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Nairaland Forum / Nairaland / General / Business / Naira Falls To 325 On Dollar Shortage -punch (24406 Views)
Unbelievable!!! Naira Falls To N485/$1, N600/£1 / Naira Falls Against US Dollar / Naira Falls To N370 Per Dollar (2) (3) (4)
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Naira Falls To 325 On Dollar Shortage -punch by elbinmanny(m): 4:39pm On Feb 12, 2016 |
The naira hit a record low of 325 to the dollar at the parallel market on Thursday as desperate importers scrambled for dollars to meet their obligations overseas. The local currency had closed at 318 against the greenback on Wednesday, after hitting 313.5 and 310 on Tuesday and Monday, respectively.“The dollar is falling because importers need forex to bring in their goods. They cannot keep on folding their arms because there is scarcity; they must keep buying; the only thing is that the quantity may reduce,” a forex dealer told our correspondent under condition of anonymity. The CBN has left the official exchange rate unchanged at N197 to the dollar on its official interbank window. “We see the naira falling further in coming days if the central bank fails to lift the dollar restriction,” the Acting President, Association of Bureau De Change Operators, Aminu Gwadabe, said.Tumbling global oil prices have battered Nigeria’s oil-dependent economy, with external reserves down to an 11-year low at $27.89bn on February 9, Reuters reported. President Muhammadu Buhari is concerned that further depreciation will hurt poor Nigerians, but the CBN’s refusal to revise the pegged exchange rate has widened a chasm between official rate and the parallel market.Last month, the central bank halted dollar sales to the BDC operators and allowed commercial banks to accept dollar deposits, in a failed effort to shore up dwindling foreign reserves. Around 90 per cent of the nation’s foreign exchange earnings come from crude oil exports, but mismanagement of the refineries means the country must also import expensive refined fuel.The Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, said it was high time the CBN came up with a forex policy that would address the forex crisis confronting the nation. In an economic note released on Thursday, Rewane said, “Nigerians are perplexed at the endless slide of their currency, which is now trading at N325/$, the lowest point ever.“This is happening even when the oil price is up at $31pb. The debate as whether to devalue the naira is not the real issue. The discourse should be whether we need an exchange rate policy or not. The absence of a policy is a recipe for economic anarchy and a race to the bottom.” http://www.punchng.com/naira-falls-325-dollar-shortage/ 1 Like
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Re: Naira Falls To 325 On Dollar Shortage -punch by zuchyblink(m): 4:44pm On Feb 12, 2016 |
I changed #330 dollar to Naira 40 Likes 4 Shares |
Re: Naira Falls To 325 On Dollar Shortage -punch by INTROVERT(f): 4:44pm On Feb 12, 2016 |
Hmmmmm 2 Likes 1 Share |
Re: Naira Falls To 325 On Dollar Shortage -punch by 9jvirgin(m): 4:48pm On Feb 12, 2016 |
.....and my school fees at Roosevelt University, Illinois is $18000 . what do I do now 26 Likes 4 Shares |
Re: Naira Falls To 325 On Dollar Shortage -punch by ZombieNation: 4:51pm On Feb 12, 2016 |
Technically, the naira is still trading at 198 naira Technically, Boko Haram have been defeated Technically, Buhari is fighting corruption even though he is playing the ostrich over Amaechi Technically, Nigerians are criminals apart from St Buhari and Hajiya Aisha and their disciple ministers Technically, Aisha is not the first lady even though she attends international conferences organised for and by first ladies while being ferried in presidential jet Technically, Osinbanjo is vp even though a mere commissioner Technically, Buhari's only certificate is still with the army. Technically, Budget scam is the handwork of koworpt civil servants Technically, Jonathan bought arms but they only kill oyibo and not bokos with juju Technically, liar mohammed remains a lying bastard until proven otherwise. Technically, Zahra is a virgin. 319 Likes 27 Shares |
Re: Naira Falls To 325 On Dollar Shortage -punch by Pidggin(f): 4:52pm On Feb 12, 2016 |
Sai Barber! 20 Likes |
Re: Naira Falls To 325 On Dollar Shortage -punch by ZombieNation: 4:55pm On Feb 12, 2016 |
9jvirgin: Sell your kidney or get your virgin butthole into gay p0rn 15 Likes 1 Share |
Re: Naira Falls To 325 On Dollar Shortage -punch by IVORY2009(m): 4:57pm On Feb 12, 2016 |
I am still waiting for it to hit 400 naira, so I can sell off my 100k dolls "Dasuki's share" 7 Likes 1 Share |
Re: Naira Falls To 325 On Dollar Shortage -punch by elbinmanny(m): 5:00pm On Feb 12, 2016 |
Where are the zombies? 72 Likes 3 Shares
