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Naira Slides To N506 Against Dollar On Parallel Market - Politics - Nairaland

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Naira Slides To N506 Against Dollar On Parallel Market by Truth234(m): 6:46am On Feb 11, 2017
The Nigerian Naira slid to a new record low against the US dollar on the Parallel market on Friday.

The local currency plunged to N506 against the greenback, as traders reportedly try to tempt dollar holders to sell.

On the interbank market, lenders had traded only $1.30m at 315 per dollar by 11:30 GMT, traders said, as the Central Bank of Nigeria continued to ration dollar supplies.

The traders explained that the $660m sold by the CBN last week at auction was not enough to meet market demands.

“Despite rising FX reserves, it’s the amount of the FX that is supplied that matters. The parallel market, by its nature, is particularly sensitive to demand-supply imbalances, and has a tendency to overshoot,” Reuters reported, quoting the Head of Africa Research at Standard Chartered Bank, Razia Khan.

“Supply of FX matters more than any other factor,” she added.

Economic and financial experts remain divided over the naira outlook in 2017 but few have said the local currency may depreciate further this year, while others like analysts at Investors King Ltd. have said the rising oil prices and external reserves will help contained further depreciation of the Naira value against the US dollar.

The external reserves rose to $28.6 billion on February 8, according to a CBN report. While Brent crude oil surged to $56 dollar a barrel, from about $40 recorded in October, before OPEC members reached consensus on production cut in November 2016.

The Naira remained at 305.25 a dollar on the Official trading window, where it has been since last August.

http://investorsking.com/naira-slides-to-n506-against-dollar-on-parallel-market/
Re: Naira Slides To N506 Against Dollar On Parallel Market by simplemach(m): 6:50am On Feb 11, 2017
It's no longer news, I am convinced the naira is destined for 1000/$ by the end of 2018. It's eben moving slowly thought it would have gotten to like #580 by now

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Re: Naira Slides To N506 Against Dollar On Parallel Market by Nobody: 6:51am On Feb 11, 2017

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Re: Naira Slides To N506 Against Dollar On Parallel Market by searchng4love: 6:59am On Feb 11, 2017
simplemach:
It's no longer news, I am convinced the naira is destined for 1000/$ by the end of 2018. It's eben moving slowly thought it would have gotten to like #580 by now
Yet the government has no clear-cut plan to revert to what they inherited

1 Like

Re: Naira Slides To N506 Against Dollar On Parallel Market by LIBSocials: 7:01am On Feb 11, 2017
Nawa oh
Re: Naira Slides To N506 Against Dollar On Parallel Market by simplemach(m): 7:01am On Feb 11, 2017
searchng4love:

Yet the government has no clear-cut plan to revert to what they inherited
Just tell me one person you think can bring the plan that will supposedly bring us out. Is it uncle Lie, or Dalung, or even aunty kemi just tell mi

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Re: Naira Slides To N506 Against Dollar On Parallel Market by Nobody: 7:04am On Feb 11, 2017
A man who failed mathematics and wood work in his WAEC examinations became d president of 150million intelligent pple...all d gods of d land tire for diz country.

When they say president muhamad Buhari...i imagine d president of Miyetti Allah Cow Breeders Association Nig(MACBAN) in d desert north.

5 Likes 1 Share

Re: Naira Slides To N506 Against Dollar On Parallel Market by searchng4love: 7:06am On Feb 11, 2017
simplemach:

Just tell me one person you think can bring the plan that will supposedly bring us out. Is it uncle Lie, or Dalung, or even aunty kemi just tell mi
We will get out if Buhari can resign or kpai

1 Like

Re: Naira Slides To N506 Against Dollar On Parallel Market by simplemach(m): 7:07am On Feb 11, 2017
searchng4love:

We will get out if Buhari can resign or kpai
Lols
No be me talk this one o.
Re: Naira Slides To N506 Against Dollar On Parallel Market by Nogodye(m): 7:08am On Feb 11, 2017
Where are we going in this nation...Aunty Kemi and Uncle Emefiele should come and explain this...

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Re: Naira Slides To N506 Against Dollar On Parallel Market by simplemach(m): 7:10am On Feb 11, 2017
searchng4love:

We will get out if Buhari can resign or kpai
Bros they will soon come to investigate you for looting your school fees during your school days or collecting money for two books instead one.
There's always a reason to nail someone.

