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Naira Sinks To 530 Against Dollar, Pound Hits N720 - Business - Nairaland

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Naira Sinks To 530 Against Dollar, Pound Hits N720 / Naira Sinks To 530 Against Dollar, Pound Hits N720 / Naira Depreciates Marginally Against Dollar (2) (3) (4)

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Naira Sinks To 530 Against Dollar, Pound Hits N720 by ogododo: 9:05am On Sep 03, 2021
The naira plunged to a fresh record low against the dollar, the British pound sterling and euro on Thursday amid the lingering scarcity of foreign exchange in Nigeria.

The value of the naira fell against the US currency on at both the parallel market and the Investors’ and Exporters’ foreign exchange window.

The local currency, which stood at 526/$1 on Tuesday, fell to 530/$1 at the parallel market on Thursday from 528/$1 on Wednesday.

The naira dipped to 720 against the pound at the parallel market from 717/£1 on Wednesday, while the euro rose to N620 from N616 on Wednesday.

At the I&E window, the naira weakened further to 411.67/$1 on Thursday from 411.50/$1 on Wednesday, according to FMDQ Group.

No less than 55 per cent to 60 per cent of Nigerian forex transactions are traded at this window, which is used by the CBN and most exporters and investors, according to Financial Derivatives Company Limited.

“It serves as not only a source of price discovery but also a barometer for measuring potential and actual CBN intervention in the market. Some of the exchange rate determinants are balance of payments, capital inflows and trade balance,” the FDC said.

The PUNCH had reported on Tuesday that the naira extended its decline on Monday, sliding to an all-time low of 527 against the dollar at the parallel market.

The naira had strengthened to 506/$1 on August 4 after plunging to 525/$1 at the parallel market on July 28, a day after the Central Bank of Nigeria stopped foreign exchange sales to Bureaux de Change.

The CBN Governor, Mr Godwin Emefiele, had on July 27, at the end of the Monetary Policy Committee meeting, announced the stoppage of forex sale to the BDCs, saying they had turned themselves into “agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria.”

In a related development, the country’s external reserves have risen above $34bn for the first time in more than two and a half months, according to the CBN.

The reserves, which had been wobbling in recent weeks, jumped from $33.40bn at the end of July to $34.02bn on August 31, the highest since June 9.

The CBN data showed that the reserves fell to a record low of $33.09bn on July 12 from $34bn on June 10.

https://punchng.com/naira-sinks-to-530-against-dollar-pound-hits-n720/

3 Likes 1 Share

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by Nobody: 9:06am On Sep 03, 2021
It will still hit 600 before the end of this yr, next time when Nigeria hear change they'll think twice

363 Likes 23 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by clarocuzioo(m): 9:10am On Sep 03, 2021
Another achievement from the Failure -in - Chief.

What Buhari cannot destroy does not exist.

323 Likes 15 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by ogododo: 9:48am On Sep 03, 2021
$1 to #530, £730,buhu Don try oo.

55 Likes

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by kingsways: 9:49am On Sep 03, 2021
Such mismanagement of the national currency is an impeachable offence

238 Likes 8 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by hisexcellency34: 9:50am On Sep 03, 2021
And Buhari is still retaining that dullard called Emefiele

36 Likes 4 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by BigRocky: 9:54am On Sep 03, 2021
Things keep getting worst..

Buhari is the worst thing before abacha that has happen to Nigerians.

81 Likes 6 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by bigeliot(m): 9:55am On Sep 03, 2021
Ladies and gentlemen, I present to u BUHARI ECONOMY STYLE...CLAP

47 Likes 1 Share

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by ogododo: 10:02am On Sep 03, 2021
Lalasticlala. De lie wey dem sold to people be sey Osinbajo go take charge of economy. Wetin come happen sarchet of milk wey be N20 now is N150.

74 Likes 2 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by zuchyblink(m): 10:07am On Sep 03, 2021
Nigerian Talibans (APC)

55 Likes 1 Share

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by Queenslander(f): 10:09am On Sep 03, 2021
It will definitely get to a N1,000 before the walking dead leaves office!!

149 Likes 5 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by thebosstrevor1: 10:12am On Sep 03, 2021
I know some people are happy that the dollar keeps appreciating against the naira.

If the dollar keep appreciating that means the cost of goods and services will increase, which will make life more difficult for you.

If you like keep buying dollar and saving it in dollars or usdt, as long as exchange rates are not stable, you are losing and also losing even when you convert your saved dollar back to naira, inflation will devalued it.

