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Naira Crashes In Value, Dollar Sells For N420 by article3030: 2:47am On Mar 13, 2020
On Thursday, the naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market.

The President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the crude oil price which fell drastically in the international market to as low as $35 per barrel, raised speculations among the BDC operators and Nigerians in general.

He said this caused speculations in the market which were not necessary.

be said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash.

“The movement was as a result of recklessness on the side of the operators, when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support for liquidity to the BDC sub-sector.”

While noting that the dollar sold for as high as N400, he said sanity was gradually returning to the sector as it sold for N375 by the close of the day.


According to him, the CBN had maintained stability at N360 in more than three years.

He said in its meeting with the CBN on Thursday, the regulator warned the BDCs against contraventions.

The ABCON president disclosed that the CBN wanted to revoke the licences of some BDCs for various infractions but fined over 100 BDCs over N5m for various offences.

Another BDC operator who spoke with our correspondent said, “When we woke up on Monday, the exchange was still about N360, but all of a sudden, because of the fall in crude oil price, people were panicky.

“Today, we still sold for up to N420 but the price was fluctuating.”


battle, hearing begins today
The CBN also expressed its displeasure on the issue in a statement, saying the speculative activities of unscrupulous players in the foreign exchange market was borne out of the impression that the CBN was on the verge of devaluing the Naira, and triggering panic in the FX Market.

“These rumours are false, unwarranted and calculated to serve their dubious and selfish ends,” it stated.




…CBN fines 100 BDCs over N5m each

Nike Popoola

On Thursday, the naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market.

The President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the crude oil price which fell drastically in the international market to as low as $35 per barrel, raised speculations among the BDC operators and Nigerians in general.

He said this caused speculations in the market which were not necessary.


Gwadabe said, “With the fall in oil crude oil prices on Monday, we witnessed a lot of foreign investors portfolio dropping their assets, most especially to convert to cash.

“The movement was as a result of recklessness on the side of the operators, when they want to speculate, but there is no reason for such because the Central Bank of Nigeria had continued to maintain support for liquidity to the BDC sub-sector.”

While noting that the dollar sold for as high as N400, he said sanity was gradually returning to the sector as it sold for N375 by the close of the day.


According to him, the CBN had maintained stability at N360 in more than three years.

He said in its meeting with the CBN on Thursday, the regulator warned the BDCs against contraventions.

The ABCON president disclosed that the CBN wanted to revoke the licences of some BDCs for various infractions but fined over 100 BDCs over N5m for various offences.

Another BDC operator who spoke with our correspondent said, “When we woke up on Monday, the exchange was still about N360, but all of a sudden, because of the fall in crude oil price, people were panicky.


“Today, we still sold for up to N420 but the price was fluctuating.”


“These rumours are false, unwarranted and calculated to serve their dubious and selfish ends,” it stated.


It added, “We have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit and related agencies to uncover the unscrupulous persons and FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage.”
Re: Naira Crashes In Value, Dollar Sells For N420 by article3030: 2:54am On Mar 13, 2020
Re: Naira Crashes In Value, Dollar Sells For N420 by whemmytopsy(m): 4:41am On Mar 13, 2020
Nigerians always wanting to cash out at every situation, either fortunate or unfortunate. Then, it was sanitizer and nose cover, now the BDC.. Mind you, this is when the virus is a bit far from us(Nigerians not diagnosed yet), Now imagine if the virus comes closer... I think it's time to repent because our action as a people will wreck more havoc than the virus will everly do.

4 Likes

Re: Naira Crashes In Value, Dollar Sells For N420 by Badb0y4lyf(m): 4:50am On Mar 13, 2020
Still 365 on google to 1dollar
Re: Naira Crashes In Value, Dollar Sells For N420 by Katier00(f): 5:49am On Mar 13, 2020
This is not good
Re: Naira Crashes In Value, Dollar Sells For N420 by Lawgod247: 6:00am On Mar 13, 2020
Ok
Re: Naira Crashes In Value, Dollar Sells For N420 by pode(m): 6:21am On Mar 13, 2020
I hope nobody will come and blame Mr. Buhari and Mr. Jonathan on this
Re: Naira Crashes In Value, Dollar Sells For N420 by Nobody: 6:30am On Mar 13, 2020
Wetin concern agberoo with Overload ?

I will make $1 equal to N1.

I will stabilize World Crude Oil price.

