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Stats: 2,775,740 members, 6,612,585 topics. Date: Thursday, 02 December 2021 at 05:36 AM
|Naira Exchanges For 414 A Dollar by Truth234(m): 4:20am On Aug 29, 2016|
The Nigerian Naira plunged to a record low against the US dollar on Sunday at the parallel market.
The local currency was sold for 414 per dollar in Lagos and Abuja on Sunday.
Currency experts have said even though the CBN continued to intervene by selling dollars daily on the interbank market, its efforts were inadequate and considered weak.
“There is nothing in the policy environment that will arrest the decline unless the central bank has increased capacity to supply the market, which unfortunately it doesn’t have. So, we should expect the naira to remain under pressure in the coming week,” said Mr. Johnson Chukwu, the Chief Executive Officer, Cowry Asset Management Limited.
This is a liquidity issue, at this point, the Federal Government or CBN needs access to credit support either from a trading partner like China or the World Bank to stabilise the Naira.
“The decline of the naira against the dollar is beyond the recent suspension of some banks from the forex market. We have witnessed suspension of banks in the past, and it did not lead to any spike in exchange rate. The major challenge we have now is supply shortage. If that improves, naira will stabilise,” Chukwu added.
It should be recalled that some currency analysts interviewed by Bloomberg last week forecast 515 a dollar by the first half of 2017, and insisted the CBN needs to be more result oriented.
A currency analyst at Ecobank, Mr. Kunle Ezun, said “A lot of people in the official market will want to actually maximise the gains on their dollar holding by channelling it through the parallel market.”
“Sincerely, there is no major thing that one can expect in the parallel market. The only thing that could bring calm to the market is the supply of the US dollar. What we have in the market is basically demand and supply interplay,” Ezun added.
|Re: Naira Exchanges For 414 A Dollar by Lifestone(m): 4:49am On Aug 29, 2016|
Some will blame PMB for this but I won't.
So long our appetite for foreign goods consumption is high, Naira will continue to fall. I heard the story of a Nigerian family that buys their vegetables from stores in the UK.
Buhari must stand firm with steady hands and force a change of taste from Nigerians.This is our time to finally restructure how our FX are utilised.
We must eat Nigerian Rice, buy Nigeria made cars etc.
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|Re: Naira Exchanges For 414 A Dollar by Nobody: 4:57am On Aug 29, 2016|
|Re: Naira Exchanges For 414 A Dollar by Goldencollins: 5:00am On Aug 29, 2016|
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|Re: Naira Exchanges For 414 A Dollar by Truth234(m): 5:17am On Aug 29, 2016|
How do you import the raw materials for Nigerian made cars or the seeds for the said rice?
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|Re: Naira Exchanges For 414 A Dollar by Nobody: 5:17am On Aug 29, 2016|
Lifestone:Shut up! Buhari is responsible for this mess.... Better for a leader to do foolish things than to utter foolish words!
We don't want a restructured fx utilization! We need a restructured Nigeria!
It's only in Nigeria that the FG acts like a local government
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|Re: Naira Exchanges For 414 A Dollar by chriskosherbal(m): 5:20am On Aug 29, 2016|
|Re: Naira Exchanges For 414 A Dollar by Smellymouth: 5:22am On Aug 29, 2016|
|Re: Naira Exchanges For 414 A Dollar by Flexherbal(m): 5:23am On Aug 29, 2016|
The Naira is as weak against the dollar as the organ of a man who takes too much of sugary things.
|Re: Naira Exchanges For 414 A Dollar by BeeBeeOoh(m): 5:29am On Aug 29, 2016|
Lifestone:if you won't blame him, then let's blame GEJ..
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|Re: Naira Exchanges For 414 A Dollar by recievesense: 5:30am On Aug 29, 2016|
Buhari and breaking economic records are like
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|Re: Naira Exchanges For 414 A Dollar by Sabadon(m): 5:30am On Aug 29, 2016|
if I want to even compare d strength of Dollar to naira its like kpekere n dodo
|Re: Naira Exchanges For 414 A Dollar by eleojo23: 5:42am On Aug 29, 2016|
Look at how the naira has fallen by almost N200 in just one year. Haba! Na today we begin buy things from abroad abi na today crude oil price begin fall?
No matter how you look at it, Buhari's clulessness is the major cause.
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|Re: Naira Exchanges For 414 A Dollar by LoveMachine(m): 5:45am On Aug 29, 2016|
PMB has some tough luck. I can't even imagine where we'd be if the other guys were still in control. With the budget implementation and the coming peace in the Delta things will rebound. Gotta keep on pushing.
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|Re: Naira Exchanges For 414 A Dollar by rusher14: 6:16am On Aug 29, 2016|
If the seeds for local rice plantation have to keep coming from abroad then the economy is doomed.
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|Re: Naira Exchanges For 414 A Dollar by Nobody: 6:27am On Aug 29, 2016|
Buhari shares the bigger blame for falling to fix local refineries for optimum production. Thus, the marketers of petrol, diesel, kerosene and so on, resort to patronizing imported products for circulation. and the importation of the refined product creates the biggest demand for forex which is resulting to a disequilibrium in the demand and supply of forex.
To tackle the situation, Buhari must promptly revamp the refineries. But the certificateless, clueless and obfuscated cow rearer keeps making effete and insidious policies and shunning soluble ideas from Nigerians.