65 Likes 6 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by joyandfaith: 10:19am On Sep 03, 2021
thebosstrevor1:
I know some people are happy that the dollar keeps appreciating against the naira.

If the dollar keep appreciating that means the cost of goods and services will increase, which will make life more difficult for you.

If you like keep buying dollar and saving it in dollars or usdt, as long as exchange rates are not stable, you are losing and also losing even when you convert your saved dollar back to naira, inflation will devalued it.

Lagos-ibadan rail.
Borrowing is not good for any economy.

34 Likes

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by Arda1000(m): 10:22am On Sep 03, 2021
thebosstrevor1:
I know some people are happy that the dollar keeps appreciating against the naira.

If the dollar keep appreciating that means the cost of goods and services will increase, which will make life more difficult for you.

If you like keep buying dollar and saving it in dollars or usdt, as long as exchange rates are not stable, you are losing and also losing even when you convert your saved dollar back to naira, inflation will devalued it.
oni kure shut ur zombie trap up,we are happy that our darling daddy uncle Bubu is working we are happy and will continue to be faithful zombies( shout out to our chief epic zombie mana griller) ur good work in moving Nigeria to next level is highly acknowledged grin

132 Likes 8 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by thebosstrevor1: 10:27am On Sep 03, 2021
Arda1000:
oni kure shut ur zombie trap up,we are happy that our darling daddy uncle Bubu is working we are happy and will continue to be faithful zombies( shout out to our chief epic zombie mana griller) ur good work in moving Nigeria to next level is highly acknowledged grin

People like you that depend on the government for survival always have one problem and that is frustration.

8 Likes 2 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by SarkinYarki: 10:31am On Sep 03, 2021
hisexcellency34:
And Buhari is still retaining that dullard called Emefiele
Buhari is actually the dullard

117 Likes 4 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by PROUDIGBO(m): 10:31am On Sep 03, 2021
More money for my li'l bruh! smiley

2 Likes 2 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by gidob(m): 10:36am On Sep 03, 2021
thebosstrevor1:
I know some people are happy that the dollar keeps appreciating against the naira.

If the dollar keep appreciating that means the cost of goods and services will increase, which will make life more difficult for you.

If you like keep buying dollar and saving it in dollars or usdt, as long as exchange rates are not stable, you are losing and also losing even when you convert your saved dollar back to naira, inflation will devalued it.

Instead of you to address the cause of the issue (Buhari's incompetency) you are attacking people who are suffering from his incompetence.

Blind loyalty....

136 Likes 8 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by PROUDIGBO(m): 10:36am On Sep 03, 2021
hisexcellency34:
And Buhari is still retaining that dullard called Emefiele

Hehehehehe grin grin grin

And what do you expect poor Emefiele to do....magic!?

What's happening is like a comedy in which Emefiele is using a plastic bowl to frantically scoop out water from a leaking rowing-boat that's slowly sinking and taking in water faster than he can bail it out! shocked

37 Likes

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by SarkinYarki: 10:37am On Sep 03, 2021
thebosstrevor1:
I know some people are happy that the dollar keeps appreciating against the naira.

If the dollar keep appreciating that means the cost of goods and services will increase, which will make life more difficult for you.

If you like keep buying dollar and saving it in dollars or usdt, as long as exchange rates are not stable, you are losing and also losing even when you convert your saved dollar back to naira, inflation will devalued it.

Sharap jare ..instead of you to blast your useless Buhari you want to blame innocent Nigerians ..how many Nigerians can even afford to save in Dollars ?no be who chop bellefull dey save for dollars ...... I warned about the effects of the clumsy handling of the the BDC ban and the side effects that would arise but yet people like your argued ...the current slide of the Naira is 100 percent Emeiefele fault , his poorly thought out and executed action against BDCs caused this .. Emeiefele needs to learn more a out execution strategy and stop alll this hasty announcements that do nothing than drive panic

73 Likes 4 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by thebosstrevor1: 10:37am On Sep 03, 2021
joyandfaith:


Lagos-ibadan rail.
Borrowing is not good for any economy.

Every country borrow, the main issue is what are you borrowing for?

For infrastructures or to pay salaries

The disadvantage is that it is the citizens that will have to pay for the debts through increase in tax for the duration of the debt payment

8 Likes 1 Share

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by SarkinYarki: 10:39am On Sep 03, 2021
thebosstrevor1:


Every country borrow, the main issue is what are you borrowing for?

