The declining fortunes of the Naira persisted on Monday, with further depreciation in the parallel market to 1,515 to a dollar.

This represents a 2.97 percent (N45/$1) depreciation when compared to the exchange rate of N1,470 on Friday.


The decline occurred despite Nigeria’s external reserves increasing marginally by 0.4 percent week on week to a four-week high of $32.4 billion as of May 8, 2024, BusinessDay reports.


Dollar sales to BDCs
In a bid to intervene in the retail segment of the forex market, the CBN in February resumed dollar sales to BDCs. Since then the apex bank has held three editions of the dollar.


At the last edition, the CBN offered to sell $10,000 per BDCs at directing them to sell at the maximum margin of 1.5 per cent.

BDC operators however complained dollar disbursement from CBN is too slow that and takes three to four weeks between when they make payment and when the dollars are disbursed to them.

Vanguard reliably gathered that as a result of this delay and the uncertainty in the forex market, some BDCs, have asked the CBN to refund their Naira payment.



https://www.vanguardngr.com/2024/05/naira-depreciates-further-against-dollar-to-1515-as-external-reserves-increase/

Terrible

Uncle Cardoso, it's time to empty our foreign reserves to subsidize the naira. In this life, you cannot give what you don't have.

It's simple logic. They stopped subsidising the dollar with the foreign reserves, then the naira takes a nosedive again. Now let's see who the clueless government and its hoardes of deathbeat zombies will blame. Why is Reno Omokri yet to tweet about this propaganda gone wrong again.

Tinubu show workings or get out!

Naira will appreciate this week.
Nigerians triumph.
God always triumphs.

ogododo:
The declining fortunes of the Naira persisted on Monday, with further depreciation in the parallel market to 1,515 to a dollar.

This represents a 2.97 percent (N45/$1) depreciation when compared to the exchange rate of N1,470 on Friday.


The decline occurred despite Nigeria’s external reserves increasing marginally by 0.4 percent week on week to a four-week high of $32.4 billion as of May 8, 2024, BusinessDay reports.


Dollar sales to BDCs
In a bid to intervene in the retail segment of the forex market, the CBN in February resumed dollar sales to BDCs. Since then the apex bank has held three editions of the dollar.


At the last edition, the CBN offered to sell $10,000 per BDCs at directing them to sell at the maximum margin of 1.5 per cent.

BDC operators however complained dollar disbursement from CBN is too slow that and takes three to four weeks between when they make payment and when the dollars are disbursed to them.

Vanguard reliably gathered that as a result of this delay and the uncertainty in the forex market, some BDCs, have asked the CBN to refund their Naira payment.



https://www.vanguardngr.com/2024/05/naira-depreciates-further-against-dollar-to-1515-as-external-reserves-increase/

The naira will soon gain value against the dollar.

Odumeje come and help us ooo

If na for Tinubu and his clueless team na 2k e dey head to so ooo

EbolaTinubu is working according to Ronu miscreants

Paraman:
The naira will soon gain value against the dollar.

Your brainless messiah is confused
Zombie

Putinofrussia:
Naira will appreciate this week.
Nigerians triumph.
God always triumphs.

Don't connect your madness with God oga.
Election has consequences

RonuFools:

Don't connect your madness with God oga.
Election has consequences

Naira will appreciate this week.
Nigerians triumph.
God always triumphs.

The next step will be to deplete the external reserve so that naira can appreciate to continue deceiving themselves
.tinubunomics first class olodo

RonuFools:

Your brainless messiah is confused
Zombie

Tinubu will rule Nigeria till may 29 2031

Tinibu will tackle the Economy while I will tackle security'- Shettima.

These Two Men have FAILED in their basic assignments.

SHAME on Them and APC!

Good news. Hoping it appreciates even further. But hope its not reserve they are using to pull it out.

Meanwhile i have a neatly used Galaxy Watch 6 Classic (47mm) for sale at 315k. I stay in Abuja so Abuja only. Call or WhatsApp the numer in my signature.

Ist class accountant is leading

Paraman:
Tinubu will rule Nigeria till may 29 2031

And hunger will not make you see May 29 2031

RonuFools:


Get out

Get in

Paraman:
Get in

I believe you are talking to your father

With full local production of petroleum products, this won't matter anymore.

Some months ago, the price of diesel was NGN1,700 per liter with similar exchange rate.

Today it has remained NGN1,100 or thereabout.

With CNG usage and local PMS production underway, better days are ahead.

FG does not care about the dollar anymore.

RonuFools:

I believe you are talking to your father

k

Donaldoni:
With full local production of petroleum products, this won't matter anymore.

Some months ago, the price of diesel was NGN1,700 per liter with similar exchange rate.

Today it has remained NGN1,100 or thereabout.

With CNG usage and local PMS production underway, better days are ahead.

FG does not care about the dollar anymore.

So how much was diesel before this great TINUBUlation? How much was LPG before this same situation?