Naira Drops To 242.5 Against Dollar - Business

Naira Drops To 242.5 Against Dollar - Business - Nairaland

Nairaland Forum › Nairaland General › Business › Naira Drops To 242.5 Against Dollar (17705 Views)

Naira Drops To 242.5 Against Dollar by MuguliciousMUGU(op): 1:20am On Jul 16, 2015

The naira dropped further to 242.5 against the United States dollar at the parallel market on Wednesday as artificial scarcity of the greenback continue to batter the black market, three weeks after the Central Bank of Nigeria restricted the sales of foreign exchange to importers.
The naira, which hit 240 against the US currency on Friday, dropped to 241 on Monday.

Foreign exchange dealers said the naira weakened to a new low of 242.5 on Wednesday as dollar shortages continued.

The Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, said he expected the CBN to introduce some measures next week to curb the naira slide.

“I believe the CBN will introduce some measures next week to stop the trend, otherwise the naira may hit 250 or even 270 later,” he said.

Reutersreported that the CBN sold $80m to BDCs on Wednesday at N196.95 and fixed a spread at which they could resell the dollars of not more than 3.5 per cent to its clearing rate, quoting Gwadabe.

On the official interbank market, the naira ended at the central bank’s pegged rate of 196.95 to the dollar.

http://www.punchng.com/business/money/naira-drops-to-242-5-against-dollar/

Re: Naira Drops To 242.5 Against Dollar by illiad: 1:23am On Jul 16, 2015*

AND NO ONE IS SCREAMING CLUELESS ANYMORE

NORTH AND SW

TWO PROBLEMS OF NIGERIANS

104 Likes 11 Shares

Re: Naira Drops To 242.5 Against Dollar by kodded(m): 1:49am On Jul 16, 2015*

dullard!nho you see ya life

37 Likes 3 Shares

Re: Naira Drops To 242.5 Against Dollar by Okeycima: 1:53am On Jul 16, 2015

Chorus:Wahala dey......I dey see DANGER,infact I dey feel DANGER....wahala dey. verse 1:coupled with the fact that Iran will b released of the importation of crude oil imposed on her.NOW WE THE SEE THIS.....resing chorus

17 Likes 2 Shares

Re: Naira Drops To 242.5 Against Dollar by holytribe(m): 1:56am On Jul 16, 2015

God will see us through this tussle. Yet, am a patriotic Nigerian and I love my country

7 Likes

Re: Naira Drops To 242.5 Against Dollar by Obijulius: 1:57am On Jul 16, 2015

Buhari is the epitome of Cluelessness.

Only a Dullar_d will support the old fool. A man who promised to stabilise the international price of crude oil.

Nigeria is in its final days.

57 Likes 3 Shares

Re: Naira Drops To 242.5 Against Dollar by OLADD: 2:22am On Jul 16, 2015

...and some palm-wine drinkers sit in the confine of their huts giving Buhari 70% score marks. Is Nigeria now a haven for propaganda? Gosh!

62 Likes 6 Shares

Re: Naira Drops To 242.5 Against Dollar by Rose2014: 3:01am On Jul 16, 2015*

BH is bombing, naira is falling

While FG is busy looking for radio Biafra to jam

You go fear priority na. cheesy

79 Likes 8 Shares

Re: Naira Drops To 242.5 Against Dollar by Karleb(m): 7:37am On Jul 16, 2015*

You guys should be thankful that you're not in Greece or China.

3 Likes 1 Share

Re: Naira Drops To 242.5 Against Dollar by ChinoJeff: 1:31pm On Jul 16, 2015

No comment until I see that change that some clueless Nigerians have been disturbing my neighbourhood with.

God please Bring Back Goodluck to Nigeria. BBGN.

53 Likes 3 Shares

Re: Naira Drops To 242.5 Against Dollar by Kelklein(m): 5:39pm On Jul 16, 2015

Emefiele! Emefiele!! Emefiele!!! how many times did I call you?

heee'en!

3 Likes

Re: Naira Drops To 242.5 Against Dollar by Nobody: 5:40pm On Jul 16, 2015

Too much talk no dey full basket

Native DR. Buhari, how market

GEJ while u were enjoying and relaxing in otuoke

dollar is geometrically rising

plz Come back we miss u

20 Likes 1 Share

Re: Naira Drops To 242.5 Against Dollar by Mogidi: 5:40pm On Jul 16, 2015

N1=$1 exchanging at Sambisa republic only.

You were scammed, APC scammed you.

54 Likes 5 Shares

Re: Naira Drops To 242.5 Against Dollar by kennyman2000(m): 5:40pm On Jul 16, 2015

Hmmmmm...