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Re: Naira Falls To 325 On Dollar Shortage -punch by ZombieNation: 5:10pm On Feb 12, 2016 |
elbinmanny: They are basking in that warm beaker [img]http://sallyember.files./2014/02/frog-heat-beaker.jpg[/img] When the naira crashes to 500 to a dollar dem go wake up. 62 Likes 3 Shares |
Re: Naira Falls To 325 On Dollar Shortage -punch by lincolnj88: 5:11pm On Feb 12, 2016 |
they will soon take dier blametocin capsules to cure the headache dis news might carry 53 Likes 2 Shares
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Re: Naira Falls To 325 On Dollar Shortage -punch by elbinmanny(m): 5:16pm On Feb 12, 2016 |
Lalasticlala abeg wetin punch talk na true? |
Re: Naira Falls To 325 On Dollar Shortage -punch by Nobody: 6:40pm On Feb 12, 2016 |
Someone told me the dollar would get to 500 to the naira by the end of this year, I doubted him. 32 Likes 3 Shares |
Re: Naira Falls To 325 On Dollar Shortage -punch by arigold1304(m): 6:40pm On Feb 12, 2016 |
341 5 Likes 1 Share |
Re: Naira Falls To 325 On Dollar Shortage -punch by KanwuliaExtra: 6:41pm On Feb 12, 2016 |
Jaysuuuuuuuuuuuuuuuuuuuuuuuuuu!!!! Change is HIA ooooooo. . . . . ! 19 Likes 1 Share
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Re: Naira Falls To 325 On Dollar Shortage -punch by NinaArsenal(f): 6:41pm On Feb 12, 2016 |
9ja which way? 1 Like |
Re: Naira Falls To 325 On Dollar Shortage -punch by Flexherbal(m): 6:41pm On Feb 12, 2016 |
When I hear news like this, I feel bad. 7 Likes |
Re: Naira Falls To 325 On Dollar Shortage -punch by kenedy175(m): 6:41pm On Feb 12, 2016 |
Chai. This is getting out of hand. Please who knows how much gtb and diamond bank charge per dollar 3 Likes |
Re: Naira Falls To 325 On Dollar Shortage -punch by moneybag100: 6:41pm On Feb 12, 2016 |
Buhariiiiiiiiiiiiiiiiii Maka why? Why? And you still leave that incompetent CBN boss in office. Confused man. 6 Likes |
Re: Naira Falls To 325 On Dollar Shortage -punch by toms55(m): 6:41pm On Feb 12, 2016 |
ZombieNation: Dude you dont need all these. Rather come up with an innovative idea , and let's watch this country grow. Fall in Oil prices is the reason for this and that is what you should be saying and not blaming those who are trying to strengthen the Naira by Not devaluating it. That is their own idea as a solution to the problem, what is your own innovative idea? 25 Likes 3 Shares |
Re: Naira Falls To 325 On Dollar Shortage -punch by BeeBeeOoh(m): 6:41pm On Feb 12, 2016 |
[size=15pt]It Shall Not Be Well With Them All That Brought This Plague(PMD) Upon Us..[/size] 21 Likes 1 Share |
Re: Naira Falls To 325 On Dollar Shortage -punch by waterhouse071(m): 6:42pm On Feb 12, 2016 |
The way our economy is going down under APC, we'll soon rediscover PDP. 38 Likes |
Re: Naira Falls To 325 On Dollar Shortage -punch by mrlaw93(m): 6:42pm On Feb 12, 2016 |
God! where art thou eyes. Nigeria is crumbling. I pray for we country. 5 Likes |
Re: Naira Falls To 325 On Dollar Shortage -punch by worlexy(m): 6:42pm On Feb 12, 2016 |
OMG! I just imagine the trash Lie Muhammed would have been vomiting from his mouth now if GEJ had won last election. He would have told us how APC would have made things better. One lesson I've learnt is when someone promises to change your current situation for you, please don't get excited, sit down, think and ask the person "The change you're promising me will be from what to what? Good to Bad or Bad to Worse?" We've been scammed! #OneChanceChange. 64 Likes 2 Shares |
Re: Naira Falls To 325 On Dollar Shortage -punch by Adminisher: 6:42pm On Feb 12, 2016 |
ZombieNation: Technically, the PDP ruined Nigeria and they will all soon be technically rounded up and technically jailed. 22 Likes 1 Share |
Re: Naira Falls To 325 On Dollar Shortage -punch by Nobody: 6:42pm On Feb 12, 2016 |
what?? and i still dey sell my dollars on paypal and neteller at ₦260, na wahooooo |
Re: Naira Falls To 325 On Dollar Shortage -punch by Missmossy(f): 6:43pm On Feb 12, 2016 |
Chai!!!! 2 Likes |
Re: Naira Falls To 325 On Dollar Shortage -punch by ednut1(m): 6:43pm On Feb 12, 2016 |
End times. But why be say 1984 and 2016 get something in common. Is bad luck his middle name ni na joke o. Buhari self dey among those killing d naira. Wetin he use pay zahra school fees or his uk doctors 28 Likes |
Re: Naira Falls To 325 On Dollar Shortage -punch by gurunlocker: 6:43pm On Feb 12, 2016 |
the more they make dollar spending strict, the more it soar |
Re: Naira Falls To 325 On Dollar Shortage -punch by femiero: 6:43pm On Feb 12, 2016 |
Anything Buhari and APC touches turns into shit 15 Likes |
Re: Naira Falls To 325 On Dollar Shortage -punch by arigold1304(m): 6:45pm On Feb 12, 2016 |
Those schools n hotel that asked, pls do you want to pay n DOLLARS. How market? 2 Likes |
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