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Naira Drops To 490/$1, 600/£1 - Business - Nairaland

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Naira Drops To 490/$1, 600/£1 by sleekkid2015: 12:33pm On Sep 30, 2016
Naira drops to 490/$1, 600/£1 owing to ‘bombardment’ from Chad, Benin

Aminu Gwadabe, president of the Association of bureau de change operators of Nigeria (ABCON), says the free fall of the naira is due to activities of Nigeria’s immediate neighbours.

Over the week, the naira has been on a free fall at the parallel market, moving from 439 per dollar on Monday to 490 to the greenback on Friday morning.

The British pound and euro are also currently trading at N600 and N520 respectively.

According to Gwadabe, foreigners are mounting pressure on the naira by bringing in their dollar demand to Nigeria, hence, mopping up the dollars in the system.

“For the past few days, what we have been witnessing in the market is a kind of spike, a lot of volatility in exchange rate, and this has to do with fear,” Gwadabe told CNBC Africa.

“A lot of people are developing fear, and as a result of that, no naira is being kept. People are moving from naira to dollar.

“A very worrisome factor that we have been witnessing in the market is that the market has recently been bombarded by people from neighbouring countries to meet their demands.

“What I mean by neighbouring countries is that a lot of demand is coming from Benin Republic, from Chad. International demand is also accumulating; we see a lot of Chinese traders coming into the economy, mopping up any available dollar.”

Gwadabe said ABCON and Travelex are now into a partnership, which would take off soon, thereby easing the stress on the local currency.

The bureau de change boss expressed support for the proposed sale of some national assets to beef up foreign reserves and support the naira.


https://www.thecable.ng/naira-drops-to-4901-6001due-to-bombardment-from-chad-benin?_e_pi_=7%2CPAGE_ID10%2C6744103421

2 Likes

Re: Naira Drops To 490/$1, 600/£1 by sleekkid2015: 12:34pm On Sep 30, 2016
God Please save us... We arent Spending Dollar in naija yet it still affecting us.. Wat a Mess

SEE More @ http://www.musbizubeat.com/2016/09/naira-about-hit-the-dreaded-n500-mark-see-todays-naira-exchange-rate-against-dollar-pound-and-euro/

21 Likes 3 Shares

Re: Naira Drops To 490/$1, 600/£1 by borntosuccess(m): 12:54pm On Sep 30, 2016
dis is serious

2 Likes

Re: Naira Drops To 490/$1, 600/£1 by basisop(m): 1:00pm On Sep 30, 2016
No policy in view to check the freefall. The President and his economic team are confused. We are in deep sh!t. We are heading to N1,000/$1 before December .

96 Likes 3 Shares

Re: Naira Drops To 490/$1, 600/£1 by SUPERPACK: 1:01pm On Sep 30, 2016
who cares, sai buhari forever

26 Likes 2 Shares

Re: Naira Drops To 490/$1, 600/£1 by BlackPeni5: 1:05pm On Sep 30, 2016
Wahala dey. Meanwhile, I think the banks are responsible for this outrageous rise in the exchange rate over the last 16 months. Since TSA funds have been taken away from them, the only way to make money is to sell the foreign exchange in their possession at exorbitant rates.

19 Likes

Re: Naira Drops To 490/$1, 600/£1 by Nobody: 1:16pm On Sep 30, 2016
BlackPeni5:
Wahala dey. Meanwhile, I think the banks are responsible for this outrageous rise in the exchange rate over the last 16 months. Since TSA funds have been taken away from them, the only way to make money is to sell the foreign exchange in their possession at exorbitant rates.
exactly, why should government be selling forex in the first place, let them sell their $ at the black market and use the money to build infrastructure to spur local industries.

5 Likes 3 Shares

Re: Naira Drops To 490/$1, 600/£1 by Nobody: 1:50pm On Sep 30, 2016
Re: Naira Drops To 490/$1, 600/£1 by sleekkid2015: 2:50pm On Sep 30, 2016
NAwa ooi
Re: Naira Drops To 490/$1, 600/£1 by SlaughterGang: 5:55pm On Sep 30, 2016
#10 more to 500




Cmon Buhari...you can do it

150 Likes 12 Shares

Re: Naira Drops To 490/$1, 600/£1 by NotNairalandi(m): 5:55pm On Sep 30, 2016
grin the lord is good

5 Likes 2 Shares

Re: Naira Drops To 490/$1, 600/£1 by Nobody: 5:55pm On Sep 30, 2016
Unfortunately, the naira will continue to slide against the dollar for the next two-three years coz our supply is far less than our demand. There is no policy that the CBN will bring up that will suffice.

That is why we need to go through excruciating pains now to plant our rice, resuscitate our textile industry, build our own refineries and make our higher institutions world class, fix our erratic electricity, reduce pilgrimage and depend less on imports.


