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Naira Falls As Crude Oil Price Declines - Business - Nairaland

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Naira Falls As Crude Oil Price Declines by mukina2: 9:18am On Jul 11, 2012
The naira weakened, snapping three days of gains against the dollar as crude, Nigeria’s key export, retreated in New York and London.

The currency of Africa’s biggest oil producer depreciated 0.1 percent to 160.84 per dollar as of 2:57 p.m. on the interbank market in Lagos, the commercial capital, according to data compiled by Bloomberg. The naira has gained 0.9 percent against the dollar this year and 1.1 percent last week.

Oil fell after Norway ended a strike that threatened to halt output by western Europe’s largest crude exporter and as China reduced purchases of the raw material. The naira hit a one-month high yesterday after the Central Bank of Nigeria sold foreign currency at its first of two regular weekly auctions. It isn’t scheduled to sell dollars today.

“Recent naira weakness reflects the fall in global oil prices,” Ecobank Transnational Inc. (ETI)strategists, led by Paris- based Paul-Harry Aithnard, wrote in a note to clients today. Last week’s “appreciation was due to month-end sales from oil companies and increased foreign exchange supply from the CBN.”

Nigeria’s foreign currency reserves have fallen $1.1 billion since the end of May to $36.5 billion, according to July 6 data compiled by the Abuja-based central bank. Nigerian benchmark Bonny Light crude has declined 3.9 percent since the end of May.

The yield on Nigeria’s domestic 15.1 percent bonds due 2017 fell eight basis points to 15.94 percent, according to July 9 data on the Financial Markets Dealers Association website. Yields on the nation’s $500 million of Eurobonds due 2021 rose one basis point to 5.5 percent today.

http://businessnews.com.ng/2012/07/11/naira-falls-as-crude-oil-price-declines/
Re: Naira Falls As Crude Oil Price Declines by Nobody: 10:36am On Jul 11, 2012
Even with our level of mediocrity, things are still better compared to some African countries.
Why CAN'T WE JUST DO THE RIGHT THINGS? And improve. Everyone will be better for it, even the polithieves will have more money legally than they currently steal illegally?

Kai..

5 Likes

Re: Naira Falls As Crude Oil Price Declines by Okijajuju1(m): 10:39am On Jul 11, 2012
This is the beginning of that recession that Okonjo & Sanusi warned us about..

I just learnt that Nigeria has a shitload of Oil that hasnt been sold due to lack of buyers.. No thanks to the U.S reducing their demand for crude, the declining/slow economy of India and China and the new oil discoveries in Ghana and Ivory Coast..

Hard times are fast approaching people..

We were warned... but awoof fuel wouldnt let us hear..

3 Likes

Re: Naira Falls As Crude Oil Price Declines by Castos(m): 10:42am On Jul 11, 2012
Am still thinking BOKO HARAM and u're talking naira and dollars
Re: Naira Falls As Crude Oil Price Declines by idirect(m): 10:43am On Jul 11, 2012
Hard times coming
Re: Naira Falls As Crude Oil Price Declines by idirect(m): 10:43am On Jul 11, 2012
Fresh Stinking Air
Courtesy of the Clueless-in-Charge aka C-in-C

1 Like

Re: Naira Falls As Crude Oil Price Declines by whoelse1(m): 10:46am On Jul 11, 2012
This country is full of shitttttttt!!! It's high time we sacked the so called PDP out of power.
These folks have not only sulked us dry but killed our unborn generation as well!

2015 wld decide...
Re: Naira Falls As Crude Oil Price Declines by Gloriagee(f): 10:53am On Jul 11, 2012
Main reason Y the economy shouldn't be so freaking oil dependent...oil isn't the only commodity priced in dollars, abi?

We also need to be less import dependent. This just boosts the demand for dollars n d law of DD and SS steps in. Quite tired of preaching to the choir!!!
Re: Naira Falls As Crude Oil Price Declines by aljharem(m): 11:04am On Jul 11, 2012
Well Nigeria is doomed ever since you increase the price of our economic commodity to world price. You should know any thing that happens in the world economically would affect us most especially negative.

Na wa for pro subsidy removal without refineries o !!!
Re: Naira Falls As Crude Oil Price Declines by Castos(m): 11:05am On Jul 11, 2012
Okija_juju:

Dude shut the fhuck up!! If your father was any more smarter than him, he would be the president!!

The problem has been stated and you attack GEJ!!

Fhucking mo'ron.. Dissing the president dont make you appear any smarter you know!!!
For the first time u're making sense smiley

1 Like

Re: Naira Falls As Crude Oil Price Declines by Solomonadejo(m): 11:13am On Jul 11, 2012
Okija_juju:

Dude shut the fhuck up!! If your father was any more smarter than him, he would be the president!!

The problem has been stated and you attack GEJ!!

Fhucking mo'ron.. Dissing the president dont make you appear any smarter you know!!!
Nice One Bro....#UDeserveABottleOfMalt Its Hightime We stopped Embarrasin n Directin all Fault to our Presido

1 Like

Re: Naira Falls As Crude Oil Price Declines by Reference(m): 11:15am On Jul 11, 2012
Good news for exporters providing swings are not extreme. We can cut our imports particularly of non essentials and we will be fine. Customs, CBN, Ministry of Finance and that of Trade, take note.
Re: Naira Falls As Crude Oil Price Declines by idirect(m): 11:15am On Jul 11, 2012
Okija_juju:

Dude shut the fhuck up!! If your father was any more smarter than him, he would be the president!!

The problem has been stated and you attack GEJ!!

