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Naira Crashes To N484 Against Dollar As More Bdcs Go Underground / Naira Crashes To 288/dollar At New Official Market / Naira Crashes Even Further To 300 Against Dollar (2) (3) (4)
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Naira Crashes To 300 Against Dollar by sunnyb0b0(m): 4:54pm On Jan 13, 2016 |
Monday’s stoppage of foreign exchange sales to Bureau De Change operators by the Central Bank of Nigeria failed to lift the naira on Tuesday as the currency exchanged for 300 against the United States dollar in Kano, 290 in Lagos and 292 in Abuja. Financial experts said the naira would decline further, while private sector operators described the move as a welcome development. The ban was announced on Monday, when naira trading at 285 against the dollar at the parallel market from 278 on Friday. The Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, told one of correspondents in a telephone interview that the currency traded against the greenback at 300, 290 and 292 in Kano, Lagos and Abuja a day after the CBN announcement. “There is cut of (dollar) supply to the market. The BDC sub-sector has been murdered. We are not coping. The naira is going to head northwards. There is no solution in sight,” Gwadabe lamented. The Head of Investment Research, Afrinvest West Africa Limited, Mr. Ayodeji Ebo, said the stoppage of forex sale to the BDCs meant that the CBN wanted everybody to apply to the banks for dollars. He stated, “But we feel the pressure now will move from the BDCs to the parallel market. We will see significant spike in the value of the naira at the parallel market because the little supply to the BDCs have also helped to cushion the demand at the parallel market. “It will further compound or increase the spread between the parallel market and the interbank market. So, it will also increase round-tripping and unethical practices within the financial system.” On the lifting of the ban on cash deposits into domiciliary accounts, Ebo said, “I am still sceptical about how this will work except they are also assuring us that if you deposit it, you can consummate business with it.” A professor of financial economics at the University of Uyo, Akwa Ibom State, Leo Ukpong, said, “I don’t think the stoppage of dollar sale to the BDCs will solve the problem. The currency will depreciate some more. “This move will make the naira to weaken more as demand for dollar will skyrocket because of the short supply.” Members of the organised private sector, however, applauded the CBN for the stopping the sale of dollars to the BDCs and lifting the ban on cash deposits into domiciliary accounts. The President, Manufacturers Association of Nigeria, Dr. Frank Jacobs, said industrialists had earlier kicked against the funding of the BDCs by the central bank, adding that with the development, the forex could be channelled towards funding the real sector in terms of importation of raw materials. On the removal of the restriction of cash deposits into domiciliary accounts, Jacobs said manufacturers were still waiting for more clarification as to how the money deposited could be utilised by the customers. The Director-General, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Mr. Emmanuel Cobham, said the forex sale ban was a welcome development. According to him, although the BDCs are necessary in the economy, they are licensed entities and should, therefore, source for their own funds. Also speaking on the matter, the Director-General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf, lauded the forex policy review, noting that it had addressed the concerns of economic operators. According to him, it is a source of worry that the CBN continues to maintain its official exchange rate at N199 to the dollar at a time of dwindling forex inflow. “The pressure on the official window will persist. The risk of round-tripping and distortions in the foreign exchange market will consequently remain high,” he said. http://www.punchng.com/naira-crashes-to-300-against-dollar/ |
Re: Naira Crashes To 300 Against Dollar by sylvacoin(m): 5:42pm On Jan 13, 2016 |
Dollar against naira trades at 199.60 world wide 2 Likes |
