Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,039,901 members, 7,458,009 topics. Date: Saturday, 10 June 2023 at 11:39 AM

Naira Crashes To N285/$1 At Interbank Market - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Crashes To N285/$1 At Interbank Market (27123 Views)

Naira Crashes To N484 Against Dollar As More Bdcs Go Underground / Naira Crashes To N400/$1 At Parallel Market, Lowest Rate Ever / Naira Crashes To 288/dollar At New Official Market (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Naira Crashes To N285/$1 At Interbank Market by bizgenius1: 12:57pm On May 31, 2016

Despite the Central Bank of Nigeria yet to roll out the details of the new flexible exchange rate policy, which is a monetary system that allows the exchange rate to be determined by supply and demand, the nation’s currency naira has switched to N285 to a dollar at the interbank market, The Guardian reports.


The policy, which throws naira into open market, paves way for one to walk into the bank and ask to buy forex at the market rate, hence, putting pressure on black market and Bureau de Change operators.
The new policy also means that banks and Bureau De Change (BDC) operators will have to source forex autonomously and sell according to market dynamics.

The interbank rate had run nearly at par with the official at N199 per dollar and N197 per dollar respectively before the pronouncements on the new foreign exchange measure.

The new rate represents about 43.2% increase from N199 to the dollar it previously traded, which according to analysts suggests that the market is gradually adjusting itself to the new direction, although the details are yet to be unfolded.

However, a look on the apex bank official website, www.cbn.gov.ng has shown the naira is still pegged at N197.

Meanwhile, President Muhammadu Buhari has given the CBN the go-ahead to introduce flexibility in the naira exchange rate.

Speaking in an interview on Nigeria Television Authority (NTA), Garba Shehu, the senior special assistant on media and publicity to President Buhari said: “The president is opposed to devaluing the naira, he has said so repeatedly.

“He has given them leeway to introduce what he has called ‘flexibility in managing’ the currency’s value.”

Buhari said at the weekend that he supported a stable currency, though he would keep “a close look at how recent measures affect the naira and the economy.”

More details later…

Source..

https://www.naij.com/845128-breaking-naira-crashes-n2851-interbank-market.html?source=breaking

1 Like 1 Share

Re: Naira Crashes To N285/$1 At Interbank Market by nike4love: 12:58pm On May 31, 2016
PMB: I pity lai mohammed.
But I pity PMB.
But who will pity for nigerians
Is this the change

One week one trouble....

61 Likes 9 Shares

Re: Naira Crashes To N285/$1 At Interbank Market by rusher14: 1:08pm On May 31, 2016
Exporters are laughing all the way to the bank.

18 Likes

Re: Naira Crashes To N285/$1 At Interbank Market by dav8id(m): 1:21pm On May 31, 2016
so, what the is whole story mean? dollar rate go down against naira or what?

9 Likes

Re: Naira Crashes To N285/$1 At Interbank Market by deebsman1(m): 1:54pm On May 31, 2016
Abracadabra economy embarassed

7 Likes

Re: Naira Crashes To N285/$1 At Interbank Market by sukkot: 1:54pm On May 31, 2016
cheesy
Re: Naira Crashes To N285/$1 At Interbank Market by shammah1(m): 1:54pm On May 31, 2016
Nonsense APC government

33 Likes 7 Shares

Re: Naira Crashes To N285/$1 At Interbank Market by vizkiz: 1:55pm On May 31, 2016
I don't think there is gonna be any "change" in the next 4years... Let's just face the truth. Nigeria is in deep shiit!!! undecided

75 Likes 7 Shares

Re: Naira Crashes To N285/$1 At Interbank Market by amclimax(m): 1:55pm On May 31, 2016
Economy hard nq only for me pocket..... oluwa pick up my call

4 Likes

Re: Naira Crashes To N285/$1 At Interbank Market by Dsegsam(m): 1:55pm On May 31, 2016
Mogbe shocked
Re: Naira Crashes To N285/$1 At Interbank Market by todayboy: 1:55pm On May 31, 2016
Nigeria under siege

8 Likes

Re: Naira Crashes To N285/$1 At Interbank Market by Firefire(m): 1:55pm On May 31, 2016
SMH
Re: Naira Crashes To N285/$1 At Interbank Market by NwaNimo1(m): 1:56pm On May 31, 2016
Sell your Naira and buy Dollars, Euro's or Pounds - you've been warned!

14 Likes

Re: Naira Crashes To N285/$1 At Interbank Market by EbukaLive(m): 1:56pm On May 31, 2016
It MUST get WORSE before it can get BETTER. If it doesn't get WORSE it cannot get BETTER. Nigerians should be patient with my President...

