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Nairaland Forum / Nairaland / General / Business / Naira Slides Further As Demand Outweigh Supply (18046 Views)
Naira Slides To 405/$ Amid Tight Dollar Supply / Naira Appreciates As Demand For Dollar Gets Low / Banks In Competitive Forex Trading As Demand For School Fees, Others Shrink (2) (3) (4)
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Naira Slides Further As Demand Outweigh Supply by Truth234(m): 5:45am On Sep 28, 2016 |
The Naira plummeted further on Tuesday as demand outweigh supply. The local currency which traded at N445 to the US dollar on Monday slid to N452 at the parallel market on Tuesday. While on the interbank market, the Naira depreciated to N312 against the dollar from the N308 it was traded on Monday. Experts have said the current rate is not a true reflection of the Naira value, and attributed the development to the activities of speculators. Some traders have expressed optimism that once Travelex finalize its arrangement to sell directly to Bureau de Change Operators (BDCs), the Naira will rebound. While others have said the continuous ban of the importers of 41 items contributed to the current situation as they are also sourcing for the dollar to import for the normal end of year sales. The President of the Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe said it will take Travelex few days to process biometric registration and funding of BDCs accounts. Harrison Owoh, a bureau de change operator expressed his delight at the Travelex move by the central bank and called on other bureau de change operators to key into the new Travelex arrangement by registering on Travel biometrics. A foreign exchange research analyst at Investors King Ltd., Samed Olukoya said "Normally, the announcement of Travelex arrival to the Bureau de Change segment would have halted further decline of the Naira, but with the present situation the central bank would have to do more." 1 Like |
Re: Naira Slides Further As Demand Outweigh Supply by Lordtrillion(m): 6:16am On Sep 28, 2016 |
Hmmm, it keeps increasing everyday 11 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by sukkot: 6:37am On Sep 28, 2016 |
hmmm 4 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by romeoetin(m): 6:38am On Sep 28, 2016 |
We are gradually getting there 37 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by queenmonalisa01: 6:39am On Sep 28, 2016 |
God bless Niger. 1 Like 1 Share |
Re: Naira Slides Further As Demand Outweigh Supply by Redfruit(m): 6:39am On Sep 28, 2016 |
........Falling like lanicky breast? 30 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by 4nobody4every1: 6:39am On Sep 28, 2016 |
sukkot: 1 Like 1 Share |
Re: Naira Slides Further As Demand Outweigh Supply by Donkunxex(m): 6:39am On Sep 28, 2016 |
I have nothing to say 2 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by EagleScribes: 6:39am On Sep 28, 2016 |
E be like say okro or banana peel too plenty for this land with the rate the naira dey slide 30 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by Nobody: 6:40am On Sep 28, 2016 |
no comment 1 Like |
Re: Naira Slides Further As Demand Outweigh Supply by Jjamah(m): 6:40am On Sep 28, 2016 |
Nawa ooh chai! 1 Like |
Re: Naira Slides Further As Demand Outweigh Supply by ellovee(m): 6:40am On Sep 28, 2016 |
Why is the demand always high even when it is obvious that dollar is the bane of our economic problem? 2 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by iyisco2001(m): 6:40am On Sep 28, 2016 |
#500 loading. I had said we'll get there before December. 19 Likes 1 Share
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Re: Naira Slides Further As Demand Outweigh Supply by dunkem21(m): 6:41am On Sep 28, 2016 |
We crucified the Hero that made sure naira remained @N200. Think! 55 Likes 3 Shares |
Re: Naira Slides Further As Demand Outweigh Supply by BankManager(m): 6:41am On Sep 28, 2016 |
Naira is gradually becoming the weakest currency in Africa.. 22 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by benueguy(m): 6:41am On Sep 28, 2016 |
