: US$1 Now Exchanges for N241: Where Is Buhari? by kenedy175(m): 1:00am On Jul 14, 2015
This is serious. Hope we don't end up like Zimbabwe.

Baba, come and perform your magic

34 Likes 1 Share

Re: US$1 Now Exchanges for N241: Where Is Buhari? by sultaan(m): 1:11am On Jul 14, 2015
People need to get up and sell something else in the international market for dollars. With oil price at half price our other export talent and human resources are not yielding g the returns of previous years money in the west too is tight especially when things are cheaper in the west than Nigeria.

Solution is for the Naira to lose value to the point where investors bring in their money for deals or prices fall and we all know which one is easier

5 Likes

Re: US$1 Now Exchanges for N241: Where Is Buhari? by betty202020(m): 1:23am On Jul 14, 2015
Xetima:
The naira hit another record low of 241 against the dollar at the parallel market on Monday as the Central Bank of Nigeria’s restrictions on foreign exchange sale fuelled unofficial trade in dollars, Reuters reported.

The ban on importers from accessing the Nigerian foreign exchange markets for the importation of 41 items had led to the volatility of the naira-dollar exchange rate at the black market.

Since June 23 when the new forex rule became operational, the naira has fallen by 10.5 per cent from 218 to 241 against the greenback.

Foreign exchange dealers said the artificial scarcity of the United States currency still pervaded the market.
ADVERTISEMENT

The new forex rule had led to huge demand at the parallel market, causing dealers to hoard the dollar in anticipation of further fall in the naira

Economic analysts had said the CBN needed to devalue the naira to allow the local currency achieve an equilibrium price against the dollar.

The central bank had however said it would not be focusing on the thinly-traded parallel market when determining the exchange rate, adding that people preferred to use the unofficial market for undocumented transactions.

Foreign investors had been on the sideline, waiting for the CBN to devalue the naira before investing in naira-denominated assets.

Local and foreign analysts had predicted that the naira might hit 250 against the dollar at the parallel market any time soon if the artificial scarcity trend continued.

The central bank appears to be in a fix as the spread between the official and parallel market continues to widen by the day.

Meanwhile, stocks fell to a more than three-month low and the naira on Monday, Reuters reported.

The local bourse, which has the second-biggest weighting after Kuwait on the MSCI frontier market index, dropped for the ninth consecutive day as investors shed banking, consumer and oil shares.
http://www.punchng.com/business/money/naira-drops-to-241-against-dollar/
bihari how far na? APC, una still dey awake? yeye people.

37 Likes 3 Shares

Re: US$1 Now Exchanges for N241: Where Is Buhari? by mensdept: 1:27am On Jul 14, 2015
Dont blame Buhari. When Soludo wanted to change it to 1 to 1 how many of una dry vex?

10 Likes 1 Share

Re: US$1 Now Exchanges for N241: Where Is Buhari? by Pavore9: 1:40am On Jul 14, 2015
One of the effects of being import-dependent! angry

17 Likes 1 Share

Re: US$1 Now Exchanges for N241: Where Is Buhari? by UncleJudax(m): 2:24am On Jul 14, 2015
omogin:
He will discuss this extensively with Obama, no shakings. By the time he's back $1=#1.
If not that GEJ pampered corruption, Nigeria deserves better than these 'try your luck' APC has brought on the nation.
Lmao @tryYourLuckAPC shocked

17 Likes 3 Shares

Re: US$1 Now Exchanges for N241: Where Is Buhari? by Tallesty1(m): 2:39am On Jul 14, 2015
omogin:
He will discuss this extensively with Obama, no shakings. By the time he's back $1=#1.
If not that GEJ pampered corruption, Nigeria deserves better than these 'try your luck' APC has brought on the nation.
I know that opinion is like the anus, everybody is got one but honestly your own is shitty.

Sorry.

7 Likes

Re: US$1 Now Exchanges for N241: Where Is Buhari? by kazmanbanjoko(m): 5:01am On Jul 14, 2015
Okay, i don hear.

1 Like 1 Share

Re: US$1 Now Exchanges for N241: Where Is Buhari? by texazzpete(m): 5:34am On Jul 14, 2015
See TANoids coming here to complain... As if it's not the policies of the lame duck CBN Governor GEJ appointed that is causing this issue

15 Likes 1 Share

Re: US$1 Now Exchanges for N241: Where Is Buhari? by Mynd44: 6:11am On Jul 14, 2015
kenedy175:
This is serious. Hope we don't end up like Zimbabwe.