27 Likes 3 Shares

Re: Naira Crashes To N285/$1 At Interbank Market by anonimi: 1:56pm On May 31, 2016
nike4love:
PMB: I pity lai mohammed.
But I pity PMB.
But who will pity for nigerians
Is this the change

One week one trouble....




www.nairaland.com/attachments/3633741_9jaintrouble_jpeg7d204565e27912ea7b3d41c7e31cf768

16 Likes 1 Share

Re: Naira Crashes To N285/$1 At Interbank Market by buzquet(m): 1:56pm On May 31, 2016
Nigeria will be back for real. Everything has it up and down time. Nigeria will be great again

23 Likes 1 Share

Re: Naira Crashes To N285/$1 At Interbank Market by Lilimax(f): 1:56pm On May 31, 2016
No shaking, let's be optimistic. embarassed
All shall be well!

2 Likes

Re: Naira Crashes To N285/$1 At Interbank Market by VocalWalls: 1:56pm On May 31, 2016
Deceit

Why didn't it crash lower than that exact amount?

Looking for a reason to murder the naira at 285/Dollar.

These people don't even know how to lie... Shet mehn... angry

The same 285 customs chose to use... Same 285 oil marketers chose to use.

Check This Out


I'm not having an IQ of 300, but I'm no fool.

8 Likes 2 Shares

Re: Naira Crashes To N285/$1 At Interbank Market by anonimi: 1:58pm On May 31, 2016

27 Likes 5 Shares

Re: Naira Crashes To N285/$1 At Interbank Market by pachukwu16: 1:58pm On May 31, 2016
God help us
Re: Naira Crashes To N285/$1 At Interbank Market by DrSuleiman100: 1:58pm On May 31, 2016
Is it not getting better















Or what does that mean??

1 Like

Re: Naira Crashes To N285/$1 At Interbank Market by Lilimax(f): 1:59pm On May 31, 2016

5 Likes

Re: Naira Crashes To N285/$1 At Interbank Market by loomer: 1:59pm On May 31, 2016
Yahoo boys go dey happy
Re: Naira Crashes To N285/$1 At Interbank Market by anonimi: 1:59pm On May 31, 2016
vizkiz:
I don't think there is gonna be any "change" in the next 4years... Let's just face the truth. undecided

There is change already.
Question is- what manner of change?




www.nairaland.com/attachments/2186225_change_jpeg_jpeg94b34b227702fbe5c47290c95691a634

6 Likes 2 Shares

Re: Naira Crashes To N285/$1 At Interbank Market by Lilimax(f): 2:00pm On May 31, 2016
loomer:
Yahoo boys go dey happy
Mugu no dey fall again smileyembarassed

2 Likes

Re: Naira Crashes To N285/$1 At Interbank Market by davide470(m): 2:00pm On May 31, 2016
Technically, we have devalued the currency.. Smh.

5 Likes

Re: Naira Crashes To N285/$1 At Interbank Market by Musharraf: 2:01pm On May 31, 2016
I don tire for dis government.. undecided

1 Like

Re: Naira Crashes To N285/$1 At Interbank Market by Lilimax(f): 2:01pm On May 31, 2016
davide470:
Technically, we have devalued the currency.. Smh.
More like it! smiley

2 Likes

Re: Naira Crashes To N285/$1 At Interbank Market by JAZES(m): 2:01pm On May 31, 2016
This is getting fierce everyday
Re: Naira Crashes To N285/$1 At Interbank Market by erosimo(m): 2:02pm On May 31, 2016
This is no news 'cos I bought some $ in January this year through my bank (gtb) and they sold it to me at 283.33/$. So, naira has been long devalued.

3 Likes

Re: Naira Crashes To N285/$1 At Interbank Market by Nobody: 2:02pm On May 31, 2016
That would only crash the Naira.

Best policy is to convert your money to an asset you could resell when stability returns.
NwaNimo1:
Sell your Naira and buy Dollars, Euro's or Pounds - you've been warned!

1 Like

Re: Naira Crashes To N285/$1 At Interbank Market by loomer: 2:02pm On May 31, 2016
Lilimax:

Mugu no dey fall again smileyembarassed


Sister, na every single day dem dey born new mugu

2 Likes

(1) (2) (3) (Reply)

Steve Jobs' 13 Most Inspiring Quotes / Dele Momodu And Femi Otedola Pose By Otedola's Yacht (Photo) / Innoson Motors Chairman Declared Wanted

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2023 Oluwaseun Osewa. All rights reserved. See How To Advertise. 57
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.