The naira yesterday weakened further against the dollar at the parallel market as currency dealer await new foreign exchange regime from the Central Bank of Nigeria (CBN).

Naira lost N5 or 1.4 percent each against dollar at the autonomous market and parallel market. It closed at N350/$ compare with N345/$ last week Friday at the autonomous market. At the parallel market, it closed at N355/$ from N350/$ traded last week Friday.

The local currency remained stable at the CBN’s clearing rates at the inter-bank market. There was little or no activities at the Bureau De Change (BDC) following the stoppage of dollar sell to operators by the CBN.

Aminu Gwadabe, acting president, Association of Bureau De Change Operators of Nigeria (ABCON), said the operators were waiting for the new foreign exchange regime that would encourage more activity at the inter-bank market.

He said the average price of N285/$ for sourcing of foreign exchange had intensified speculating activities and currency hoarding in the market.

Gwadabe told BusinesssDay by phone that foreign exchange at inter-bank market should be made flexible to allow investors bring in more dollars.

http://businessdayonline.com/2016/05/naira-depreciates-further-as-dealers-await-new-fx-regime/

Firstus de commentus

There are 3 exchange rates to a dollar

199naira to 1 dollar - for the big boys and connect peeps

295 naira to 1 dollar - For oil importation

345 naira to 1 dollar - For the masses

God dey

mtcheew..... I thought it have reach to 500 so dat wailers will feel the suffering
















they will still quote me

Terrible

Amazing

It is well.

Dollar cost, fuel cost.. Hmmmm, i thank God say data cheap self..









If you no fit buy fuel, Abeg use the money buy data,use am enter online come may we dey form human rights activist for nairaland..




#if_YoU_no_SEE_me_u_hear_ma_voiCE.

we are doing better jare...more grease to nigeria elbow

at least one positive for d week so far,,,aside some bald headed democrat calling us fantastically corrupt

For those who understand the real value of naira or its purchasing value, it is far way over-valued. The CBN has so far insisted on N199 to 1$, but when buying something from any shop abroad or online it never exchanged below N305 to 1$. It became more laughable recently when the FG directed oil marketers to trade at N280 to 1$, a move many experts see as double standard.

Although there is ongoing reports that the CBN will soon unveil a new FX regime, such as this report; whatever that means, anything less than N300 to 1$ as official rate is unacceptable. At this point the government's rigidity on devaluation is not borne out of sound economic exposure, it is a brazen betrayal of the reality on ground.

Good day Sir/Ma.
i am OGbonnaya Christian from shop 16 U.B line Ereja Square, Roundabout Ilesa, Osun state.
The Incident happened today 14-05-2016 at Ereja Square Roundabout area, Ilesa, Three men showed up at Roundabout and putting on oyes marshal uniform and pursing people that are selling at the main road towards the fire service area in roundabout and many of the market sellers seeing them took to their heels and were running and they were not able to seize any of the Goods and on their way coming back, there was this woman that sell Yam Flour (Elubo) and the woman was standing at the front of my shop and they wanted to carry the yam flour from her to their office and the woman refued to hand it over to them and as they were dragging it with the woman and the woman resisted them, they walk to my shop and carry my bowl of Iron sponge and left.
i later located their office inside former Ilesa West Rate office along Oba Adekunle Palace, when i approached them to explain why they take such action. the man there said i should go out of their office, i now saw they have seized so many goods already and they are there piled up and people were there begging for the release of their goods, then they were now charging them different fees to bail their goods without any receipts of payments.
i now said, why will i pay for what i will not get evidence of payment for and you said you are oyes marshals and that is when they got provoked and they charged me for telling them that they are doing illegal works and they lock me up in their office and called the police to come and arrest me.
when the police arrived. AYeso police station, i just followed them to the station and i met the D.P.O and i narrated the whole things that happened to the D.P.O and the D.P.O now said to me that what degree do i have in Law and i answered None.
Then He left for another matter and i was there in the police station and after some minutes some of the police women came and said i should pay for paper and the people that came to see me at the station gathered the money and paid them N1000 and that was how i was freed.
my main question here is that, this people that call themselves OYES, when pursing people off the road, they do leave the meat sellers and some people on the road.
another question is that when people come to get their seized goods, no receipt or evidence of payment that the money is going into the state account.
They only work on Saturdays only and in the morning alone. we need a better osun and Nigeria.
these people on the main road, selling goods hardly allow vehicles to pass and even when the fire service vehicle want to go out for emergency, it is always very difficult for it to pass also.
these people need to be checked and please let proper measures be put in place.
Thanks
yours Faithfully

We will survive...

Sicerely Nigeria economy is spiraling and gyrating out of Buhari's hand. The earlier he calls for help the better his fate.

buhari I'm still waiting for 1$ to 1#. zombies will ban me again but I don't care.

[quote author=NwaNimo1 post=45704245]Naira devaluation by stealth.....Buhari talks out of both sides of his mouth and cannot be trusted[/quote brother Kedu nke meganu.. Am happy to see my brother here.pls call me on 080686341/75

h

Hmm...i no wan make dem ban me ooo, if not...

the zombie mods that bans me each time I attack Buhari, congratulations because you guys just earn yourselves one hundred billion dollars for banning me. anyway buhari is a dullard & also clueless. if you like ban me again. who cares??

Na wa for naija

Well,we must endure the hardship that we brought upon selves till 7years time.....but until then let's keep enjoying the CHANGiiiiiiiik


KIKIKIKIKIKIKKI

These r trying times. God will see us tru. We will survive

An import economy can only suffer years of non diversity in times of boom

wetin concern me, good for business, time to sell my stored dollars

purchasing power reducing every passing day.

This buhari government will ruin the Nigeria economy totally and it will take another 12 years to repair.
But it seems Nigerians are happy with this change .goodluck to them

number5:
at least one positive for d week so far,,,aside some bald headed democrat calling us fantastically corrupt

see as naira dey look dollars sha ..

$1 = N1000.