For infrastructures or to pay salaries

The disadvantage is that it is the citizens that will have to pay for the debts through increase in tax for the duration of the debt payment

Buhari is is even worse .he is borrowing to fund a mindless meaningless Jihad

56 Likes

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by thebosstrevor1: 10:40am On Sep 03, 2021
SarkinYarki:


Sharap jare ..instead of you to blast your useless Buhari you want to blame innocent Nigerians ..how many Nigerians can even afford to save in Dollars ?no be who chop bellefull dey save for dollars ...... I warned about the effects of the clumsy handling of the the BDC ban and the side effects that would arise but yet people like your argued ...the current slide of the Naira is 100 percent Emeiefele fault , his poorly thought out and executed action against BDCs caused this

And where did I blame Nigerians

Is the fall in the price of oil also emeiefele fault?

Abeg no carry your frustration near me.

If you don't have any solution, shut up

1 Like

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by thebosstrevor1: 10:43am On Sep 03, 2021
gidob:


Instead of you to address the cause of the issue (Buhari's incompetency) you are attacking people who are suffering from his incompetence.

Blind loyalty....

So it buhari controlling oil prices.

Every time oil price falls, it always affect Nigeria, even if Jesus was president, we will still be in the same crisis

2 Likes 3 Shares

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by SarkinYarki: 10:44am On Sep 03, 2021
thebosstrevor1:


And where did I blame Nigerians

Is the fall in the price of oil also emeiefele fault?

Abeg no carry your frustration near me.

If you don't have any solution, shut up

Funny enough I am not frustrated , the poverty Buhari has created is even making me richer by the day ....Boss Trevor I have never hidden my solution ...The solution is simple .. BUHARI HAS TO STEP DOWN

31 Likes

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by vedaxcool(m): 10:45am On Sep 03, 2021
thebosstrevor1:


Every country borrow, the main issue is what are you borrowing for?

For infrastructures or to pay salaries

The disadvantage is that it is the citizens that will have to pay for the debts through increase in tax for the duration of the debt payment

You are wasting your time with those shallow brain goons.

2 Likes

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by ogododo: 10:51am On Sep 03, 2021
thebosstrevor1:
I know some people are happy that the dollar keeps appreciating against the naira.

If the dollar keep appreciating that means the cost of goods and services will increase, which will make life more difficult for you.

If you like keep buying dollar and saving it in dollars or usdt, as long as exchange rates are not stable, you are losing and also losing even when you convert your saved dollar back to naira, inflation will devalued it.

Oga Ade, I beg park well. Na wrong policies caused dis. Same thing dem do for 1984 when dem change currencies. People get farm dem no born dem well to visit, unless dem go toll death bell for dere domot. Transportation no be am again, I remember dose days wey Edegbe, Peace line, Agofure be like #1500 from Area, WARRI!
Gofament lock Idiroko border throway keys, but open Niamey - Daura with free access, wey de even build railway.

36 Likes

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by proeast(m): 10:51am On Sep 03, 2021
And freelancers continue smiling to the banks....

Our darling daddy is doing a great job. It will eventually get to 1000/$ before he leaves~~ according to vulture meat seller and his fellow zombies.

24 Likes

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by johnmartus(m): 10:51am On Sep 03, 2021
Banana is getting spoil we thought is ripe. Buhari will destroy this he knows the necessary things to do.

1 Like

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by ogododo: 10:52am On Sep 03, 2021
vedaxcool:


You are wasting your time with those shallow brain goons.

You no cancel today, abi dem thief your erazer?

27 Likes

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by poiZon: 10:54am On Sep 03, 2021
thebosstrevor1:


And where did I blame Nigerians

Is the fall in the price of oil also emeiefele fault?

Abeg no carry your frustration near me.

If you don't have any solution, shut up
Oil price fall yet the dullard is still spending billions in dollars to search for oil... Buhari mumu supercedes human compremendo..
Its pathetic...
Lemme tell u what buhari is doing, buhari is using monies that we r earning to look for oil while he goes out borrowing to build railtrack to niger so he can link up with his first cousins.

Buharinomics

38 Likes 1 Share

Re: Naira Sinks To 530 Against Dollar, Pound Hits N720 by Conrod: 10:57am On Sep 03, 2021
thebosstrevor1:
I know some people are happy that the dollar keeps appreciating against the naira.

If the dollar keep appreciating that means the cost of goods and services will increase, which will make life more difficult for you.

If you like keep buying dollar and saving it in dollars or usdt, as long as exchange rates are not stable, you are losing and also losing even when you convert your saved dollar back to naira, inflation will devalued it.
Wont you creat a thread on "buharinomics" and why it must be avoided.

9 Likes 2 Shares

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