The Nigerian Naira on Thursday weaken to an all-time low of N330.50 against the US dollar, following the Central Bank decision to abandon fix exchange rate.

The local currency dropped as much as 5.4 percent to N309 against the US dollar as of 12:24 GMT on Thursday before retreating to N292.40 on the interbank market.

A total of $7.27 million was traded at the interbank market, where traders were expecting the Central Bank to intervene as usual to ease dollar shortages, but up till now central bank is yet to intervene.

“Instead it was mopping up naira liquidity to support the currency. After market closed, a total of $7.10 million trades were done as low as 330.50 naira to the dollar,” a trader said.

“Now that the market has adjusted upwards it seems people are comfortable and that’s why we are seeing some trades,” he added.

Commercial Banks had been selling the dollar at 280 to 285 Naira after the central bank removed its 16-month-old peg of 197 Naira to a US dollar in June.

“But the lack of liquidity at those levels has curbed activity, leaving the central bank as the main supplier of dollars,” traders say.

http://investorsking.com/naira-hits-all-time-low-at-interbank-market/

The Whole of this Country needs a reform, Irrespective of our differences

First, the militants need to stop their madness.

Previously the central bank used to intervene to prop up Naira value, but now that crude oil buyers are scared to lift Nigerian oil due to fear of been attacked.

Our foreign revenue that is not enough has dropped even more.

Ppl need to ask the cbn governor and buhari about the billions of yuan they said was coming. Or has china changed her mind too

Na wah

Too bad!
If the Naira were to be a male organ, I would have cured it permanently, from this premature expulsion and weakness that it's experiencing with its partner, the Dolla, with My Highly Potent Herbal Tea For Men!

The zoo must fall

I hear some people say its gonna get better in this buhari regime..
Hope maketh not ashamed...
Buhari pls sir make us not ashamed

welcome to the reality
I once heard that in university of Ibadan, the department of theatre art is located behind the faculty of social science.
So that once people are through with their theatre and drama they will then proceed to face the reality
Nigeria had been in the theatre, art and drama department for too long
But now we are in social science to face the reality.
Therefore welcome to the reality

Govt of failure economically....

where is the naira falling to ...I guess underground, TBH Buhari has failed us

Hian! Our currency (#) needs revolution.

Truth234:
First, the militant need to stop their madness.

Previously the central bank used to intervene and prop up Naira value, but now that crude oil buyers are scared to lift Nigerian oil due to fear of been attacked.

Our foreign revenue that is not enough has dropped even more.

The madness started before the militants. They sprung up because governance was screwed up from decades ago.

All time low all the time

All time lowest may soon come o...toh

Buhari is a complete failure.

onatisi:
Ppl need to ask the cbn governor and buhari about the billions of yuan they said was coming. Or has china changed her mind too

The problem I think is that government need to find a way to increase dollar inflows without borrowing ,alternative to oil sales. And that is what I think we don't have at the moment.
This problem would have been minor if buhari has immediately carried Niger Deltans along diplomatically. Make amendments with the igbos despite their low support for him. Everything is not about force.
But here we are. Lose lose situations. No direct investments. Nd wahala, low oil sale, low oil price, deflection in FX accounts, increase in foreign goods dependant. Mono economy over long time in the midst of abundance of resources.

Even if jona is there , we will have similar situation too because BH will be the one bleeping the economy. Nigeria is already Bleep.d up by our own leaders and it will be hard to redeem it as at now. Only decentralization of Central government and resource control can slightly improve the problem and that is what elites don't want .

[b]So why has Buhari finally succumbed to naira devaluation? Economic experts had advised him long before now and he remained restive? Why? Just to show that he is Buhari? And his blind empty brained applauding him from the sideline.

Did someone say NDA should stop pipeline vandalism? President Musa Yaradua in his wisdom granted amnesty to Niger Delta Militants and paid allowances to parve way for peace.

President Goodluck Jonathan awarded contracts security of pipelines to Ex militants and OPC knowing that they were respondsible for vandalism. This helped reduce vandalism almost to nothing.

PMB came on board and said the approach by the past administrative was structured to promote corruption and decided to scrap it.

Empty brained supporters were applauding at the sidelines and taunting the wisdom of the past government.
T
With all the effort to discredit the decisions and wisdom of other past administration, am yet to see this APC government putting up a more superior and better workable policies.

Things gets worse and the excuse they sell to cheap minds is that it's corruption fighting back. How does it improve anything
[/b]

Nna OP you can lie for Africa o0oo!! N330 and you talk sey na all time low??!!! Ah ah na..... naira don reach N400 before! I've bought goods online with N360 per dollar before (the tin hook me and I got no choice buh to buy it )

please buhari just resign

yang:
The zoo must fall

You shall all fall ijn

........................................................

I dont know why people keep blaming Buhari for our woes, Nepa take light... Buhari, Dem steal cloth for market... Buahri


what of those that depleted the national reserve, sharing dollars in order for people to vote for them, Nigerians are quick to forget, and maybe that is cause suffering has been imbedded in their DNA, not mine tho...

i am not here to defend Buhari, before you peole come for my head. But politicians lie, and his Party lied about fulfilling campaign promises they cant deliver on. But i will rather have a lying politician rule over me than an Ignoramus, lying and stealing politician....

After una collect bag of rice and oil finish una dey complain, we are in all this together, infact all traveling activities should be grounded till further notice, so nobody will think they can escape from this mess we find ourselves.

Sai Baba!!!!. Bunch of confused lunatics.

onatisi:
Ppl need to ask the cbn governor and buhari about the billions of yuan they said was coming. Or has china changed her mind too

Dats d yuan d Chinese lovers burnt in d hotel.

N why had bubu not travelled again?

Did Naira drop or not ??

According to the news , Naira traded for 280 to USD , is this good news or not ? Yes it is good news for those who don't know , it means Naira is getting stronger and healthier and contrary to the claims of these bad news agents, Nigeria may not be as broke as they want us to believe , And since this is good news , someone say with me


SAI BABA oooooooooooooooooooooo

onatisi:
Ppl need to ask the cbn governor and buhari about the billions of yuan they said was coming. Or has china changed her mind too

You asked a reasonable question, but you asked sarcastically , I personally have not forgotten the Yuan deal, i think the reason why the deal has not taken effect is probably because naira is yet to stabilize , to introduce a new currency to our CBN , i think Naira has to be climing against USD or should be at its peak and stable

sad country

Humpty Dumpty (NAIRA) sat on the wall

Humpty Dumpty had a great fall.

All the King's (Buhari) forces

And all the King's Men

Could not put Humpty Dumpty together again.

Not surprised.

SmartMugu:

The madness started before the militants. They sprung up because governance was screwed up from decades ago.

and why now, why not during GEJ?

yang:
The zoo must fall

Recieve sense

Does it mean that there is really no hope for the naira?
Whoever is blaming militants needs a brain alignment!