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Re: Naira Slides To N506 Against Dollar On Parallel Market by cktheluckyman: 7:10am On Feb 11, 2017
God please forgive us our sins!!! we already knew you told us he had nothing to offer in 2015 but some tribal champion amongst us said "even if he contests with Nepa bill certificate,i will still vote for him."For the sake of your beloved son Jesus and those other Nigerians who didn't vote for this man and thus does not deserve this hardship please give Buhari even if it is 1% of Okonjo Iweala's sense to manage this economy and prevent this naira from sliding further!!!

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Re: Naira Slides To N506 Against Dollar On Parallel Market by Bujumbura(m): 7:10am On Feb 11, 2017
I'm already bleeped in it so no increase will give me sleepless mnight
Re: Naira Slides To N506 Against Dollar On Parallel Market by Boleyndynasty2(f): 7:10am On Feb 11, 2017
Let the blame game continue...it's GEJ fault
Re: Naira Slides To N506 Against Dollar On Parallel Market by Spicylate(f): 7:11am On Feb 11, 2017
Been greedy with my $100. Haven't changed it yet ooo. I guess I'm waiting for N1 = $1000
cheesy

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Re: Naira Slides To N506 Against Dollar On Parallel Market by gentlepraise(m): 7:12am On Feb 11, 2017
APC govt is a failed one & lack gud economic thinkers.

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Re: Naira Slides To N506 Against Dollar On Parallel Market by FrankNetter(m): 7:12am On Feb 11, 2017
Now would be a perfect time for those in diaspora to buy land and acquire property in nigeria.
Re: Naira Slides To N506 Against Dollar On Parallel Market by chukuli(m): 7:15am On Feb 11, 2017
simplemach:

Just tell me one person you think can bring the plan that will supposedly bring us out. Is it uncle Lie, or Dalung, or even aunty kemi just tell mi
buahri
Re: Naira Slides To N506 Against Dollar On Parallel Market by PassingShot(m): 7:16am On Feb 11, 2017
The external reserves rose to $28.6 billion on February 8, according to a CBN report. While Brent crude oil surged to $56 dollar a barrel, from about $40 recorded in October, before OPEC members reached consensus on production cut in November 2016.

Without good external reserves, there is very little that can be done.

The Otuoke Drunk met the ER at $47bn + $20bn in ECA, yet he managed to steal and loot both to an abysmal level of $25bn combined, despite earning additional billion of dollars.

1 Like

Re: Naira Slides To N506 Against Dollar On Parallel Market by hyfr(m): 7:19am On Feb 11, 2017
Intact let it rise to N1000. My God will always provide for me. It Is those that put that Buffon in power that will suffer it
Re: Naira Slides To N506 Against Dollar On Parallel Market by hyfr(m): 7:21am On Feb 11, 2017
FrankNetter:
Now would be a perfect time for those in diaspora to buy land and acquire property in nigeria.
exactly, but they can wait longer, I see the naira moving to 1k
Re: Naira Slides To N506 Against Dollar On Parallel Market by simplemach(m): 7:22am On Feb 11, 2017
chukuli:
buahri
And who put us into it if that is your answer?
Re: Naira Slides To N506 Against Dollar On Parallel Market by Splashme: 7:37am On Feb 11, 2017
searchng4love:

We will get out if Buhari can resign or kpai
Re: Naira Slides To N506 Against Dollar On Parallel Market by cktheluckyman: 7:42am On Feb 11, 2017
PassingShot:


Without good external reserves, there is very little that can be done.

The Otuoke Drunk met the ER at $47bn + $20bn in ECA, yet he managed to steal and loot both to an abysmal level of $25bn combined, despite earning additional billion of dollars.

the "Otuoke derunkard'has been out of power for almost 2 years now!!! Tell your vegetable abi na skeleton of a president to sit up!!! he should go and hire economic experts to run the economy Haba!!! If he is too sick to rule then he should throw in the towel and not try to drag the rest of us with him

9 Likes

Re: Naira Slides To N506 Against Dollar On Parallel Market by plaetton: 7:44am On Feb 11, 2017
PassingShot:


Without good external reserves, there is very little that can be done.

The Otuoke Drunk met the ER at $47bn + $20bn in ECA, yet he managed to steal and loot both to an abysmal level of $25bn combined, despite earning additional billion of dollars.

Pathetic excuses.
So you're agreeing that nothing good can ever come out of this Jurassic administration ?
Bingo!!

So this administration is doomed to failure because Buhari inherited $17b less in external reserves than the previous administration ?