4 Likes

Re: Naira Crashes In Value, Dollar Sells For N420 by vcente(m): 6:36am On Mar 13, 2020
The global economy is going into recession, so every financial operator is speculating, if you see the way people are buying Swiss frank and Japanese yen. Just to make sure that they don't lose their wealth. I'm sorry to cause but the Nigerian economy doesn't have the fx reserves available to absorb shocks from this unlike those economies mentioned, so brace yourselfs because it's going to happen again. Actually if Nigeria plays their game right and maintain a stable economic and political atmosphere the is a chance that the value of the dollar might go down to at least $140 to 100ngn. This is really an opportunity for our leaders to get their priorities right and diversify the economy, especially in the area of agricultural and entertainment investments. A lot of people are going to be indoors till this is over and they are going to need a constant source of entertainment.

4 Likes 1 Share

Re: Naira Crashes In Value, Dollar Sells For N420 by ALABACONNECT(m): 7:16am On Mar 13, 2020
Nigeria just always stand at the wrong receiving end when there is a world crisis. God help us
Well, for your smart TVs and Soundsystems, check my signature
Re: Naira Crashes In Value, Dollar Sells For N420 by ybalogs(m): 7:29am On Mar 13, 2020
At this rate ,it will enter 1000 naira per Dollar sef.
Re: Naira Crashes In Value, Dollar Sells For N420 by ybalogs(m): 7:30am On Mar 13, 2020
ALABACONNECT:
Nigeria just always stand at the wrong receiving end when there is a world crisis. God help us
Well, for your smart TVs and Soundsystems, check my signature
That's cos we depend on these so called developed Nations and they of course make us pawns once these crises starts.

1 Like

Re: Naira Crashes In Value, Dollar Sells For N420 by ednut1(m): 7:30am On Mar 13, 2020
Badb0y4lyf:
Still 365 on google to 1dollar
go and buy from google na. Ozuor

3 Likes

Re: Naira Crashes In Value, Dollar Sells For N420 by ALABACONNECT(m): 7:33am On Mar 13, 2020
ybalogs:
That's cos we depend on these so called developed Nations and they of course make us pawns once these crises starts.
I tell you fam. Even with all we have!!!!
Re: Naira Crashes In Value, Dollar Sells For N420 by ybalogs(m): 7:33am On Mar 13, 2020
For those who want to invest in stocks, dollars/£s and mortgage, this is the time. It’s a buyer’s market out there now but a time of potential losses for those with existing investments in the stock market and in mortgages.
Re: Naira Crashes In Value, Dollar Sells For N420 by ybalogs(m): 7:34am On Mar 13, 2020
Italy on total lockdown, Denmark on total lockdown, Ireland on near-total lockdown, the USA outlawing travel from all EU countries and the list goes on. If we didn’t take this serious before, Covid-19 is a real nightmare for the world economy.

2 Likes

Re: Naira Crashes In Value, Dollar Sells For N420 by ybalogs(m): 7:35am On Mar 13, 2020
Not yet 410 but should hit higher by next week. As at yesterday, a business partner of mine could not even find just US$100 to buy in the Ikeja area. CBN is already workings towards rationing as well. It’s got some basis in some ongoing economic developments:

1. Oil prices have crashed, because of the stupidity of Russia and the stubbornness of Saudi Arabia. For an economy (Nigeria) that’s mostly oil-dependent, it’ll impact the currency at some point.

2. China is not buying crude because a lot of their factories ain’t operating at the moment. Heard a few tankers have not even been allowed to offload their cargo.

3. Donald Trump’s irresponsible, myopic and ill-advised policies reeled our yesterday have put the stock, securities and money markets in deep trouble. Some plcs will not survive this.

I think naira to £ should top 500 by sometime next week.

6 Likes

Re: Naira Crashes In Value, Dollar Sells For N420 by real1000: 7:39am On Mar 13, 2020
vcente:
The global economy is going into recession, so every financial operator is speculating, if you see the way people are buying Swiss frank and Japanese yen. Just to make sure that they don't lose their wealth. I'm sorry to cause but the Nigerian economy doesn't have the fx reserves available to absorb shocks from this unlike those economies mentioned, so brace yourselfs because it's going to happen again. Actually if Nigeria plays their game right and maintain a stable economic and political atmosphere the is a chance that the value of the dollar might go down to at least $140 to 100ngn. This is really an opportunity for our leaders to get their priorities right and diversify the economy, especially in the area of agricultural and entertainment investments. A lot of people are going to be indoors till this is over and they are going to need a constant source of entertainment.
Is time for me to enter studio and do my song as soon as possible cheesy
Re: Naira Crashes In Value, Dollar Sells For N420 by Leezah(f): 9:12am On Mar 13, 2020
cheesy
What a pity Giant of Africa now an of Africa
its a gradual process:it will flunctuate and mellow down after a while.the demand is very high,esp now that the xchange rate of dollars have fallen.with time,the demand will fall and naira wll appreciate....lets be optimistic.
Re: Naira Crashes In Value, Dollar Sells For N420 by Samcoflex75(m): 9:14am On Mar 13, 2020
Stop spreading false news

