Naira Crashes To N285/$1 At Interbank Market - Business - Nairaland
Nairaland Forum › Nairaland General › Business › Naira Crashes To N285/$1 At Interbank Market (28370 Views)
| Naira Crashes To N285/$1 At Interbank Market by bizgenius1(op): 12:57pm On May 31, 2016 |
Despite the Central Bank of Nigeria yet to roll out the details of the new flexible exchange rate policy, which is a monetary system that allows the exchange rate to be determined by supply and demand, the nation’s currency naira has switched to N285 to a dollar at the interbank market, The Guardian reports. The policy, which throws naira into open market, paves way for one to walk into the bank and ask to buy forex at the market rate, hence, putting pressure on black market and Bureau de Change operators. The new policy also means that banks and Bureau De Change (BDC) operators will have to source forex autonomously and sell according to market dynamics. The interbank rate had run nearly at par with the official at N199 per dollar and N197 per dollar respectively before the pronouncements on the new foreign exchange measure. The new rate represents about 43.2% increase from N199 to the dollar it previously traded, which according to analysts suggests that the market is gradually adjusting itself to the new direction, although the details are yet to be unfolded. However, a look on the apex bank official website, www.cbn.gov.ng has shown the naira is still pegged at N197. Meanwhile, President Muhammadu Buhari has given the CBN the go-ahead to introduce flexibility in the naira exchange rate. Speaking in an interview on Nigeria Television Authority (NTA), Garba Shehu, the senior special assistant on media and publicity to President Buhari said: “The president is opposed to devaluing the naira, he has said so repeatedly. “He has given them leeway to introduce what he has called ‘flexibility in managing’ the currency’s value.” Buhari said at the weekend that he supported a stable currency, though he would keep “a close look at how recent measures affect the naira and the economy.” More details later… Source.. https://www.naij.com/845128-breaking-naira-crashes-n2851-interbank-market.html?source=breaking 1 Like 1 Share
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| Re: Naira Crashes To N285/$1 At Interbank Market by nike4love: 12:58pm On May 31, 2016 |
PMB: I pity lai mohammed. But I pity PMB. But who will pity for nigerians  Is this the change One week one trouble.... 61 Likes 9 Shares |
| Re: Naira Crashes To N285/$1 At Interbank Market by rusher14: 1:08pm On May 31, 2016 |
Exporters are laughing all the way to the bank. 18 Likes |
| Re: Naira Crashes To N285/$1 At Interbank Market by dav8id(m): 1:21pm On May 31, 2016 |
so, what the is whole story mean? dollar rate go down against naira or what? 9 Likes |
| Re: Naira Crashes To N285/$1 At Interbank Market by deebsman1(m): 1:54pm On May 31, 2016 |
Abracadabra economy  7 Likes |
| Re: Naira Crashes To N285/$1 At Interbank Market by sukkot: 1:54pm On May 31, 2016 |
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| Re: Naira Crashes To N285/$1 At Interbank Market by shammah1(m): 1:54pm On May 31, 2016 |
Nonsense APC government 33 Likes 7 Shares |
| Re: Naira Crashes To N285/$1 At Interbank Market by vizkiz: 1:55pm On May 31, 2016 |
I don't think there is gonna be any "change" in the next 4years... Let's just face the truth. Nigeria is in deep shiit!!!  75 Likes 7 Shares |
| Re: Naira Crashes To N285/$1 At Interbank Market by amclimax(m): 1:55pm On May 31, 2016 |
Economy hard nq only for me pocket..... oluwa pick up my call 4 Likes |
| Re: Naira Crashes To N285/$1 At Interbank Market by Dsegsam(m): 1:55pm On May 31, 2016 |
Mogbe |
| Re: Naira Crashes To N285/$1 At Interbank Market by todayboy: 1:55pm On May 31, 2016 |
Nigeria under siege 8 Likes |
| Re: Naira Crashes To N285/$1 At Interbank Market by Firefire(m): 1:55pm On May 31, 2016 |
SMH |