Baba, come and perform your magic
The problem with Zimbabwe is pretty much inflation and not currency.

6 Likes

Re: US$1 Now Exchanges for N241: Where Is Buhari? by Rose2014: 6:50am On Jul 14, 2015
Mynd44:

The problem with Zimbabwe is pretty much inflation and not currency.
shocked
You go fear excuse na. Now that GEJ is gone, no one to blame again, Now check out this excuse cheesy lmao

63 Likes 5 Shares

Re: US$1 Now Exchanges for N241: Where Is Buhari? by Blackchampion(m): 6:53am On Jul 14, 2015
Kai Buhari
.
$1 = N1
.
#D clueless n confused daura .dullard.

19 Likes 3 Shares

Re: US$1 Now Exchanges for N241: Where Is Buhari? by Morkavictor: 6:53am On Jul 14, 2015
Apc and buhari is out to destroy Nigeria.Still waiting for $1=#1

18 Likes 3 Shares

Re: US$1 Now Exchanges for N241: Where Is Buhari? by hucienda: 6:53am On Jul 14, 2015
What's going on with the naira?
Re: US$1 Now Exchanges for N241: Where Is Buhari? by korel9: 6:53am On Jul 14, 2015
The Dullard is busy sipping kunu with his fellow cows in Daura undecided



The slow poke deceived his likes (not me) with the campaign of turning one dollar to one naira but instead this is what they get angry


Instead he's busy claiming glories of the past regime

#smh

NOTE: Only a cow from Daura will quote me negatively grin

33 Likes 4 Shares

Re: US$1 Now Exchanges for N241: Where Is Buhari? by Aspireahead(m): 6:54am On Jul 14, 2015
chain
Re: US$1 Now Exchanges for N241: Where Is Buhari? by moyinoluwabun(m): 6:54am On Jul 14, 2015
Buhari taking his time to fix things according to APC. They ask us to give them time while they destroy everything good. Ok ooooo

22 Likes 1 Share

Re: US$1 Now Exchanges for N241: Where Is Buhari? by Timoleon(m): 6:54am On Jul 14, 2015
watching patiently....buhari no fall our hand o!

1 Like

Re: US$1 Now Exchanges for N241: Where Is Buhari? by KingsleyCEO: 6:54am On Jul 14, 2015
I thought he said it will be one naira to one dollar grin

10 Likes

Re: US$1 Now Exchanges for N241: Where Is Buhari? by Oildichotomy(m): 6:54am On Jul 14, 2015
No matter which side of the divide you belong ! This is so wrong .

And to think that some nitwits are blaming GEJ for this is the height of dullardship ideology.

That the one thousand note on my wallet is not worth $4 is appaling.

Daura D should do something please, Things are getting harsh in Nigeria already

42 Likes

Re: US$1 Now Exchanges for N241: Where Is Buhari? by kinglekan: 6:54am On Jul 14, 2015

So many íssues here, ranging from the new forex policy, over dependence on importation, increase in the demand for the dollar which automatically spurned the artificial scarcity.

Economists clamouring for the devaluation of the Naira, a temporary solution to diversifying the economy.

These issues would linger until the CBN and FG take stringent actions. Its definitely not news that petroleum products aren't calling the shots anymore.

2 Likes

Re: US$1 Now Exchanges for N241: Where Is Buhari? by ednut1(m): 6:55am On Jul 14, 2015
low oil prices and oversuppy means nigeria cant earn as much foreign reserves as before, the ban of importers of certain items from interbank fx only meant dis wud happen. Dubai invested a chunk of its oil money on tourism now we knw y. tough times ahead and time time to patronise made in nigeria goods.

4 Likes

Re: US$1 Now Exchanges for N241: Where Is Buhari? by free2ryhme: 6:55am On Jul 14, 2015
Xetima:

http://www.punchng.com/business/money/naira-drops-to-241-against-dollar/


No more defending of Naira,let it compete and found it original value in the market.Its time to face reality of our economy .Its time to demolish the lazy mentality of crude oil,its time to start manufacturing our own things,now is the time for made in Nigeria.Its time to face reality.

10 Likes 1 Share

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