Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,165,402 members, 7,861,135 topics. Date: Saturday, 15 June 2024 at 02:29 AM

Naira Plunges At Interbank Market - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Plunges At Interbank Market (19869 Views)

Naira Plunges To N472/$ As Forex Scarcity Worsens / Naira Plunges To N390 Per Dollar On Parallel Market / Speculators Lose N100m As CBN Pumps Dollars Into Interbank (2) (3) (4)

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

Naira Plunges At Interbank Market by Truth234(m): 5:00am On Nov 08, 2016
The Naira plunged on Monday at the interbank market to close at N350 to a US dollar, from N304.75 it traded last Tuesday. Bringing its total one-week lost against the US dollar to N45.25.

On the parallel market, the local currency dropped N5 from N465 recorded last week to close at N470 to the U.S dollar, while both the Pound Sterling and the Euro traded at N560 and N510 respectively.

At the Bureau De Change segment, the Naira was exchanged at N385 to a dollar, the CBN stipulated rate.

The surge in demand for the greenback had plunged the Naira against the US dollar as manufacturers are reportedly sourcing for dollars at the parallel market to meet the usual end of the year sales, stiffening the limited liquidity further.

Accordingly, the Central Bank of Nigeria's acting Director, Corporate Communications, Mr. Isaac Okorafor, in a statement on Monday said the apex bank has apportioned over $660 million to the manufacturing industries at the interbank market, this he said will ease foreign exchange pressure on the manufacturing and agricultural sectors through forward sales under the new flexible Forex regime.

He further stated that “The CBN is committed to ensuring that manufacturers of goods for which Nigeria does not enjoy comparative advantage are able to get letters of credit (LCs) to import the required materials for their businesses.”

Okorafor urged manufacturers to take advantage of the initiative to push Nigeria to the forefront of exporting nations through backward integration.

Traders are optimistic that the Naira would improve as diaspora remittances was expected to bolster market liquidity at the yuletide season.

http://investorsking.com/naira-plunges-at-interbank-market/
Re: Naira Plunges At Interbank Market by jackymore(m): 5:09am On Nov 08, 2016
It seems like we have lost the control of naira

9 Likes

Re: Naira Plunges At Interbank Market by eezeribe(m): 5:48am On Nov 08, 2016
The Naira keeps going South, maybe it wants to take a swim in the Atlantic or perhaps, Discover Mungo Park.

You can quote me but I won't see it cos I only visit a post once

27 Likes

Re: Naira Plunges At Interbank Market by grandstar(m): 5:54am On Nov 08, 2016
eezeribe:
The Naira keeps going South, maybe it wants to take a swim in the Atlantic

It will soon strike oil

26 Likes 1 Share

Re: Naira Plunges At Interbank Market by okosodo: 6:28am On Nov 08, 2016
Yet fools are clapping for the mediocres that are running the government, lamentably, they suffer too from the effect of their stupidity

26 Likes

Re: Naira Plunges At Interbank Market by onatisi(m): 6:37am On Nov 08, 2016
Iranu oshi
Dumb goats in power destroying ppls lives . Deep shit.

13 Likes 2 Shares

Re: Naira Plunges At Interbank Market by Benjom(m): 6:37am On Nov 08, 2016
Instability of our dear naira
Re: Naira Plunges At Interbank Market by maestroz: 6:38am On Nov 08, 2016
okosodo:
Yet fools are clapping for the mediocres that are running the government, lamentably, they suffer too from the effect of their stupidity

@oko,

Ur head is dia!...the present govt has simply buried the naira on propaganda...

12 Likes

Re: Naira Plunges At Interbank Market by obembet(f): 6:38am On Nov 08, 2016
gradually
Re: Naira Plunges At Interbank Market by Firefire(m): 6:38am On Nov 08, 2016
onatisi:
Iranu ori buruku.
Dumb goats in power destroying ppls lives . Deep shit.

embarassed embarassed

IT IS FINISHED! cry

6 Likes

Re: Naira Plunges At Interbank Market by massinola(m): 6:38am On Nov 08, 2016
The way this naira take de change from east to west eeh, very soon it will take over from naija NEPA. Bubu and Adeosu, I hail oh. We are not being patient with this administration, according to one ogor head woman

2 Likes 1 Share

Re: Naira Plunges At Interbank Market by rottenPussy: 6:39am On Nov 08, 2016
Interbank Market rate?

so CBN can't control even the local banks?

Emefile or how is it spelled is indeed a capital FAILURE.







