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Dollar Sells For N445 As Forex Scarcity Persists - Business - Nairaland

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Naira Plunges To N472/$ As Forex Scarcity Worsens / Dollar sells for N445 as forex scarcity persists / Dollar Sells For N420, Naira Crashes In Value (2) (3) (4)

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Dollar Sells For N445 As Forex Scarcity Persists by dre11(m): 6:08am On May 12, 2020
The dollar exchanged for N445 in the parallel market on Monday due to scarcity and shrinking liquidity in the forex market.

The extension of the ban placed on flights in the country by the Federal Government, as part of efforts to curtail the spread of coronavirus, further affected the access to forex by the bureau de change operators.

The President, Association of Bureax De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said, “The extension of airport lockdown as well as sale of forex to the BDCs pending when air travels resume has impacted the naira negatively from N425/$ to $445/$ in the parallel market.

“However, the assurances of the CBN governor to foreign investors on ease of exit have helped to flatten the curve at N445/$ without any sign of further depreciation at the close of business today.

“The persistent dollar scarcity with shrinking liquidity in the market is one of the major unintended consequences of the shutdown of the BDCs window.”

Deposit Money Banks had however commenced forex sales to customers wishing to pay school fees and the SMEs making essential imports needed to revamp economic activities across the country.

This followed the commencement of forex sales by the Central Bank of Nigeria to all commercial banks for sale to parents and the SMEs as part of efforts to gradually ease the effects of the COVID-19 lockdown.

The CBN stated that it had resumed the provision of over $100m per week for school fees and the SMEs.

Unity Bank Plc said in a statement that it had received the supply of foreign exchange from the CBN to adequately meet eligible demands from customers.

ABCON stated that it was important for the CBN to resume the sale of forex to the BDCs in order to defend the value of the naira and infant industries.

The Director, Corporate Communications, CBN, Isaac Okorafor, had stated, “The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels and other designated retail uses, as soon as international flights resume.”

https://punchng.com/dollar-sells-for-n445-as-forex-scarcity-persists/

5 Likes 1 Share

Re: Dollar Sells For N445 As Forex Scarcity Persists by Kendumazy(m): 7:17am On May 12, 2020
Seriously serious! It's even 450 as at this morning.

33 Likes 3 Shares

Re: Dollar Sells For N445 As Forex Scarcity Persists by hidhrhis(m): 8:23am On May 12, 2020
Kendumazy:
Seriously serious! It's even 450 as at this morning.
Can you explain something to me please
Like if one want to exchange naira for Dollar now it will be at the rate of 450

17 Likes 1 Share

Re: Dollar Sells For N445 As Forex Scarcity Persists by Kendumazy(m): 10:37am On May 12, 2020
hidhrhis:

Can you explain something to me please
Like if one want to exchange naira for Dollar now it will be at the rate of 450

Lol. If you want to exchange dollar to naira. It's 450. So, 450 x 100 dollars = 45000.

26 Likes 2 Shares

Re: Dollar Sells For N445 As Forex Scarcity Persists by hidhrhis(m): 10:40am On May 12, 2020
Kendumazy:


Lol. If you want to exchange dollar to naira. It's 450. So, 450 x 100 dollars = 45000.
Thanks man

9 Likes

Re: Dollar Sells For N445 As Forex Scarcity Persists by ForeThinker: 11:15am On May 12, 2020
Google is also your friend

6 Likes

Re: Dollar Sells For N445 As Forex Scarcity Persists by Nobody: 11:15am On May 12, 2020
Nigeria has always been a f**ked up country even before the pandemic started, so I'm not surprised

44 Likes 3 Shares

Re: Dollar Sells For N445 As Forex Scarcity Persists by Nobody: 11:15am On May 12, 2020
Lol

445!! undecided

2 Likes

Re: Dollar Sells For N445 As Forex Scarcity Persists by okomile(f): 11:16am On May 12, 2020
Garri no dey sell for dollar
I don't need it

30 Likes 1 Share

Re: Dollar Sells For N445 As Forex Scarcity Persists by miniziter(m): 11:16am On May 12, 2020
Good news. Now my cocoa will sell

4 Likes 2 Shares

Re: Dollar Sells For N445 As Forex Scarcity Persists by Etinosa1234: 11:16am On May 12, 2020
people that will gain more from this are those living abroad

45 Likes 1 Share

Re: Dollar Sells For N445 As Forex Scarcity Persists by Aflix(m): 11:17am On May 12, 2020
And CBN recently said there's no Forex scarcity. Why is this government always lying to us
Well na better cash out for streets

85 Likes 1 Share

Re: Dollar Sells For N445 As Forex Scarcity Persists by Houseofglam7(f): 11:17am On May 12, 2020
undecided
Re: Dollar Sells For N445 As Forex Scarcity Persists by Hazlett1988: 11:17am On May 12, 2020
Time for street to cash out big,UNO UNO

4 Likes 2 Shares

Re: Dollar Sells For N445 As Forex Scarcity Persists by rawtouch: 11:17am On May 12, 2020
keep rising
Re: Dollar Sells For N445 As Forex Scarcity Persists by dayleke: 11:17am On May 12, 2020
CBN said dollar dey yanfuyanfu now......

