| Breaking: Naira Hits N500 To $1 by Queenttoast01: 11:32am On Apr 25, 2020 |
The naira has been hitting new lows on the over-the-counter spot and black markets since last month, after the Central Bank adjusted its official rate, implying a 15% devaluation. This was done to absorb the impact of an oil price crash triggered by the coronavirus pandemic. The Nigerian currency touched over N430 per dollar on the black market this week for the first time since 2017, about 14% weaker than the official pegged rate. The naira was quoted at N386.33 on the spot market on Friday. In addition, at the forward market, the one-year non-deliverable contract surged past N500 per dollar this week. Money market rates climbed to 35% today, following the debit from just 2% at the last session. https://nairametrics.com/2020/04/24/naira-hits-n500-to-1-at-the-forward-market/ 
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 11:33am On Apr 25, 2020 |
The Central Bank of Nigeria recently injected about N1 trillion stimulus to support the fragile economy and slash interest rates on soft loans to selected sectors of the economy, but it is yet to show how it plans to support such interventions. |
| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 11:33am On Apr 25, 2020 |
The Federal Government of Nigeria has recently made a plea for about $3.4 billion in emergency financing from the International Monetary Fund to neutralize the negative impacts of the COVID-19 pandemic, coupled with low oil prices. |
| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 11:36am On Apr 25, 2020 |
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 11:46am On Apr 25, 2020 |
Queenttoast01:
The naira has been hitting new lows on the over-the-counter spot and black markets since last month, after the Central Bank adjusted its official rate, implying a 15% devaluation. This was done to absorb the impact of an oil price crash triggered by the coronavirus pandemic.
The Nigerian currency touched over N430 per dollar on the black market this week for the first time since 2017, about 14% weaker than the official pegged rate.
The naira was quoted at N386.33 on the spot market on Friday.
In addition, at the forward market, the one-year non-deliverable contract surged past N500 per dollar this week.
Money market rates climbed to 35% today, following the debit from just 2% at the last session.
https://nairametrics.com/2020/04/24/naira-hits-n500-to-1-at-the-forward-market/
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 11:46am On Apr 25, 2020 |
Queenttoast01:
The Central Bank of Nigeria recently injected about N1 trillion stimulus to support the fragile economy and slash interest rates on soft loans to selected sectors of the economy, but it is yet to show how it plans to support such interventions.
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 11:47am On Apr 25, 2020 |
Queenttoast01:
The Federal Government of Nigeria has recently made a plea for about $3.4 billion in emergency financing from the International Monetary Fund to neutralize the negative impacts of the COVID-19 pandemic, coupled with low oil prices. |
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 12:14pm On Apr 25, 2020 |
Queenttoast01:
The naira has been hitting new lows on the over-the-counter spot and black markets since last month, after the Central Bank adjusted its official rate, implying a 15% devaluation. This was done to absorb the impact of an oil price crash triggered by the coronavirus pandemic.
The Nigerian currency touched over N430 per dollar on the black market this week for the first time since 2017, about 14% weaker than the official pegged rate.
The naira was quoted at N386.33 on the spot market on Friday.
In addition, at the forward market, the one-year non-deliverable contract surged past N500 per dollar this week.
Money market rates climbed to 35% today, following the debit from just 2% at the last session.
https://nairametrics.com/2020/04/24/naira-hits-n500-to-1-at-the-forward-market/
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 12:14pm On Apr 25, 2020 |
Queenttoast01:
The Central Bank of Nigeria recently injected about N1 trillion stimulus to support the fragile economy and slash interest rates on soft loans to selected sectors of the economy, but it is yet to show how it plans to support such interventions.
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 12:15pm On Apr 25, 2020 |
Queenttoast01:
The Federal Government of Nigeria has recently made a plea for about $3.4 billion in emergency financing from the International Monetary Fund to neutralize the negative impacts of the COVID-19 pandemic, coupled with low oil prices. |
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 12:55pm On Apr 25, 2020 |
Queenttoast01:
The naira has been hitting new lows on the over-the-counter spot and black markets since last month, after the Central Bank adjusted its official rate, implying a 15% devaluation. This was done to absorb the impact of an oil price crash triggered by the coronavirus pandemic.