Fhucking mo'ron.. Dissing the president dont make you appear any smarter you know!!!
And your father is not smart abi? Abi your papa be naija president?
Ode oshi

1 Like

Re: Naira Falls As Crude Oil Price Declines by tunapawizzy: 11:16am On Jul 11, 2012
Dis sole dependence on crude oil as our economy driver will run us grounded someday. We import every fvcking thing in this country. Fine lack of power is not encouraging local producers but D little ones that are producing we don't even patronize dem. Especially cloth designers. Everything no be gej alone go do am o. We keep demanding 4 dollar to buy oyinbo product..and now d only product we sell to dem(crudeoil) is crashing. How naira no go suffer am...
Re: Naira Falls As Crude Oil Price Declines by Okijajuju1(m): 11:19am On Jul 11, 2012
idirect:
And your father is not smart abi? Abi your papa be naija president?
Ode oshi

You are a waste of sea-men!!

2 Likes

Re: Naira Falls As Crude Oil Price Declines by ebamma(m): 11:21am On Jul 11, 2012
if naira like make him fall wetin concern me

2 Likes

Re: Naira Falls As Crude Oil Price Declines by ballabriggs: 11:24am On Jul 11, 2012
Even with the fall in oil prices, if the politicians were disciplined, the effect on the naira would be minimal. What do we have? We have politicians spending recklessly thus creating inflationary pressure on the naira.

When Ngozi went seeking external loans, it became obvious they were fast loosing reserves.
Re: Naira Falls As Crude Oil Price Declines by Okijajuju1(m): 11:24am On Jul 11, 2012
ebamma: if naira like make him fall wetin concern.

Until you start to buy coke 500 Naira na ehn your eyey go clear!
Re: Naira Falls As Crude Oil Price Declines by idirect(m): 11:32am On Jul 11, 2012
Okija_juju:

You are a waste of sea-men!!
coins dey make noise. paper money no dey shout!
Keep ranting dude
Ode oshi tongue

2 Likes

Re: Naira Falls As Crude Oil Price Declines by heed101(m): 11:38am On Jul 11, 2012
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Re: Naira Falls As Crude Oil Price Declines by raystanley(m): 11:44am On Jul 11, 2012
Okija_juju:

Dude shut the fhuck up!! If your father was any more smarter than him, he would be the president!!

The problem has been stated and you attack GEJ!!

Fhucking mo'ron.. Dissing the president dont make you appear any smarter you know!!!
LET TRAILER CRUSH ALL YOUR GENERATION. YOU THIS ILL-FATED BRAIN!!!. gej was just an oppoturnist fisher man, not a president!!
Re: Naira Falls As Crude Oil Price Declines by idirect(m): 12:02pm On Jul 11, 2012
raystanley: LET TRAILER CRUSH ALL YOUR GENERATION. YOU THIS ILL-FATED BRAIN!!!. gej was just an oppoturnist fisher man, not a president!!
shocked shocked angry
@okija mumu is fool I won't dispute that, but U don't need to curse his generation for his foolishness.
Re: Naira Falls As Crude Oil Price Declines by Chidex2442(m): 12:06pm On Jul 11, 2012
I hope dat will nt change d price of garri, yams, rice, beans etc in d market if it does not change nothing concern me o
Re: Naira Falls As Crude Oil Price Declines by playto(m): 12:23pm On Jul 11, 2012
the effect of mono economy is wat u r seeing....one way or another i shal av my deliverance
Re: Naira Falls As Crude Oil Price Declines by slimming: 12:27pm On Jul 11, 2012
They soon start to tell us that the fall in crude oil price the reason for non performance. May God us
Re: Naira Falls As Crude Oil Price Declines by Michael13(m): 12:27pm On Jul 11, 2012
raystanley: LET TRAILER CRUSH ALL YOUR GENERATION. YOU THIS ILL-FATED BRAIN!!!. gej was just an oppoturnist fisher man, not a president!!
....hahahah....diss of d day! shocked
Re: Naira Falls As Crude Oil Price Declines by ebere1712: 12:29pm On Jul 11, 2012
Gud riddance to bad rubbish
Re: Naira Falls As Crude Oil Price Declines by Okijajuju1(m): 12:36pm On Jul 11, 2012
raystanley: LET TRAILER CRUSH ALL YOUR GENERATION. YOU THIS ILL-FATED BRAIN!!!. gej was just an oppoturnist fisher man, not a president!!


You are weak my friend... Give dissing me another go...

Okija juju only responds to brilliantly thought out disses..
Re: Naira Falls As Crude Oil Price Declines by Nobody: 12:49pm On Jul 11, 2012
Thank God o. I have been waiting for that time when we start barbing our hair with 5,000 naira like Zimbabwe. My happiness is that I still have a stack load of benjys to convert. Lol. 160? NAIJA HAS MADE MY DAY.
Re: Naira Falls As Crude Oil Price Declines by manny4life(m): 12:49pm On Jul 11, 2012
Why are you guys attacking Mmuo_Okija? grin grin grin

He said the obvious truth, Nigeria was warned.

Like he said, no thanks to the U.S. who no longer buys increased volume of crude not only in Nigeria but Africa in general because most of their refineries in U.S. are packing up.

Recession is on the way, and it will hit like a mighty way, while we can still salvage and diversify our economy , the only solution now is for govt to STOP controlling/managing and START regulating and encouraging.

Nigeria has great potentials unlike other nations, we just need good, STRONG fiscal policies in place.
Re: Naira Falls As Crude Oil Price Declines by Nobody: 12:51pm On Jul 11, 2012
WE DON'T NEED TO GET ABUSIVE. EVERYBODY HAS EQUAL RIGHT TO AIR THEIR VIEW IN RESPECTFUL MANNER. PLEASE DECORUM.

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