Noftin to worry about.

2 Likes 2 Shares

Re: Dollar Sells For N445 As Forex Scarcity Persists by mrvitalis(m): 11:17am On May 12, 2020
Where is that slave CBN governor that lied we have enough forex ....are they tired of defending the naira with our little reserve

Accountants have no business with being a CBN governor at all ...look for managers and economist

6 Likes 1 Share

Re: Dollar Sells For N445 As Forex Scarcity Persists by ecolime(m): 11:18am On May 12, 2020
This country is finished!

Sadly, it's good news for some people... Inside life

1 Like

Re: Dollar Sells For N445 As Forex Scarcity Persists by Temptee101(m): 11:18am On May 12, 2020
shocked

It seems Nigeria will be worst hit by this pandemic because even before it came, our economy was in comatose, let alone the aftermath of the pandemic.

And our darling president and my beloved country is waiting for one man to finish his refinery only God knows when after its take off was shifted from 2019 to 2021 before thinking of how to revive the economy.

How will the economy recover from refining a product that has lost so much relevance?

After so much noise about diversification, yet this govt spent billions of dollars searching for non-existent oil in the North.

I think Nigerians are used to recession by now after our darling daddy brought it twice upon us.

I fear this time, depression is staring at us in the face not recession.

Brace up guys and may God help us all.

16 Likes 1 Share

Re: Dollar Sells For N445 As Forex Scarcity Persists by chuksbaby: 11:18am On May 12, 2020
Those Who Earn in $ Will like this news.

if you know what i mean

51 Likes 3 Shares

Re: Dollar Sells For N445 As Forex Scarcity Persists by OsuIgboIpob: 11:18am On May 12, 2020
CBN is indeed very stupîd under Buhari.
The present governor must be a retàrd.

How can you continue to shroud something and not expect it's value and scarcity to increase


They stopped all transactions and transfer on Forex accounts since. Even if you have a domiciliary forex account, YOU CAN NOT TRANSFER IT TO ANYWHERE.
The only thing you can do with Forex card account with existing fund is to pay for international transactions or purchase something with it online.
The only way you can fund the account is to buy Forex From bureau de change and go to the bank to deposit it.

What kind of stupîdity is that?

Since the implementation of that nonsense, naira has continued to devalue.

Is it only Nigeria that Corona virus or lockdown is affecting?


USELESS leaders.

26 Likes 5 Shares

Re: Dollar Sells For N445 As Forex Scarcity Persists by shiki(m): 11:18am On May 12, 2020
It will reach #600 B4 Dec

5 Likes 1 Share

Re: Dollar Sells For N445 As Forex Scarcity Persists by Maxymilliano(m): 11:18am On May 12, 2020
This is a bad omen on things to come ...
Re: Dollar Sells For N445 As Forex Scarcity Persists by Almubarak5: 11:18am On May 12, 2020
It is safe to say they have sold Nigeria.
We will all continue to pay for it if we don’t demand good governance by force.

3 Likes 2 Shares

Re: Dollar Sells For N445 As Forex Scarcity Persists by Grace001: 11:19am On May 12, 2020
its nothing new, it’s always on the rise.

2 Likes 2 Shares

Re: Dollar Sells For N445 As Forex Scarcity Persists by SweetOlive(f): 11:19am On May 12, 2020
It’s Time to learn some Forex Trading Skill shocked

7 Likes 1 Share

Re: Dollar Sells For N445 As Forex Scarcity Persists by Viccur(m): 11:19am On May 12, 2020
Damn

1 Like

Re: Dollar Sells For N445 As Forex Scarcity Persists by SenecaTheYonger(m): 11:19am On May 12, 2020
its still 374.12 NGN in online money transfer service, Bleep off with this fake news.

16 Likes 2 Shares

Re: Dollar Sells For N445 As Forex Scarcity Persists by sammysmiles(m): 11:19am On May 12, 2020
G

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