Re: Naira Drops To 242.5 Against Dollar by Nobody: 5:40pm On Jul 16, 2015

Thanks Saudi Arabia....see what you have done.

Trying to force the Americans out of the oil business.....by overproducing.

Nigeria should get off oil.

Modified: I see some PDP slaves blaming APC. Make I laff at them.

This is not a defence of APC....for once.Just stating facts.

1.The USA is now buying 3% of our oil...thanks to the production of shale oil.

2.Saudi Arabia is overproducing...so as to force the oil prices down....and force those shale oil companies out of business.

3.As a result...oil fell from $123 in June 2014 to $65 now.

4.Nigeria is not earning enough forex from oil.

5.Our Naira falls in value due to lack of forex.

6.Therefore...Nigeria must diversify from oil....and become industrial.

7.Nothing to do with Buhari. Everything to do with PDP and their corrupt ways for the last 16 years...with nothing left for education and innvoation. Also...our lazy state governors who prefer overspending oil money to innovative economic development.

You can blame Buhari if after two years....Nigeria is still oil dependent.

25 Likes 3 Shares

Re: Naira Drops To 242.5 Against Dollar by Nobody: 5:41pm On Jul 16, 2015

Obijulius:
Buhari is the epitome of Cluelessness.

Only a Dullar_d will support the old fool. A man who promised to stabilise the international price of crude oil.

Nigeria is in its final days.

God bless u man

we'll all be alive to see d end of this recycled old man

GEJ where are u?

buhari d magician is still wondering like a wonderer

21 Likes 1 Share

Re: Naira Drops To 242.5 Against Dollar by rozayx5(m): 5:41pm On Jul 16, 2015

zimbabwe loading grin

8 Likes

Re: Naira Drops To 242.5 Against Dollar by kilokeys(m): 5:41pm On Jul 16, 2015

Hypocrisy at its peak

Shekau slaps civilians and they faint.. They make headline news.. Everybody criticizes GEJ

Boko boys slaughter hundreds in just weeks.. And pple say its d signs of the End time

Buhari.. Chai

9 Likes

Re: Naira Drops To 242.5 Against Dollar by Aitee1: 5:41pm On Jul 16, 2015

With the way this is going it will soon clock #500 to a dollar undecided

3 Likes

Re: Naira Drops To 242.5 Against Dollar by idari: 5:41pm On Jul 16, 2015

Buhari has finished us,dis government has no direction,dey are only good in critisizing d past administration and taking pictures

8 Likes

Re: Naira Drops To 242.5 Against Dollar by obailala(m): 5:42pm On Jul 16, 2015

illiad:
AND NO ONE IS SCREAMING CLUELESS ANYMORE

NORTH AND SW

TWO PROBLEMS OF NIGERIA

[size=13pt]Very dull brains everywhere... Even an idiott knows the steady decline of the naira is due to the previous administration's financial recklessness before the eventual drop in oil prices... It will take a long while before this trend balances and reverses. [/size]

15 Likes

Re: Naira Drops To 242.5 Against Dollar by Jybz: 5:42pm On Jul 16, 2015

Chai..

Re: Naira Drops To 242.5 Against Dollar by Nobody: 5:42pm On Jul 16, 2015

illiad:
AND NO ONE IS SCREAMING CLUELESS ANYMORE

NORTH AND SW

TWO PROBLEMS OF NIGERIA

what's this one saying

1 Like

Re: Naira Drops To 242.5 Against Dollar by Nobody: 5:42pm On Jul 16, 2015

And it keeps spiraling downwards...

2 Likes

Re: Naira Drops To 242.5 Against Dollar by gurunlocker: 5:42pm On Jul 16, 2015

you won't see those change dullards niggas here now, but if it were GEJ, they will be crying clueless.

One thing is, PMB don't understand what is going on , the nigger is old.... thanks to born to rule mentality

11 Likes

Re: Naira Drops To 242.5 Against Dollar by Nobody: 5:42pm On Jul 16, 2015

so many '.' , '...' , 'g' , 'k' , 'ok' , etc above me!

Re: Naira Drops To 242.5 Against Dollar by Nobody: 5:42pm On Jul 16, 2015*

rozayx5:
zimbabwe loading

For us to reach Zim.....wreck all the refineries

What happened in Zimbabawe was that Mugabe seized white owned farms. Unfortunately for the Zim economy, the farms were the source of Zim's forex reserve.

With that gone...and without a strong industrial sector to fall back on (Yes...they mine diamonds...but not enough...and anyway sanctions make it harder for them to sell)....Zimbabwe no longer had the forex to buffer the Zim dollar....and of course....the value of the Zim dollar fell rapidly.

If Nigeria were to become like Zimbabwe...we would essentially have to end all production and refining of oil.(Not going to happen).

2 Likes