The nation’s currency, naira on Wednesday depreciated in valued against the US dollar, across all market segments as the Central Bank of Nigeria (CBN) adjusted its clearing rates to N197/$ from N196.65k/$.
Naira weakened against dollar by N1 or 0.42 percent at the Bureau De Change segment and N1.50k/$ or 0.62 percent at the parallel market.

Consequently, after trading on Wednesday, the local currency closed at N241/$ compared to N240/$ the previous day at the BDC segment and N242.50k/$ as against N241/$ on Tuesday at the parallel market.
At the inter-bank market, naira slide by N0.36k or 0.18 percent against the dollar as it closed at N198.04k/$ compared to N197.68k/$ the previous day according to data obtained from Financial Markets dealers Quotations (FMDQ).

The first half of the year saw continued downward pressure in the Nigerian foreign exchange market as weak macroeconomic fundamentals and political uncertainty took their toll on the value of the Naira. The Naira opened the year at N168/USD at the interbank market segment and depreciated by 17 per cent to N196.95/USD as at June 30, 2015.


Analysts at WSTC Financial Services limited expect the demand pressure in the FX market to persist amid dwindling macroeconomic fundamentals and low fiscal buffer.
“We believe the right course of action by the Apex bank is to allow for a further slide in the value of the Naira. This will boost government earnings and also put a check on the depletion of foreign reserves”, they said.
The CBN adopted the use of both monetary and administrative measures within its regulatory purview to address volatility in the forex market. Measures adopted by the Apex bank during the period include review of the daily maximum open limit of foreign currency trading position up from 0 per cent of shareholders fund unimpaired by losses to 0.10 per cent, further review of the daily maximum open limit of foreign currency trading position up from 0.10 per cent of shareholders fund unimpaired by losses to 0.50 per cent, and Upward review of the 48 hours limit on foreign exchange utilization to 72 hours.

Other measures are Introduction of a two-way order based quote system, Closure of the subsidized official foreign exchange window (the rDAS), a result of which was a 18 per cent de facto devaluation of the Nigerian currency, and Exclusion of 41 import items from accessing funds from any of the Nigerian foreign exchange markets.

source: http://businessdayonline.com/2015/07/naira-falls-across-markets-as-cbn-adjust-clearing-rate-to-n197/#.Va_jH99wbqA

it will only be a good news if the price of infinix zero2 at jumia reduces

when will our currency start rising. is the CBN policy the cause or lack of policy direction from the ministry of finance. It shall soon be well with our economy when the right people come on board.

nnachukz:
.

Taylor86:
g

bigneorapz:
.

Waris dis?

makzeze:

Waris dis?

bros no vex the hustle is real.

Watching on 3D...which direction will MPC go this time?

Cc: lalasticlala

Seriously emefiele shouldn't have devalued naira. We are not an exporting nation nau......but what do I know

I dont understand

I don't know what 2 say, can someone help me confirm d price of chicken?E don tey wey I chop am sotey I don dey 4get how e dey taste sef...fish don tire me & chicken don cost 4 my side

Can somebody tell these CBN people to do more in making the Naira appreciate cos this devaluation is really affecting us buying and shopping online.

Nigeria is on autopilot

The wind of change is blowing!

to be sure

And the old soldier is busy chasing shadows!

honourhim:
Everytime naira is falling like rain drops. When will it rise like the rising sun?

We're in rainy season bro, chill small

author=calebo101 post=36170256]APC...
Zimbabwe, here we come.
Soon Naira will be competing with Zimbabwean dollars same way Buhari and Mugabe dey compete for oldest president in Africa. A president holding a business meeting with American investors and asking that no Nigerian business man be there . Who the business men wan partner with na?? Boko Haram??

Wailing wailer, you neva chin chum chin

Ignoramus alert: the nigga below me is high on some otuoke weed, pls y'all shud kindly forgive his gullibility

Everytime naira is falling like rain drops. When will it rise like the rising sun?

Again! Is that why the CBN gov ran away from Washington.?

bigneorapz:
it will only be a good news if the price of infinix zero2 in jumia will reduce

funny

Please someone should tell this Naira of ours to stop depreciating in value. The phone I want to buy just went up wit about 3000 naira because of exchange rate (fall in naira). Ka chineke mezi oku

Even with the US trip, Naira no get shame oh

it still high jare

We re waiting for 1 dollar = 1 naira.

Buhari the daura liar, is dis how 1 naira will become 1 dollar? Smh na wa oo

calebo101:
APC...

Zimbabwe, here we come.

Soon Naira will be competing with Zimbabwean dollars same way Buhari and Mugabe dey compete for oldest president in Africa. A president holding a business meeting with American investors and asking that no Nigerian business man be there . Who the business men wan partner with na?? Boko Haram??

When he was boldly labelled DURLADINHO you prolly think they were not right?

Baba go slow aka #1chancE