Call: Naira don fall for ground o Response: Marsham, marsham Call: I say naira don fall for gutter Response: Marsham, Marsham Call: I say Marsham, marsham, marsham, marsham Response: Marsham, marsham. Ngwanu.... Let uzi changing the songu to worship songu. Its a supper story... A life of strive and sorrow.. 21 Likes 1 Share |
Re: Naira Slides Further As Demand Outweigh Supply by Nairadays: 6:41am On Sep 28, 2016 |
Mtchew dollar this dollar that, every Nigerian now knows about forex and exchange rate. Do other country's citizens drool over dollars like ours? may God deliver us from this dollar grave and those annoying malams carrying calculator up and down beckoning on you to change currency. 12 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by saintkel(m): 6:41am On Sep 28, 2016 |
When will d naira gain weight n over- power d dollar?. I remembered d slogan then, 1naira = 1dollar 12 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by GeoOla25(m): 6:41am On Sep 28, 2016 |
kikikikikikik..,I will make 1$ = 1 naira, catastrophic dispensation. 34 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by acunon: 6:42am On Sep 28, 2016 |
Every day it's going up, affecting prices of goods. When is it going down, 2019? 20 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by emmygzy(m): 6:43am On Sep 28, 2016 |
Zimbabwe loading. 13 Likes 1 Share |
Re: Naira Slides Further As Demand Outweigh Supply by malton: 6:44am On Sep 28, 2016 |
The government's ineptitude at handling something this essential to the nation's economic stability leaves one scratching their head. They obviously seem more concerned about power tussle than they are about the precarious economic issues ravaging the country. An intelligent government would have long handled the situation with tact. At the end of the day, it is the poor man at the lower rung of things, one who can barely get by, that bears the brunt. Asides running his mouth like someone with diarrhea, Buhari obviously isn't capable of delivering the goods economically. A lot of experts in the country, yet we keep running in circuses. This isn't funny one bit. 23 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by McAustin92(m): 6:44am On Sep 28, 2016 |
gradually sliding to 500 b4 d year runz out....waz damn surprised wen i bought a bottle of groundnut oil for #600(making 150 per agolo).....peepz the change you all seek is here....enjoy it while it last 23 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by amagunnerfan: 6:44am On Sep 28, 2016 |
GeoOla25:What's more catastrophic is the fact you believed PMB actually said that when he obviously didn't. 2 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by Icecomrade: 6:45am On Sep 28, 2016 |
Dollar will stablize at N600. Bookmark my quote if you are in doubt. Crude idea, Crude policy = Crude results. Crude decline. 14 Likes 1 Share |
Re: Naira Slides Further As Demand Outweigh Supply by AishyWemsy(f): 6:46am On Sep 28, 2016 |
Hmmm, God have mercy o real quick. Meanwhile 13 Likes
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Re: Naira Slides Further As Demand Outweigh Supply by raker300: 6:46am On Sep 28, 2016 |
Hahaha Nwanne, nah finishing we dey so 46 Likes 2 Shares
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Re: Naira Slides Further As Demand Outweigh Supply by weblord1900: 6:47am On Sep 28, 2016 |
As values as naira 1 Like |
Re: Naira Slides Further As Demand Outweigh Supply by clydedaniels(m): 6:47am On Sep 28, 2016 |
Hmm I think there's a masterplan... Drive the naira into the ground, leave us with no option other than to sell National Assets... #MyOpinion... 5 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by passyhansome(m): 6:48am On Sep 28, 2016 |
Is naira a defender? why does she keeps sliding, without hitting the ball, may be we covert her to an attacker to score goals for us 5 Likes |
Re: Naira Slides Further As Demand Outweigh Supply by ibkgab001: 6:48am On Sep 28, 2016 |
Donlekan please come out and defend your father ; I doubt if this hunger hasn't kill you 3 Likes 1 Share |
Re: Naira Slides Further As Demand Outweigh Supply by njinah(m): 6:48am On Sep 28, 2016 |
soon naira will equal dollar which is $1 -#1... keep waiting Buhari we do it. 5 Likes |
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