| Re: Naira Crashes To N285/$1 At Interbank Market by NwaNimo1(m): 1:56pm On May 31, 2016 |
Sell your Naira and buy Dollars, Euro's or Pounds - you've been warned! 14 Likes |
| Re: Naira Crashes To N285/$1 At Interbank Market by EbukaLive(m): 1:56pm On May 31, 2016 |
It MUST get WORSE before it can get BETTER. If it doesn't get WORSE it cannot get BETTER. Nigerians should be patient with my President... 27 Likes 3 Shares |
| Re: Naira Crashes To N285/$1 At Interbank Market by anonimi: 1:56pm On May 31, 2016 |
nike4love:www.nairaland.com/attachments/3633741_9jaintrouble_jpeg7d204565e27912ea7b3d41c7e31cf768 16 Likes 1 Share |
| Re: Naira Crashes To N285/$1 At Interbank Market by buzquet(m): 1:56pm On May 31, 2016 |
Nigeria will be back for real. Everything has it up and down time. Nigeria will be great again 23 Likes 1 Share |
| Re: Naira Crashes To N285/$1 At Interbank Market by Lilimax(f): 1:56pm On May 31, 2016 |
No shaking, let's be optimistic. All shall be well! 2 Likes |
| Re: Naira Crashes To N285/$1 At Interbank Market by VocalWalls: 1:56pm On May 31, 2016*. Modified: 2:35pm On May 31, 2016 |
Deceit Why didn't it crash lower than that exact amount? Looking for a reason to murder the naira at 285/Dollar. These people don't even know how to lie... Shet mehn...  The same 285 customs chose to use... Same 285 oil marketers chose to use. Check This Out I'm not having an IQ of 300, but I'm no fool. 8 Likes 2 Shares |
| Re: Naira Crashes To N285/$1 At Interbank Market by anonimi: 1:58pm On May 31, 2016 |
Lilimax:Can it be well with LIARS and propaganda merchants www.nairaland.com/attachments/3431120_cdatausersdefappsappdatainternetexplorertempsavedimages3420191picsart1455886204785jpeg503a9ea978cee321112203705090d494_jpeg42f7ff794fb9c526b6223de620a8596b 27 Likes 5 Shares |
| Re: Naira Crashes To N285/$1 At Interbank Market by pachukwu16: 1:58pm On May 31, 2016 |
God help us |
| Re: Naira Crashes To N285/$1 At Interbank Market by DrSuleiman100: 1:58pm On May 31, 2016 |
Is it not getting better Or what does that mean?? 1 Like |
| Re: Naira Crashes To N285/$1 At Interbank Market by Lilimax(f): 1:59pm On May 31, 2016 |
anonimi:All things are possible to him that believes  #absolutefaithinmyMaker 5 Likes |
| Re: Naira Crashes To N285/$1 At Interbank Market by loomer: 1:59pm On May 31, 2016 |
Yahoo boys go dey happy |
| Re: Naira Crashes To N285/$1 At Interbank Market by anonimi: 1:59pm On May 31, 2016 |
vizkiz:There is change already. Question is- what manner of change? www.nairaland.com/attachments/2186225_change_jpeg_jpeg94b34b227702fbe5c47290c95691a634 6 Likes 2 Shares |
| Re: Naira Crashes To N285/$1 At Interbank Market by Lilimax(f): 2:00pm On May 31, 2016 |
2 Likes |
| Re: Naira Crashes To N285/$1 At Interbank Market by davide470(m): 2:00pm On May 31, 2016 |
Technically, we have devalued the currency.. Smh. 5 Likes |
| Re: Naira Crashes To N285/$1 At Interbank Market by Musharraf: 2:01pm On May 31, 2016 |
I don tire for dis government.. 1 Like |
| Re: Naira Crashes To N285/$1 At Interbank Market by Lilimax(f): 2:01pm On May 31, 2016 |
davide470:More like it! 2 Likes |
| Re: Naira Crashes To N285/$1 At Interbank Market by JAZES(m): 2:01pm On May 31, 2016 |
This is getting fierce everyday |
| Re: Naira Crashes To N285/$1 At Interbank Market by erosimo(m): 2:02pm On May 31, 2016 |
This is no news 'cos I bought some $ in January this year through my bank (gtb) and they sold it to me at 283.33/$. So, naira has been long devalued. 3 Likes |
| Re: Naira Crashes To N285/$1 At Interbank Market by Nobody: 2:02pm On May 31, 2016 |
That would only crash the Naira. Best policy is to convert your money to an asset you could resell when stability returns. NwaNimo1: 1 Like |
| Re: Naira Crashes To N285/$1 At Interbank Market by loomer: 2:02pm On May 31, 2016 |
Lilimax:Sister, na every single day dem dey born new mugu 2 Likes |
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