But what about OBJ that inherited $3b in reserves and $38b in debt ?

It's obvious to everyone now that the difference is a simple matter of having brains and not having one, being SINCERELY committed to Nigeria and being a lifelong hypocrite, religious and tribal bigot.

Buhari first committed treason in 1983 simply because , just like today, he had nothing to offer Nigeria. He simply felt a birthright to power.

We very stuuupid to have let a man with a history of catastrophic failures, an unrepentant tribalist with no vision, and a very very narrow view of society, nationhood and governance run the affairs of this potentially prosperous Nation.

One particular character trait that stands conspicuously among Failures is that they NEVER take responsibility. They blame everything and everyone for their failures.
These is trait that when we see them in our growing children, we spank it out if them as soon as possible.

On note, Buhari's illness has given him a once in a lifetime opportunity to EARN Honour by resigning on the grounds of bad health.
This is the last and enduring honour that Buhari has the opportunity to grab.
This is the moment of truth.
BUHARI, a man of honour who puts his country first , or a power hungry despotic that is willing to drag his nation of 180m to the grass, the mud and to his grave ?
That's the question.

9 Likes 1 Share

Re: Naira Slides To N506 Against Dollar On Parallel Market by kahal29: 7:49am On Feb 11, 2017
Why won't it slide with the likes of Yakubu stealing 9.8 million dollars. Just like someone said and I quote.. This was how our dollar reserve locally was depleted and unprecedented pressure was mounted on the naira...... They could no longer keep the dollar in bank because of BVN, hence bank no longer have access to all these looted hard currency.. It is becoming clearer by the day now the genesis of our current economic woes. Only God knows the number of people still keeping such hard currency in their apartment...God help Nigeria!!!

1 Like

Re: Naira Slides To N506 Against Dollar On Parallel Market by Emekamex(m): 9:27am On Feb 11, 2017

Re: Naira Slides To N506 Against Dollar On Parallel Market by PassingShot(m): 9:28am On Feb 11, 2017
plaetton:


Pathetic excuses.
So you're agreeing that nothing good can ever come out of this Jurassic administration ?
Bingo!!

So this administration is doomed to failure because Buhari inherited $17b less in external reserves than the previous administration ?

But what about OBJ that inherited $3b in reserves and $38b in debt ?

It's obvious to everyone now that the difference is a simple matter of having brains and not having one, being SINCERELY committed to Nigeria and being a lifelong hypocrite, religious and tribal bigot.

Buhari first committed treason in 1983 simply because , just like today, he had nothing to offer Nigeria. He simply felt a birthright to power.

We very stuuupid to have let a man with a history of catastrophic failures, an unrepentant tribalist with no vision, and a very very narrow view of society, nationhood and governance run the affairs of this potentially prosperous Nation.

One particular character trait that stands conspicuously among Failures is that they NEVER take responsibility. They blame everything and everyone for their failures.
These is trait that when we see them in our growing children, we spank it out if them as soon as possible.

On note, Buhari's illness has given him a once in a lifetime opportunity to EARN Honour by resigning on the grounds of bad health.
This is the last and enduring honour that Buhari has the opportunity to grab.
This is the moment of truth.
BUHARI, a man of honour who puts his country first , or a power hungry despotic that is willing to drag his nation of 180m to the grass, the mud and to his grave ?
That's the question.

Re: Naira Slides To N506 Against Dollar On Parallel Market by cktheluckyman: 9:34am On Feb 11, 2017
PassingShot:


when you bombard people with enough facts that they do not know how to respond!!! There is a limit to how cluelessness and gross incompetence could be defended

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Re: Naira Slides To N506 Against Dollar On Parallel Market by PassingShot(m): 9:37am On Feb 11, 2017
[s]
cktheluckyman:


when you bombard people with enough facts that they do not know how to respond!!! There is a limit to how cluelessness and gross incompetence could be defended
[/s]
Re: Naira Slides To N506 Against Dollar On Parallel Market by ephi123(f): 9:57am On Feb 11, 2017
APC is just gonna wreck this country at this rate.

2 Likes

Re: Naira Slides To N506 Against Dollar On Parallel Market by bayelsaowei(m): 10:03am On Feb 11, 2017
PassingShot:

I knew you would have nothing to say after pleatton debunking your cluelessness and uselessness..

The otueke drunkard made life easy for your family and yet you still stand to accuse the same person who made life easy for your family..

Buhari should generate revenue for the country...if he can't then let him go back home..

Rubbish

6 Likes

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