14 months after, FG yet to fix refineries- Vanguard News http://www.vanguardngr.com/2016/08/14-months-fg-yet-fix-refineries/
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|Re: Naira Exchanges For 414 A Dollar by Larryfest(m): 6:39am On Aug 29, 2016|
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|Re: Naira Exchanges For 414 A Dollar by eleojo23: 6:54am On Aug 29, 2016|
I hope we will be able to recover from this damage that APC is doing to us
Look at what they have destroyed in just one year.
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|Re: Naira Exchanges For 414 A Dollar by Nobody: 7:03am On Aug 29, 2016|
Larryfest:Don't mind him, those are the ‘buhari can do no wrong crew’.
Infact Nigerians are more deprived of consuming imported Goods in PMB's era than any other. only last year, Buhari banned the following from importation..
Palm kernel/Palm oil products/vegetables oils
Meat and processed meat products
Vegetables and processed vegetable products
Poultry chicken, eggs, turkey
Tinned fish in sauce(Geisha)/sardines
Cold rolled steel sheets
Galvanized steel sheets
Metal boxes and containers
Wire rods(deformed and not deformed)
Iron rods and reinforcing bard
Security and razor wine
Wood particle boards and panels
Wood Fibre Boards and Panels
Plywood boards and panels
Glass and Glassware
Tiles-vitrified and ceramic
Plastic and rubber products, polypropylene granules , cellophane wrappers
Soap and cosmetics
Eurobond/foreign currency bond/ share purchases
And still, They are not able to create enabling business environment for an augment in GDP that will perfectly replace the foreign smuggled products. Refineries are not working and so on.
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|Re: Naira Exchanges For 414 A Dollar by Lifestone(m): 7:21am On Aug 29, 2016|
Truth234:That's my point, we must use the FX to support production and not consumption. When we import finished products, we are simply supporting the foreign enonomy, creating jobs for their youths while keeping our youth unemployed.
We've been spoilt for a while, let's begin a reformation process
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|Re: Naira Exchanges For 414 A Dollar by Lifestone(m): 7:31am On Aug 29, 2016|
SmartChoices:A political restructuring of Nigeria alone without a carefull planning of the utilization of the FX won't solve the problems.
I insist we must stop wearing french suits when my brothers in Aba dI it. 80% of the textile mill in Nigeria is closed down because of importation.
On political restructuring, we are on same page, the central government is a fraud and must be discontinued.
By the way this country became a Republic in 1963 and the federationv regions were all autonomous until an Aguiyi Iroson came in with his Unitary government and from that a seed that will later hunt the nation was planted. I hope I have made my point
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|Re: Naira Exchanges For 414 A Dollar by Lifestone(m): 7:33am On Aug 29, 2016|
BeeBeeOoh:Naaaa this is no blame game. Nigeria is bigger than both PMB and GEJ.
Buy Nigeria, Save Nigeria
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|Re: Naira Exchanges For 414 A Dollar by Lifestone(m): 7:37am On Aug 29, 2016|
eleojo23:My brother, our previous ways of life is not sustainable. We are consuming nation, worse still we have an unabated taste for what we don't produce.
Before now, we support this consumption with borrowing and at the other time we spent what we should have saved! What a Nation
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|Re: Naira Exchanges For 414 A Dollar by khristals(m): 7:43am On Aug 29, 2016|
is Naira the name of a party girl? cos it keeps going down low!
|Re: Naira Exchanges For 414 A Dollar by Lifestone(m): 8:12am On Aug 29, 2016|
blueto:They were not banned from importation , but were barred from accessing official window for Fx.
For Pete sake check out that list yourself!
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|Re: Naira Exchanges For 414 A Dollar by Nobody: 8:55am On Aug 29, 2016|
Lifestone:what is the difference?
If you are can't access forex from interbank market, only to source in from expensive parallel market then it automatically discourages you from importation business of such commodity. Zombies should reason logically even for once!.
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|Re: Naira Exchanges For 414 A Dollar by Nobody: 8:59am On Aug 29, 2016|
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|Re: Naira Exchanges For 414 A Dollar by Lifestone(m): 9:16am On Aug 29, 2016|
blueto:That's the word I want to hear, DISCOURAGE
We must must discourage importation of tooth pick!
By the way I am not a fan of PMB, I have not been impressed with the way he has managed the economy.
I am a public commentator and not a politician.
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|Re: Naira Exchanges For 414 A Dollar by Nobody: 10:13am On Aug 29, 2016|
Lifestone:So it is analogous to subtly depriving Nigerians of foreign products of which I stated in my quondam comment.
Learn to sagaciously use you inference faculty, instead of trying to confute a statement for a paraphrastic reply.
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|Re: Naira Exchanges For 414 A Dollar by Lifestone(m): 10:35am On Aug 29, 2016|
blueto:LOL. Lots of babies
|Re: Naira Exchanges For 414 A Dollar by veekid(m): 11:32am On Aug 29, 2016|
414 still dey okay uhn? Come October first a dollar will goes for #500
Quote me and ........
|Re: Naira Exchanges For 414 A Dollar by Nobody: 11:32am On Aug 29, 2016|
N1,000 /$ Loading fast
Hopeless situation we have found ourselves
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