The naira, Wednesday, depreciated further to N305 per dollar as scarcity of dollars intensified in the parallel market. From an average of N287 per dollar, Tuesday, the parallel market exchange rate rose to an average of N305 per dollar across the country. Since Monday when the Central Bank of Nigeria (CBN) stopped the weekly dollar sales to Bureaux De Change (BDCs), the naira has been depreciating against the dollar. BDC sources who confirmed the development to Vanguard however said that the exchange rate situation is uncertain as the rate changes from time to time. Vanguard investigation revealed that though the exchange rate touched N305 in major cities like Lagos, Abuja and Kano, it dropped slightly to between N295 and N300 per dollar in Lagos and Abuja at the close of business, while it closed at N305 in Kano. Chief Executive Officer, H.J Trust BDC, Mr. Harrison Owoh, told Vanguard that the market is fluid. “You cannot quote rate for anybody now because the rate is changing every time.” An Abuja based BDC Operator who spoke to Vanguard on condition of anonymity said that the rate closed in Abuja at N298 but was above N300 during the day. He however said that it was difficult to quote any specific rate now as the situation is unpredictable. He opined that the rate would stabilised by next week, when the market would have absorbed the impact of the new CBN policy. www.vanguardngr.com/2016/01/naira-weakens-sells-at-n305-to-dollar/

ALL UNTO GOD

Na wa oooo

Buhari assumes office on June, during a brief period of relatively steady electricity:
"SAI BUHARI! JUST LOOK AT MY FROZEN FRIDGE! THE GOOD WORKS OF PMB ARE STARTING TO SHOW WITHIN ONE WEEK AFTER HIS SWEARING IN! ELECTRICITY HAS BEEN FIXED USING NOTHING BUT HIS BODY LANGUAGE! CLUELESS GEJ HAD NO HAND IN THIS IMPROVEMENT."

Six months later, after wasting his four months without a policy direction or cabinet, and investors have fled the country in the wake of his moronic and thoughtless economic policies which have led to the Naira crumbling rapidly:
"BLAME GEJ AND 16 YEARS OF PDP. THEY, ALONG WITH IWEALA, 'DESTROYED' AWAH EKONOMEE BY REFUSING TO DIVERSIFY. HAVEN'T YOU READ THE LATEST PUBLICATION FROM SAHARA REPORTERS? BLAME GEJ BECAUSE SAHARA REPORTERS TOLD ME SO."

The wisdom of the negro.

buhari is indeed trying so much oooooo
by february ending, it should reach 5k per dollar.
thank God he was voted into power, so no one would say that he would have been the best presido.
nnamdi kanu prayed for it, it is already happening

it wil soon get 2 1000

Why everything de backfire for Buhari?

MCMLXXVI:
Buhari assumes office on June, during a brief period of relatively steady electricity:
"SAI BUHARI! JUST LOOK AT MY FROZEN FRIDGE! THE GOOD WORKS OF PMB ARE STARTING TO SHOW WITHIN ONE WEEK AFTER HIS SWEARING IN! ELECTRICITY HAS BEEN FIXED USING NOTHING BUT HIS BODY LANGUAGE! CLUELESS GEJ HAD NO HAND IN THIS IMPROVEMENT."

Six months later, after wasting his four months without a policy direction or cabinet, and investors have fled the country in the wake of his moronic and thoughtless economic policies which have led to the Naira crumbling rapidly:
"BLAME GEJ AND 16 YEARS OF PDP. THEY, ALONG WITH IWEALA, 'DESTROYED' AWAH EKONOMEE BY REFUSING TO DIVERSIFY. HAVEN'T YOU READ THE LATEST PUBLICATION FROM SAHARA REPORTERS? BLAME GEJ BECAUSE SAHARA REPORTERS TOLD ME SO."

The wisdom of the negro.