Buhari better sack this i.diot before Naira gets rotten like my pussy :-/

2 Likes

Re: Naira Plunges At Interbank Market by onatisi(m): 6:39am On Nov 08, 2016
okosodo:
Yet fools are clapping for the mediocres that are running the government, lamentably, they suffer too from the effect of their stupidity
Wrong ,they get richer due to the stupidityy of Nigerians to see through their failures and shortcomings. Nigerians will accept any excuse for this government failure as soon as the FG mentions pdp as the architect of it.

6 Likes

Re: Naira Plunges At Interbank Market by iceberryose(m): 6:39am On Nov 08, 2016
okosodo:
Yet fools are clapping for the mediocres that are running the government, lamentably, they suffer too from the effect of their stupidity
what are you doing that can improve the economy?
Because i know hating on NL doesn't add anything

10 Likes

Re: Naira Plunges At Interbank Market by Nobody: 6:39am On Nov 08, 2016
I still can't fathom the economic agenda of this government

8 Likes

Re: Naira Plunges At Interbank Market by shegxxymyth11(m): 6:40am On Nov 08, 2016
Which way Nigeria?

2 Likes

Re: Naira Plunges At Interbank Market by Mememan: 6:40am On Nov 08, 2016
Buhhariiii ooooo


By December, a dollar will exchange for 600 naira...

10 Likes

Re: Naira Plunges At Interbank Market by atirolu(m): 6:41am On Nov 08, 2016
Is still GEJ that caused it if u ask lai Muhammed

11 Likes

Re: Naira Plunges At Interbank Market by jiinxed: 6:41am On Nov 08, 2016
Somebody say baba. grin grin

1 Like

Re: Naira Plunges At Interbank Market by Rexphobia(m): 6:41am On Nov 08, 2016
Hmm.. Let's learn from Egypt
Re: Naira Plunges At Interbank Market by onatisi(m): 6:41am On Nov 08, 2016
Firefire:


embarassed embarassed

IT IS FINISHED! cry
I told you this guy will crash everything,you thought I was joking. No matter how optimistic you may want to be,the truth is buhari and his Team simply haven't got what it takes to rule a nation . This is the undiluted bitter truth. Just wait and see next year,many Nigerians will even run to Cameroon to do labour jobs .

13 Likes

Re: Naira Plunges At Interbank Market by SamuelAnyawu(m): 6:42am On Nov 08, 2016
Sai Baba grin, Change Dole grin

1 Like

Re: Naira Plunges At Interbank Market by Nobody: 6:42am On Nov 08, 2016
Today naira gains 2% tomorrow it loses 30% , that's naira for you.

17 Likes

Re: Naira Plunges At Interbank Market by haibe(m): 6:42am On Nov 08, 2016
Stale news . we know naira is bad during this period, so stop posting about its fall every now and then, as this happens steady. You may consider posting when it appreciates, as this will be seen as a better news.

1 Like

Re: Naira Plunges At Interbank Market by emeijeh(m): 6:43am On Nov 08, 2016
Its no news.
Nigerans are used to this headline

5 Likes

Re: Naira Plunges At Interbank Market by onatisi(m): 6:43am On Nov 08, 2016
princepet:
I still can't fathom the economic agenda of this government
They never had an agenda or plan. We raised this issued severally before the elections ,but free rice and fufu didn't allow ppl to think then

9 Likes 1 Share

Re: Naira Plunges At Interbank Market by shegxxymyth11(m): 6:43am On Nov 08, 2016
Mememan:
Buhhariiii ooooo

By December, a dollar will exchange for 600 naira...
Are you laying a curse or what? smh....
Re: Naira Plunges At Interbank Market by ercel: 6:45am On Nov 08, 2016
Naira losing value everyday!

1 Like

Re: Naira Plunges At Interbank Market by 4nobody4every1: 6:46am On Nov 08, 2016
cool
Re: Naira Plunges At Interbank Market by gbaskiboy: 6:47am On Nov 08, 2016
devaluation
Re: Naira Plunges At Interbank Market by nely(m): 6:47am On Nov 08, 2016
GEJ is to be blamed for this weak naira why didn't he save when oil was $145 per barrel.....have u blamed GEJ today? Blame GEJ and get free recharge card and I will #1=$1

8 Likes 1 Share

Re: Naira Plunges At Interbank Market by dayleke: 6:48am On Nov 08, 2016
It is well

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

NUBIFIE Shuts Down Heritage Bank Headquarters In Lagos Over Mass Sack / Nigerians Abandon 30m Bank Accounts / New Naira: Racketeering Booms In Lagos, Abuja, Anambra

(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 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 24
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.