Naira crashes to N710 per dollar
Today’s record fall comes a year after the Central Bank of Nigeria (CBN) prohibited the sale of foreign currency to bureau de change operators.
CHUKWUEMEKA AYOMIDE • JULY 27, 2022
Godwin Emefiele and naira to dollar
he naira has crashed further in the parallel market, trading for N710 against the U.S. dollar on the exchange platform Aboki Forex.
Checks by Peoples Gazette on Wednesday showed the current parallel market rate pegged at N710 to a dollar.
The national currency, which traded for N670 against the dollar on Monday, has fallen even further by 6.7 percent in two days as of Friday afternoon, according to data from Aboki Forex.
Today’s record fall comes a year after the Central Bank of Nigeria (CBN) prohibited the sale of foreign currency to bureau de change operators.
The apex bank had previously prohibited the sale of foreign exchange to BDC operators due to their unauthorized sales of foreign exchange above the market they were authorized to serve.
Prior to the ban, BDC operators were a major black market, providing exchange rate support to those who could not formally access foreign currencies directly from the CBN.
Peoples Gazette had reported how the suspension of BDC operators’ ability to source foreign exchange from the CBN could seriously impact the country’s economy by mounting further pressure on the national currency.
When CBN Governor Godwin Emefiele banned the sale of forex to BDC, the exchange rate was around N501 to a dollar. However, a year after the ban, the value of the naira plummeted to N670 to a dollar.
In an attempt to further restrict the flow of forex at the parallel market, the apex bank threatened to arrest and prosecute Nigerians using naira to buy dollars last week.
“For those taking money from banks to buy dollars, it is illegal to do so. If the security agencies hold you, you will know the implication of that,” Mr Emefiele said at a Monetary Policy Committee (MPC) meeting in Lagos.
However, Mr Emefiele has been criticised for failing to initiate policies that will help stabilize the country’s currency value in the forex market.
Naira against the dollar at the Investors and Exporters window has decreased from N164 when Godwin Emefiele became governor of the central bank in March 2014 to N430 to a dollar on Wednesday.
In the parallel market, the Naira weakened from N180 to a dollar in 2014 to N710 on Wednesday.
https://gazettengr.com/naira-crashes-to-n710-per-dollar/

Zimbabwe Dollar on my mind

Please what is causing the naira to crash so rapidly? Enlighten me

Hmmm

Agbado and cassava government.

Let this government leave let professionals handle this country.

I told you its Obi or bread for 5000 naira.

Ok tinubu would continue from were Buhari stopped

hmm make i go sell 1k usd from my crypto trading account

700k for the weekend
sai baba

Archbishop of Agbado archdiocese said drop in naira against dollar doesn't matter since salaries are being paid in naira.

Soon his urchins won't be able to afford Agbado or Cassava or even the Ewa to soak garri with

Binancian:
hmm make i go sell 1k usd from my crypto trading account

700k for the weekend
sai baba

Don't hurry it will get to 1000 naira very soon just watch.

Onigawara:
Please what is causing the naira to crash so rapidly? Enlighten me

The country is not smiling.

The official rate is still 430 to 440

The people i pity the most is those people sourcing dollar from the black market

Another set is those people selling dollar for naira.

Like 100 dollars in naira is becoming wortless due to inflation

100 dollars = 68k

68k is like 40k now

IDeyNL:
Archbishop of Agbado archdiocese said drop in naira against dollar doesn't matter since salaries are being paid in naira.

Soon his urchins won't be able to afford Agbado or Cassava or even the Ewa to soak garri with

Lord have mercy!
.he said this?

Buhari and his cabal are closing their naira accounts and that idiot Emefile is helping them with free dollars.

Thiefnibu is buying dollars too which he will waste on Emirs in the north.

By January it will be trading at over 1k per $.

Emefile remains the worst CBN

Buhari is a thief and a bandit .

Onigawara:
Please what is causing the naira to crash so rapidly? Enlighten me

Buhari and his cabal are closing their naira accounts.

And somebody ( Tinubu) Still Wants to continue with this Terrible Legacy of Backwardness and Deterioration. Nigeria in the state of Hopelessness

This naira to dollar may crash to N1000 to a dollar of nothing is done.

thebosstrevor1:
The official rate is still 430 to 440

The people i pity the most is those people sourcing dollar from the black market

Another set is those people selling dollar for naira.

Like 100 dollars in naira is becoming wortless due to inflation

100 dollars = 68k

68k is like 40k now

The official rate serves only the cabal .

Buhari

IDeyNL:
Archbishop of Agbado archdiocese said drop in naira against dollar doesn't matter since salaries are being paid in naira.

Soon his urchins won't be able to afford Agbado or Cassava or even the Ewa to soak garri with

He is right

Inflation is what matters

Is your salary in dollars.

The only people who are supposed to be worried are importers, people travelling abroad, people paying for school fee abroad etc

ZombieNation:


The official rate serves only the cabal .

Not true, you can go buy dollar at the official rate with the neccesary documents.

The official rate is beneficial to the bdc because they will be doing arbitrage trading and making money from the long differences in price

Onigawara:
Please what is causing the naira to crash so rapidly? Enlighten me

Simply put: Law of Demand and supply.

When demand is more than the supply, prices will go up. When dollar availability is very scarce..price will keep increasing

thebosstrevor1:


He is right

Inflation is what matters

Is your salary in dollars.

The only people who are supposed to be worried are importers, people travelling abroad, people paying for school fee abroad etc

nothing concern importers. They sell as dem take buy.

thebosstrevor1:


Not true, you can go buy dollar at the official rate with the neccesary documents.

The official rate is beneficial to the bdc because they will be doing arbitrage trading and making money from the long differences in price

Go and sitdown

Nigerians do not have access to CBN sourced forex for foreign education or healthcare

Almost every product imported is now on the prohibitive list .

Even fuel importers are not given access.

silibaba:
nothing concern importers. They sell as dem take buy.

It concerns importer because they have to source for dollar to buy goods. And if dollar is increasing in the black market, then price of imported goods will increase.

To think a lot of us warned NIGERIANs about Buhari oo

This disaster don dey circulate oh....

Emefile is doing all in his power to kill the naira and usher in the WEF digital naira

Emefile should be have a trailer tyre on his neck and set ablaze.

It might get to $1 = #1k next month with the speed at which the naira is falling

thebosstrevor1:


It concerns importer because they have to source for dollar to buy goods. And if dollar is increasing in the black market, then price of imported goods will increase.

There is a trick importers do

Most importers buy dollars at the black market and then fund their domiciliary account with it, then use the official rate to buy goods abroad.

Do you understand what you just wrote?

There was a country........

micki1:

Do you understand what you just wrote?

Yes sir or maybe you don't understand anything

Peterpan007:
It might get to $1 = #1k next month with the speed at which the naira is falling

Then it is bad for everyone.

If i i have 100 dollar and want to change to naira, that 100d is equal to 100k, with the level of inflation, that 100k will not be enough for living.