The Nigerian currency touched over N430 per dollar on the black market this week for the first time since 2017, about 14% weaker than the official pegged rate.
The naira was quoted at N386.33 on the spot market on Friday.
In addition, at the forward market, the one-year non-deliverable contract surged past N500 per dollar this week.
Money market rates climbed to 35% today, following the debit from just 2% at the last session.
https://nairametrics.com/2020/04/24/naira-hits-n500-to-1-at-the-forward-market/
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 12:55pm On Apr 25, 2020 |
Queenttoast01:
The Central Bank of Nigeria recently injected about N1 trillion stimulus to support the fragile economy and slash interest rates on soft loans to selected sectors of the economy, but it is yet to show how it plans to support such interventions.
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 12:55pm On Apr 25, 2020 |
Queenttoast01:
The Federal Government of Nigeria has recently made a plea for about $3.4 billion in emergency financing from the International Monetary Fund to neutralize the negative impacts of the COVID-19 pandemic, coupled with low oil prices. |
| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 12:57pm On Apr 25, 2020 |
Dominique, mynd44, OAM4J pls push to FP not delete 1 Like |
| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 12:57pm On Apr 25, 2020 |
Queenttoast01:
The naira has been hitting new lows on the over-the-counter spot and black markets since last month, after the Central Bank adjusted its official rate, implying a 15% devaluation. This was done to absorb the impact of an oil price crash triggered by the coronavirus pandemic.
The Nigerian currency touched over N430 per dollar on the black market this week for the first time since 2017, about 14% weaker than the official pegged rate.
The naira was quoted at N386.33 on the spot market on Friday.
In addition, at the forward market, the one-year non-deliverable contract surged past N500 per dollar this week.
Money market rates climbed to 35% today, following the debit from just 2% at the last session.
https://nairametrics.com/2020/04/24/naira-hits-n500-to-1-at-the-forward-market/
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 12:57pm On Apr 25, 2020 |
Queenttoast01:
The Central Bank of Nigeria recently injected about N1 trillion stimulus to support the fragile economy and slash interest rates on soft loans to selected sectors of the economy, but it is yet to show how it plans to support such interventions.
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 1:01pm On Apr 25, 2020 |
Queenttoast01:
The Federal Government of Nigeria has recently made a plea for about $3.4 billion in emergency financing from the International Monetary Fund to neutralize the negative impacts of the COVID-19 pandemic, coupled with low oil prices. |
| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 1:02pm On Apr 25, 2020 |
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| Re: Breaking: Naira Hits N500 To $1 by Generalnomercy: 1:05pm On Apr 25, 2020 |
Seriously Nigeria is finished. |
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 1:15pm On Apr 25, 2020 |
Hmm, we needs God intervention not curse Generalnomercy:
Seriously Nigeria is finished. |
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 4:02pm On Apr 25, 2020 |
Queenttoast01:
The naira has been hitting new lows on the over-the-counter spot and black markets since last month, after the Central Bank adjusted its official rate, implying a 15% devaluation. This was done to absorb the impact of an oil price crash triggered by the coronavirus pandemic.
The Nigerian currency touched over N430 per dollar on the black market this week for the first time since 2017, about 14% weaker than the official pegged rate.
The naira was quoted at N386.33 on the spot market on Friday.
In addition, at the forward market, the one-year non-deliverable contract surged past N500 per dollar this week.
