Naira has made a significant improvement at the interbank level while the black market value remains the same.

These are the currency exchange rates for 12th of August, 2016 as at 10:00am as powered by Zenith Bank.

The fate of the naira against the dollar has increased the rate of inflation in Nigeria considering the fact that Nigeria practises an import-based economy.

SOURCE: http://www.petmaxflame.com/2016/08/naira-finally-improves-at-interbank-rate.html
Cc; Lalasticlala, Ishilove, Semid4lyfe, Obinoscopy, Mynd44

Lmao! That's an improvement?! We have been reduced to rubbish!




Emmy B

Improvement

please what is the difference between
interbank rate and parallel rate?

before someone will quote me and say Google is your Friend,
also remember that Nairaland is not my enemy.

thank you...


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It's a damn shame!

Improvement kwa?
Not seeing much difference here
All is well.

me just sitting here wondering how we flew all the way from 199 to 400 in just 15 months.

I can't believe we could ever call this improvement.

Fools

When you say Interbank rate...is this the rate that ordinary Nigerians are buying dollar for? Last I checked we buy at black market for 395. They told us last month when the new policy went into effect that it will converge the trio of Official, Bank and Black market rates to ONE RATE determined by market forces yet NOTHING HAS CHANGED. Bank rate used by the wealthy and connected Nigerians is 310 while Black market rate used by ordinary Nigerians is 395. So who is fooling who? Useless country, shameless leaders deceiving gullible Nigerians.

The irony of all of this is Nigerians are less concerned that their currency lost 50% of its value. In a sane society people will be in the streets protesting and requiring for immediate austerity measures. Multinationals are closing their businesses. Here is why: Multinationals by law are mandated to keep 50% of their local sourced revenue in Naira. You could imagine if a multinational had over 10 billion Naira in deposits only to wake up over the course of the months that Naira has lost 50% of its value, instead of 10 billion Naira, they now have 5 billion naira. You wonder why over 9 international airline companies are no longer interested in doing business in Nigeria.

Wake me up when the real Naira rates(parallel market) improves.

CzarRex:
me just sitting here wondering how we flew all the way from 199 to 400 in just 15 months.

We flew here on Buhari Airways via the airspace of incompetence the plane being on autopilot with the clueless pilot and crew waking up once in a while to make 'trial and error' navigation.

waohh this is good news how

What a shame!!! We have been reduced to the extent of accepting anything....this is very bad...it's like saying, drinking garri is good, because u failed to prepare rice and chicken for your children....which way Nigeria

please let truth be told, I did not see any improvement

Ezechinwa:

please what is the difference between
interbank rate and parallel rate?

before someone will quote me and say Google is your Friend,
also remember that Nairaland is not my enemy.

thank you...

parallel rate is the rate at which black marketers sell while interbank rate is the rate at banks sell to themselves.

when whole sellers sell to themselves, the price will come down. the rate at which they sell to themselves determine the price they sell to retailers. OVERSTAND??

Deceitful improvements

Sighs.

hucienda:
310 for the elite.

395 for the masses.

it depends on your bank. Stanbic exchanges at 310 for "poor" customers like me

which naira improved? naira closed at 350.91 friday

Naira hits new all-time low of 350.91 to dollar

http://www.financialwatchngr.com/2016/08/12/naira-hits-new-time-low-350-91-dollar/

Ezechinwa:

please what is the difference between
interbank rate and parallel rate?

before someone will quote me and say Google is your Friend,
also remember that Nairaland is not my enemy.

thank you...

Google is your friend

CzarRex:
me just sitting here wondering how we flew all the way from 199 to 400 in just 15 months.

Parallel was not 199 15 months ago.

Snail-like improvement...
PMB SHOULD KEEP PRIDE ASIDE AND CONSTITUTE A CRACK TEAM OF ECONOMIC ADVISERS...CHIKENAN

Ezechinwa:

please what is the difference between
interbank rate and parallel rate?

before someone will quote me and say Google is your Friend,
also remember that Nairaland is not my enemy.

thank you...

Interbank rate is the rate at which the big businesses/companies such as banks and dangote
buy the dollar with restrictions on who can buy.

While the parallel rate is the rate at which the common man and small to medium scale businessmen gets the dollar
with no restrictions.

femi4:
Google is your friend

I was expecting it... nice one

neocortex:


Interbank rate is the rate at which the big businesses/companies such as banks and dangote
buy the dollar with restrictions on who can buy.

While the parallel rate is the rate at which the common man and small to medium scale businessmen gets the dollar
with no restrictions.

thanks mate... poor man don suffer for this world...