The truth is WHAT WE DON'T HAVE IS WHAT WE DON'T NEED, it's time to look inwards.

91 Likes 10 Shares

Re: Naira Drops To 490/$1, 600/£1 by tspun(m): 5:55pm On Sep 30, 2016
This is bull.shitt

A weak currency is the sign of a weak economy, and a weak economy leads to a weak nation.

I day fear for my country

12 Likes

Re: Naira Drops To 490/$1, 600/£1 by ventilation: 5:56pm On Sep 30, 2016
I'm fed up

3 Likes 1 Share

Re: Naira Drops To 490/$1, 600/£1 by handysuzy(f): 5:56pm On Sep 30, 2016
shocked...God where are we going?

2 Likes

Re: Naira Drops To 490/$1, 600/£1 by Dottore: 5:57pm On Sep 30, 2016
Let this man resign nah

19 Likes 1 Share

Re: Naira Drops To 490/$1, 600/£1 by Sijo01(f): 5:57pm On Sep 30, 2016
The clueless dul'lard keeps blaming the past administration for his incompetence.

26 Likes

Re: Naira Drops To 490/$1, 600/£1 by Cornerstone001: 5:58pm On Sep 30, 2016
Bull Sh!t cry cry
This is too bad embarassed
Re: Naira Drops To 490/$1, 600/£1 by teemswest(m): 5:58pm On Sep 30, 2016
D
Re: Naira Drops To 490/$1, 600/£1 by ALAYORMII: 5:58pm On Sep 30, 2016
490 to 1
Re: Naira Drops To 490/$1, 600/£1 by salabscholar01(m): 5:58pm On Sep 30, 2016
ONE DAY, THE NAIRA SHALL SURPRISE THE DOLLAR




=

44 Likes 4 Shares

Re: Naira Drops To 490/$1, 600/£1 by steppin: 5:58pm On Sep 30, 2016
Oh boy!
Re: Naira Drops To 490/$1, 600/£1 by zicoraads: 5:59pm On Sep 30, 2016
We would soon get to one thousand naira at this rate. Went to get a laptop battery today and I almost screamed out loud. We are in soup!

7 Likes 1 Share

Re: Naira Drops To 490/$1, 600/£1 by Nobody: 5:59pm On Sep 30, 2016
N500, here we come baby!
Zimbabwe loading.
Meanwhile the dullard is still blaming GEJ for his failures which isn't surprising. Anyone who fails exams would always blame his teachers for being vindictive or his parents for not providing chop money

60 Likes 2 Shares

Re: Naira Drops To 490/$1, 600/£1 by Dannyset(m): 6:00pm On Sep 30, 2016
This isn't getting funnier!

2 Likes 1 Share

Re: Naira Drops To 490/$1, 600/£1 by Princewilla(m): 6:00pm On Sep 30, 2016
Apc is a curse
And so is every Afonja state like Edo

35 Likes 2 Shares

Re: Naira Drops To 490/$1, 600/£1 by jerryunit48: 6:00pm On Sep 30, 2016
Oh boy see wahala o . Is it really true?
Re: Naira Drops To 490/$1, 600/£1 by plaetton: 6:00pm On Sep 30, 2016
sleekkid2015:
God Please save us... We arent Spending Dollar in naija yet it still affecting us.. Wat a Mess
It's a Flight To Safety Scenario.
CAPITAL Flight.
Everyone, foreigners and locals are telegraphing their complete loss of confidence in the government.
Investors usually vote with their money.
That is what is happening.

This house has fallen. cry

11 Likes

Re: Naira Drops To 490/$1, 600/£1 by DeltaOil: 6:00pm On Sep 30, 2016
[size=14pt]BUHARI SAID[/size]

http://www.vanguardngr.com/2015/03/ill-make-naira-equal-in-value-to-dollar-says-buhari/

[size=14pt]INSTEAD SEE WHAT WE ARE GETTING[/size]


[size=14pt]ALL WE GET FROM BUHARI ARE [/size]


[size=14pt]WE ALL NEED TO[/size]

18 Likes

Re: Naira Drops To 490/$1, 600/£1 by Clone2020(m): 6:00pm On Sep 30, 2016
If you want to send money to relatives in Nigeria, I will buy your dollars @400/$ while you deposit into my US bank account. Dont even bother with western union and co, they exchange for 330/$.

All transactions are done within 1 minute.


Call or whatsapp, see contact in signature

2 Likes 1 Share

Re: Naira Drops To 490/$1, 600/£1 by chiedu7: 6:00pm On Sep 30, 2016
[size=14pt]NAIRA NO DEY SMILE AGAIN[/size]


[size=14pt]THINGS ARE SO BAD THAT[/size]

16 Likes 1 Share

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