1 Like 1 Share

Re: Naira Crashes In Value, Dollar Sells For N420 by pbethel: 9:35am On Mar 13, 2020
Nice one @samcoflex75
Re: Naira Crashes In Value, Dollar Sells For N420 by Jimmyubah2: 10:06am On Mar 13, 2020
Hisense 32 inch TV that used to sell for 43to45k is now 50sumting k as at yesterday. Everything is on the rise.
Re: Naira Crashes In Value, Dollar Sells For N420 by iammo(m): 10:24am On Mar 13, 2020
BDX trying to cash out, increase in demand for dollars creates the imaginary hike
Re: Naira Crashes In Value, Dollar Sells For N420 by spy24(m): 11:01am On Mar 13, 2020
Every thing is going wrong this year
Let's hope it ends well
Re: Naira Crashes In Value, Dollar Sells For N420 by oyatz(m): 11:51am On Mar 13, 2020
Instead of looking for scarce dollars to import things, why can't we convert Naira to Japanese Yen and start importing automobiles, machineries and electrical materials from Japan instead of USA?





ybalogs:
Not yet 410 but should hit higher by next week. As at yesterday, a business partner of mine could not even find just US$100 to buy in the Ikeja area. CBN is already workings towards rationing as well. It’s got some basis in some ongoing economic developments:

1. Oil prices have crashed, because of the stupidity of Russia and the stubbornness of Saudi Arabia. For an economy (Nigeria) that’s mostly oil-dependent, it’ll impact the currency at some point.

2. China is not buying crude because a lot of their factories ain’t operating at the moment. Heard a few tankers have not even been allowed to offload their cargo.

3. Donald Trump’s irresponsible, myopic and ill-advised policies reeled our yesterday have put the stock, securities and money markets in deep trouble. Some plcs will not survive this.

I think naira to £ should top 500 by sometime next week.
Re: Naira Crashes In Value, Dollar Sells For N420 by Gerrard59(m): 12:01pm On Mar 13, 2020
oyatz:
Instead of looking for scarce dollars to import things, why can't we convert Naira to Japanese Yen and start importing automobiles, machineries and electrical materials from Japan instead of USA?


Goods from Japan aren't as cheap as those from China. The vast majority of Nigerians are poor and cannot afford newly manufactured Japanese goods. Also, the vast vast majority of cars imported from the US into Nigeria are second hand and she (US) uses left-hand unlike Japan who uses right-hand. Furthermore, distance from Japan makes theirs more expensive than the US. Regarding currency conversion, converting to the Yen in Nigeria isn't that easy. What people do is: N = $ = Yen.

3 Likes

Re: Naira Crashes In Value, Dollar Sells For N420 by Gerrard59(m): 12:09pm On Mar 13, 2020
vcente:
The global economy is going into recession, so every financial operator is speculating, if you see the way people are buying Swiss frank and Japanese yen. Just to make sure that they don't lose their wealth. I'm sorry to cause but the Nigerian economy doesn't have the fx reserves available to absorb shocks from this unlike those economies mentioned, so brace yourselfs because it's going to happen again. Actually if Nigeria plays their game right and maintain a stable economic and political atmosphere the is a chance that the value of the dollar might go down to at least $140 to 100ngn. This is really an opportunity for our leaders to get their priorities right and diversify the economy, especially in the area of agricultural and entertainment investments. A lot of people are going to be indoors till this is over and they are going to need a constant source of entertainment.

I pity anyone who converts his/her currency to the Yen. When the Yen rises, the Japanese government will devalue it quickly to boost exports. They have done this always, so I am surprised someone will convert to the Yen. When the Yen rises, Hiroaki Nakanishi will contact Abe and Haruhiko Kuroda and both men will act quickly.
Re: Naira Crashes In Value, Dollar Sells For N420 by Nobody: 1:40pm On Mar 13, 2020
Okay...

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