Re: Naira Crashes To 300 Against Dollar by sunnyb0b0(m): 5:45pm On Jan 13, 2016 |
sylvacoin: You must be living in Mars. 5 Likes |
Re: Naira Crashes To 300 Against Dollar by ibietela2(m): 8:28pm On Jan 13, 2016 |
Lassa fever: Prevention is in Your Hands http://www.healthable.org/lassa-fever-prevention-is-in-your-hands/ |
Re: Naira Crashes To 300 Against Dollar by amunkita(m): 8:28pm On Jan 13, 2016 |
With this rate, I gat leave this my Obodo oyibo waka ooo.... Nigerians where is APC taking us to APC goons where is Buhari/emefiele taking us to Soon poor man no go fit buy garri again cous market woman go say dollar don cost.. Chisos!!!!!!!!!! Uwa Emebigooooooo!!!!! 1 Like |
Re: Naira Crashes To 300 Against Dollar by FagsamPHP(m): 8:29pm On Jan 13, 2016 |
Buhari oooooooo!!! see your life ooooo... Is this the N1 to $1 change you promised?? 4 Likes |
Re: Naira Crashes To 300 Against Dollar by ademoladeji(m): 8:29pm On Jan 13, 2016 |
Lobatan!!! |
Re: Naira Crashes To 300 Against Dollar by Flets: 8:29pm On Jan 13, 2016 |
Ok |
Re: Naira Crashes To 300 Against Dollar by Nobody: 8:29pm On Jan 13, 2016 |
hmmmmm...The mod that banned me sha...i will NOT pray that God will ban your blessing the way you banned me |
Re: Naira Crashes To 300 Against Dollar by Jeromejnr(m): 8:29pm On Jan 13, 2016 |
sunnyb0b0: |
Re: Naira Crashes To 300 Against Dollar by RedCapChief(m): 8:30pm On Jan 13, 2016 |
Baba Bubu!! |
Re: Naira Crashes To 300 Against Dollar by lmm4real: 8:30pm On Jan 13, 2016 |
Just imagine |
Re: Naira Crashes To 300 Against Dollar by edlion57(m): 8:30pm On Jan 13, 2016 |
I said it....when der promised us change we no remember to ask weda na postive or negative change 2 Likes |
Re: Naira Crashes To 300 Against Dollar by EmekaBlue(m): 8:30pm On Jan 13, 2016 |
President Buhari and crew system will destroy us sooner than later..A miser governing an oil rich country like Nigeria..Xpect investors to run away and economy to decline 2 Likes |
Re: Naira Crashes To 300 Against Dollar by dennistar(m): 8:30pm On Jan 13, 2016 |
No more buying shíts online. *sad* |
Re: Naira Crashes To 300 Against Dollar by appini: 8:31pm On Jan 13, 2016 |
Buhari is a disgrace to the black race. 3 Likes 1 Share |
Re: Naira Crashes To 300 Against Dollar by kennyman2000(m): 8:31pm On Jan 13, 2016 |
we done hear this news in the morning.. |
Re: Naira Crashes To 300 Against Dollar by Richie0974: 8:31pm On Jan 13, 2016 |
Jesus!! The lowest of all time. God help this country, gotta get outta here. 1 Like |
Re: Naira Crashes To 300 Against Dollar by ifecomito(m): 8:32pm On Jan 13, 2016 |
2 Likes |
Re: Naira Crashes To 300 Against Dollar by WhoBeThisMan: 8:32pm On Jan 13, 2016 |
I love this |
Re: Naira Crashes To 300 Against Dollar by JayTeeA(f): 8:33pm On Jan 13, 2016 |
Jesu! Well thank God for those of us that don't operate by the economy of this world bt by heaven's economy.. even if a dollar becomes 1000 naira "my God suppliers according to His riches in glory".. #weshallnotbemoved 1 Like |
Re: Naira Crashes To 300 Against Dollar by sammie22(m): 8:33pm On Jan 13, 2016 |
#End time Change 1 Like |
Re: Naira Crashes To 300 Against Dollar by Henrybliz(m): 8:33pm On Jan 13, 2016 |
. |
Re: Naira Crashes To 300 Against Dollar by selfmadeOLX(m): 8:33pm On Jan 13, 2016 |
Since OIL can't save us anymore.. Its time to go back to our first Love..! "Agriculture" 2 Likes |
Re: Naira Crashes To 300 Against Dollar by dabiko(m): 8:33pm On Jan 13, 2016 |
This is serious, what's happening to our economy? 1 Like |
Re: Naira Crashes To 300 Against Dollar by dejonathan(f): 8:34pm On Jan 13, 2016 |
Which Way NIGERIA?? 1 Like |
Re: Naira Crashes To 300 Against Dollar by olufemimajek: 8:34pm On Jan 13, 2016 |
dd |
Re: Naira Crashes To 300 Against Dollar by kachnov(m): 8:34pm On Jan 13, 2016 |
okay |
Re: Naira Crashes To 300 Against Dollar by mrrock: 8:35pm On Jan 13, 2016 |
FagsamPHP: If APC tell you to STOP, run. If APC tell you to RUN, stop. 2 Likes |
Re: Naira Crashes To 300 Against Dollar by ojoyebola1: 8:35pm On Jan 13, 2016 |
No matter how,I go still make am |
Re: Naira Crashes To 300 Against Dollar by Obinoscopy(m): 8:36pm On Jan 13, 2016 |
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