The Nigerian Naira depreciated on Friday, following limited forex liquidity in most major segments of the foreign exchange market.

The local currency dropped N2.24 against the US dollar to trade at N308.69 at the interbank market, from Thursday closing of N306.93 against the greenback.

While at the Bureau De Change segment, the Naira closed at N420 to the dollar, N550 to the U.K. pound and N465 against the Euro single currency.

At the parallel market, the local currency lost N2 from Thursday's N423 to trade at N425 against the US dollar on Friday. Both the Pound and Euro were traded at N545 and N470 respectively.

Traders have said despite the decrease in demand for the greenback for school fees payment this summer that the Naira continued to fall.

This, they attributed to the surge in demand for dollars for importation, as it outstripped the available liquidity in the market.

Samed Olukoya, a Foreign Exchange Research Analyst at Investor King Ltd. said "the situation is pervasive and require more than conventional means to curb, CBN needs to be proactive. Intermittent intervention won’t do much henceforth.”

However, the high exchange rate continued to weigh on consumer prices as the data released by the National Bureau of Statistics on Thursday, showed that the inflation rate jumped to 17.6 percent on a yearly basis in August – from 17.1 percent recorded in July.

Accordingly, businesses continued to downsize to control costs, while seeking alternative means of production locally.

So far, unemployment rate remained 13.3 percent, while youth unemployment/underemployment is 49.5 percent, according to the National Bureau of Statistics.

http://investorsking.com/naira-falls-against-us-dollar/

I babu ooooo $ heading to 600 naira

*in chris brown's voice*
Falling down down down down down

this will get to 800 during chrismas. seun lalasticlala


its time CBN allow banks to pay recipient in their said foreign currency transaction for foreign remittance. otherwise they are short changing the public and no body want to send money directly to Nigeria anymore.

some are already using mallam.

This, they attributed to the surge in demand for dollars for [size=14pt]importation,[/size] as it outstripped the available liquidity in the market.

This country can never be great until the problem in red is solved, no true great /prosperous nation relies solely on importation of virtually every commodity....

We can't be putting our heads in the sand pretending like we don't know the cause of the problem... oil price has tanked, the reserves ( to defend the naira) almost at critical level, but we insist things should remain the same..we can't continue to be merry in austere times, something just gotta give, no two ways out..

It's simple economics and logic, demand and supply are at variance, pricing will definitely reflect it.. chikena.

God have mercy

Will Naira ever rise again!

onatisi

Not surprised.produce little but want dollar luxuries and much more.

My fear is that it fallen to a level that it may never rise to its former position.

And the worst is that it is still falling.

abokibuhari:
onatisi

good morning.

onatisi:
good morning.

any prophesy for us today, cause I need to know when they would increase the price of fuel/liter

modath:


This country can never be great until the problem in red is solved, no true great /prosperous nation relies solely on importation of virtually every commodity....

We can't be putting our heads in the sand pretending like we don't know the cause of the problem... oil price has tanked, the reserves ( to defend the naira) almost at critical level, but we insist things should remain the same..we can't continue to be merry in austere times, something just gotta give, no two ways out..

It's simple economics and logic, demand and supply are at variance, pricing will definitely reflect it.. chikena.

but you never said this during GEJ era, the man tried you know.

Flexherbal:
Will Naira ever rise again!

even God wont allow it to rise again

Nigerians should. do the needfull..impeach that one chance man

abokibuhari:

any prophesy for us today, cause I need to know when they would increase the price of fuel/liter

hmm,all I can tell you is ,whatever happens you will be alright and ok ,you wont be affected . Dont worry bro.
Very very very soon ,the dollar exchange rate will soon stabilize. I have already given the most likely price in other threads.

abokibuhari:

but you never said this during GEJ era, the man tried you know.

Una don start bah? abeg it's too early!!

Jonathan's regime, how much was oil? How much did he have in the reserves.

lies

God is in control

Buhari may it not be well with you!

Enough of these bad news.

modath:


This country can never be great until the problem in red is solved, no true great /prosperous nation relies solely on importation of virtually every commodity....

We can't be putting our heads in the sand pretending like we don't know the cause of the problem... oil price has tanked, the reserves ( to defend the naira) almost at critical level, but we insist things should remain the same..we can't continue to be merry in austere times, something just gotta give, no two ways out..

It's simple economics and logic, demand and supply are at variance, pricing will definitely reflect it.. chikena.

Well said, no need to read further

Naira you can't even rise for once

Naira is getting there small small...u ask where #500 na

what

well good news tho I'm waiting till when it get to 1000 I will go and change my dollars

The lady above me is a pessimist... But her prayer will not work. How could you have such a negative wishful thinking? I have said it before that the fall in the value of naira will continue make the rich to get richer, the poor to get poorer. Recession is a word... It does not affect the rich. If you belong to the rich class, good luck to you, otherwise cry a river when it worsen.



I can see it clearly that some folks who stack up their currencies in dollars will make it today... And if the lady above is as straight as she had claimed, having her currencies in dollars somewhere, then good for her as she awaits for the exchange to get to N1000/$. If not then she is clearly mocking herself, not the country. To me, and to others who are just like me, will never give prominence to her words....

What is the relationship between naira and gurrara falls??

NA THE CHANGE UNA VOTE FOR

Yawns, i blame Shagari for this . Maybe na dis suffer go reset our dumb brains

Buhari is a failure

hahahahaha

hahahahaha


hahahahaha



hahahahaha




hahahahaha

This CHANGE should start with the naira