The surge in foreign exchange demands have started weighing on the Naira value.

The Nigerian Naira plunged N3 to N370 against the United States dollar on Friday as demand for the US dollar unexpectedly jumped.

Bureau De Change Operators across the country have said the apex bank needs to converge the exchange rate to stabillise the Naira.

On investors’ window, the Naira traded at N366.79 to a US dollar and quoted at 306 on the official market window.

The CBN continued to intervene in the forex market, even as the US dollar liquidity swelled with rising investors’ interest in local assets.

However, the overnight lending rate declined to 12 percent on Friday following a 100 percent spike on Wednesday due to a liquidity squeeze as lenders scramble to pay for forex and treasury bills purchased from the central bank.

Also, money market rates improved on Thursday after the Federal Government paid N224.54 billion ($715.10m) in budget allocations to the three tiers of government, boosting liquidity, Reuters reported.

Another N95.7 billion was repaid in matured treasury bills to boost liquidity, according to traders.

Subsequently, the CBN sold around N26.90 billion at an open market treasury auction on Friday to mop up Naira liquidity.

Traders said the money market remained liquid despite the auction.

http://investorsking.com/naira-declines-370-forex-liquidity-drops/

Expect it to reach 500 in weeks to come.... Baba is back what else do you expect.
Spiritual: A prayer point
Lord any Body Language in my life that always made things go from bad to baddest.. Cancel by fire........ Oya pray pray!!!!

Chai! So it's true. The return of Buhari is directly proportional to the fall of naira.

Bubu is back naira is dropping

Yeah you guessed it, he is back.

I don't think Ayam surprise

OmoOshodi:
Expect it to reach 500 in weeks to come.... Baba is back what else do you expect.

You need help lol

So na true say buhari don come back

Wor do you expect? Shey Buhari never come baq?

buhari haff come again

I would have delayed that payment ooooooo. Chai!!!!

Buhari is back as expected things will start going from bad to worst

Space booked

This is hate speech against the Naira.

Bubu and bad luck. I know it will happen. This man should just go back to London. Please the rat should intensify also rock destruction

Eleribu is back na

That man is back abi?

When is baba going back to London?

BABA BUHARI IS BACK!!! � � � � �

I will leave this $500 and see how to exchange it when it gets to 500 naira

I don't know why this should be news. Ayamnotsurprise. The head of the zoo is back.

Funny

Basic issue.....we need more For-ex.....which can only come from being a manufacturing society.

Selling oil,.palm oil,cocoa,groundnuts, nickel, etc will not save us.

BUbu is back