NairaWatch: Naira Crashes Further, Now N400 To A Dollar


Nigerian currency, the Naira, continues to depreciate in the parallel market on Thursday as it traded at 400 naira to a US Dollar.

NairaWatch recalled that the currency on Wednesday sold at N385 to a dollar but barely 24 hours, it has crashed by N15 to sell at new record low of N400 to a Dollar.

According  to a Bureau De Change operator, the crash was due to soaring demand for the Dollar in the foreign exchange market.

UPDATE

Already, the naira has depreciated by N60 against the dollar this week in the parallel market, when compared with the closing exchange rate of N325 per dollar Friday last week.

The currency,  however,  remained stable at the official interbank foreign exchange market as the interbank rate closed N199.34.

The naira has been on steady decline since Tuesday January 12th 2016, when the Central Bank of Nigeria (CBN) stopped weekly dollar sale to BDCs.

http://greennews.ng/nairawatch-naira-crashes-further-now-n400-to-a-dollar/

Chisos, pls Baba God we need in this kind of situation oooh.

Change

I will make $1=N1. The zombies jumped up, they never cared to ask for the multiplier. Today it is clear the man meant $1=N1*10^3. or even more. At this point, I must say next time Nigerians hear a NEPA bill certificate holder talks, they will do well never to take him serious.

fake, scam and UN-experience governing is what we are currently going through

[b]....there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike!
But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152!
imagine if $1=₦1000, the gain is ₦902!
So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$.

(take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed)

you have other opinion?[/b]