Nigger would be better

Anarchy is imminent. WE WILL REGRET EVER LETTING GEJ GO.

let me see the idiot that will invoke GEJ. GEJ left office with naira to dollar at 210 naira and today it's 305 naira. WTF? GEJ inherited naira to dollar from Yaradua at 165 naira, it stayed at this rate -/+15 ( 150-180) for 4 yrs straight, it was only in 2014 ending that we began to see fall in naira owning to those who are bent on sabotaging his achievements to make sure he doesn't get reelected. Compare dollar to naira lost in value under GEJ from 165 to 210 naira within 4-5 yrs span of GEJ...that's very reasonable. However under Buhari from 210-305 naira in barely 6 months in office? This is disastrous and an invitation to anarchy. Same goes for fuel scarcity, there was never a fuel scarcity under GEJ except for his last few months in office, again owning to those savages who are bent on making sure he never got reelected.

The law of diminishing return will apply to it eventually, that's what I'm hoping for. I'm no economist by the way. And this one we're all screaming dollar, what do we genuinely need(not want) it for? The common man on the street doesn't even know what it is.

N320/$ imminent as oil price flirts with $30 mark. Unfortunately, political leaders are powerless to the forces of Free Market.
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For those thinking that the former president did a better job, I'd like to refresh our minds. Oil price collapsed from around $115 in June 2014 to around $70 in Nov 2014 and then to around $50 in Feb 2015. The CBN first responded by depreciating the Naira from N150/$ to N168/$ in Nov 2014 and then to N197/$ in Feb 2015.
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Currency depreciation (of oil exporting countries) is a natural course of action when oil prices decline. This is the case currently for Angola, Libya, Russia, Saudi Arabia, Venezuela, etc. Even countries like Canada and Norway are also experiencing same fate.
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The appropriate thing for the CBN to do is to adjust the official exchange rate to around N250/$. This will help close the divergence between the official rate and the parallel rate. Grand standing is completely unnecessary. The president, as a matter of urgency, should stop having a definitive opinion about what the exchange rate should be. This only serves some futile National Pride but with dire economic consequences.
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Those blaming the current administration for the fate of the Naira are either completely ignorant or mischievous. Anyone with some modicum of economic intellect will understand the correlation between oil prices and the exchange rate of an oil exporting country. It becomes much worse when the country is import-dependent. The blame goes to previous administrations for paying lip service to diversification of the economy and for not shoring up our FX Reserves during boom periods.
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If Saudi Arabia with FX Reserves of over $750bn, Russia (over $450bn), Canada (over $500bn), etc can see their currencies plummeting due to declining oil prices, then Nigeria (with FX Reserves of $28bn) must be a complete joke for trying to maintain the strength of the Naira.
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I won't bother going into the implications and all the interwoven dynamics of oil price, exchange rate and the overall economy.

Holy shitttt !!

So the dulllard is still borrowing money?

We have really entered one chance !

This guy is sucking oxygen out of d economy

myselfonly:
The law of diminishing return will apply to it eventually, that's what I'm hoping for. I'm no economist by the way. And this one we're all screaming dollar, what do we genuinely need(not want) it for? The common man on the street doesn't even know what it is.

you forget say na dollar dem dey use for international market abi.

myselfonly:
The law of diminishing return will apply to it eventually, that's what I'm hoping for. I'm no economist by the way. And this one we're all screaming dollar, what do we genuinely need(not want) it for? The common man on the street doesn't even know what it is.

your mumu get ke leg, i no blame you because you have stated the obvious since you are a lay men in economics. Did you know that majority of goods consumed in our economy ware imported? the more the Naira depreciate it value the more it incurred pain to the masses especially the poor folk who struggle for end needs.
you can not say because you have nothing to do with dollars so you are more or less concern, unless you pretend as if you are not buying anything. Ask yourself how much they are selling rice at this moment compare to 2 years ago . even the last administration still manage the economy to his best. why not ask the present govt to do something before it get out of hands.