Money market rates climbed to 35% today, following the debit from just 2% at the last session.
https://nairametrics.com/2020/04/24/naira-hits-n500-to-1-at-the-forward-market/
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 4:02pm On Apr 25, 2020 |
Queenttoast01:
The Central Bank of Nigeria recently injected about N1 trillion stimulus to support the fragile economy and slash interest rates on soft loans to selected sectors of the economy, but it is yet to show how it plans to support such interventions.
|
| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 4:02pm On Apr 25, 2020 |
Queenttoast01:
The Federal Government of Nigeria has recently made a plea for about $3.4 billion in emergency financing from the International Monetary Fund to neutralize the negative impacts of the COVID-19 pandemic, coupled with low oil prices. |
| Re: Breaking: Naira Hits N500 To $1 by realpoacher(m): 4:06pm On Apr 25, 2020 |
Queenttoast01:
The naira has been hitting new lows on the over-the-counter spot and black markets since last month, after the Central Bank adjusted its official rate, implying a 15% devaluation. This was done to absorb the impact of an oil price crash triggered by the coronavirus pandemic.
The Nigerian currency touched over N430 per dollar on the black market this week for the first time since 2017, about 14% weaker than the official pegged rate.
The naira was quoted at N386.33 on the spot market on Friday.
In addition, at the forward market, the one-year non-deliverable contract surged past N500 per dollar this week.
Money market rates climbed to 35% today, following the debit from just 2% at the last session.
https://nairametrics.com/2020/04/24/naira-hits-n500-to-1-at-the-forward-market/
On what grounds is the dollar getting stronger against the naira with all the corona ravaging usa? Most business are shut down in the states, NYSE on wall street have been on complete lockdown for a month now. The feds just printed almost a trillion dollars from 'thin air'. Should'nt the naira be gaining grounds against the dollars? ... Why the other way around ?  The oil sales crash is affecting all OPEC countries at the same time so,? This is confusing me really or is our typical greed playing a part here? |
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| Re: Breaking: Naira Hits N500 To $1 by Queenttoast01: 4:09pm On Apr 25, 2020 |
realpoacher:
On what grounds is the dollar getting stronger against the naira with all the corona ravaging usa?
Most business are shut down in the states, NYSE on wall street have been on complete lockdown for a month now.
The feds just printed almost a trillion dollars from 'thin air'.
Should'nt the naira be gaining grounds against the dollars? ... Why the other way around ?
The oil sales crash is affecting all OPEC countries at the same time so,?
This is confusing me really or is our typical greed playing a part here? https://nairametrics.com/2020/04/24/naira-hits-n500-to-1-at-the-forward-market/ |
| Re: Breaking: Naira Hits N500 To $1 by Inception(m): 4:50pm On Apr 25, 2020 |
realpoacher:
On what grounds is the dollar getting stronger against the naira with all the corona ravaging usa?
Most business are shut down in the states, NYSE on wall street have been on complete lockdown for a month now.
The feds just printed almost a trillion dollars from 'thin air'.
Should'nt the naira be gaining grounds against the dollars? ... Why the other way around ?
The oil sales crash is affecting all OPEC countries at the same time so,?
This is confusing me really or is our typical greed playing a part here? It is simply artificial. i would not encourage anyone to buy dollars now. 1 Like 1 Share |
| Re: Breaking: Naira Hits N500 To $1 by 4Play(m): 5:07pm On Apr 25, 2020 |
realpoacher:
On what grounds is the dollar getting stronger against the naira with all the corona ravaging usa?
Most business are shut down in the states, NYSE on wall street have been on complete lockdown for a month now.
The feds just printed almost a trillion dollars from 'thin air'.
Should'nt the naira be gaining grounds against the dollars? ... Why the other way around ?
The oil sales crash is affecting all OPEC countries at the same time so,?
This is confusing me really or is our typical greed playing a part here? The dollar has a history of serving as a global reserve currency and investors see it as safe asset. As international trade and cross-border investment is conducted using the dollar, everyone wants to get hold of as much dollars as possible to navigate what would be a difficult economic period. Don't think that economic damage in the US is viewed the same way as damage in Nigeria. Given the US is a major source of global demand, weakness in the US often means weak global growth which results in dollar demand, thus value, rising as investors purchase as much dollars as possible. 2 Likes |
