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Nairaland Forum / Nairaland / General / Business / Naira Falls Against US Dollar (38410 Views)
Unbelievable!!! Naira Falls To N485/$1, N600/£1 / Naira Falls To N370 Per Dollar / Naira Falls To 325 On Dollar Shortage -punch (2) (3) (4)
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Naira Falls Against US Dollar by Truth234(m): 6:02am On Sep 17, 2016 |
The Nigerian Naira depreciated on Friday, following limited forex liquidity in most major segments of the foreign exchange market. The local currency dropped N2.24 against the US dollar to trade at N308.69 at the interbank market, from Thursday closing of N306.93 against the greenback. While at the Bureau De Change segment, the Naira closed at N420 to the dollar, N550 to the U.K. pound and N465 against the Euro single currency. At the parallel market, the local currency lost N2 from Thursday's N423 to trade at N425 against the US dollar on Friday. Both the Pound and Euro were traded at N545 and N470 respectively. Traders have said despite the decrease in demand for the greenback for school fees payment this summer that the Naira continued to fall. This, they attributed to the surge in demand for dollars for importation, as it outstripped the available liquidity in the market. Samed Olukoya, a Foreign Exchange Research Analyst at Investor King Ltd. said "the situation is pervasive and require more than conventional means to curb, CBN needs to be proactive. Intermittent intervention won’t do much henceforth.” However, the high exchange rate continued to weigh on consumer prices as the data released by the National Bureau of Statistics on Thursday, showed that the inflation rate jumped to 17.6 percent on a yearly basis in August – from 17.1 percent recorded in July. Accordingly, businesses continued to downsize to control costs, while seeking alternative means of production locally. So far, unemployment rate remained 13.3 percent, while youth unemployment/underemployment is 49.5 percent, according to the National Bureau of Statistics. http://investorsking.com/naira-falls-against-us-dollar/ 1 Like |
Re: Naira Falls Against US Dollar by IVORY2009(m): 6:08am On Sep 17, 2016 |
I babu ooooo $ heading to 600 naira 27 Likes 1 Share |
Re: Naira Falls Against US Dollar by Davash222(m): 6:09am On Sep 17, 2016 |
*in chris brown's voice* Falling down down down down down 9 Likes |
Re: Naira Falls Against US Dollar by Joel3(m): 6:17am On Sep 17, 2016 |
this will get to 800 during chrismas. seun lalasticlala its time CBN allow banks to pay recipient in their said foreign currency transaction for foreign remittance. otherwise they are short changing the public and no body want to send money directly to Nigeria anymore. some are already using mallam. 22 Likes 3 Shares |
Re: Naira Falls Against US Dollar by modath(f): 6:18am On Sep 17, 2016 |
This, they attributed to the surge in demand for dollars for [size=14pt]importation,[/size] as it outstripped the available liquidity in the market. This country can never be great until the problem in red is solved, no true great /prosperous nation relies solely on importation of virtually every commodity.... We can't be putting our heads in the sand pretending like we don't know the cause of the problem... oil price has tanked, the reserves ( to defend the naira) almost at critical level, but we insist things should remain the same..we can't continue to be merry in austere times, something just gotta give, no two ways out.. It's simple economics and logic, demand and supply are at variance, pricing will definitely reflect it.. chikena. 44 Likes 1 Share |
Re: Naira Falls Against US Dollar by Nobody: 6:20am On Sep 17, 2016 |
God have mercy 8 Likes 3 Shares |
Re: Naira Falls Against US Dollar by Flexherbal(m): 6:22am On Sep 17, 2016 |
Will Naira ever rise again! 3 Likes |
Re: Naira Falls Against US Dollar by abokibuhari: 6:26am On Sep 17, 2016 |
onatisi 1 Like |
Re: Naira Falls Against US Dollar by kabman: 6:29am On Sep 17, 2016 |
Not surprised.produce little but want dollar luxuries and much more. 7 Likes 1 Share |
Re: Naira Falls Against US Dollar by otukpo(f): 6:31am On Sep 17, 2016 |
My fear is that it fallen to a level that it may never rise to its former position. And the worst is that it is still falling. 12 Likes 2 Shares |
Re: Naira Falls Against US Dollar by onatisi(m): 6:37am On Sep 17, 2016 |
abokibuhari:good morning. 3 Likes |
Re: Naira Falls Against US Dollar by abokibuhari: 6:39am On Sep 17, 2016 |
onatisi:any prophesy for us today, cause I need to know when they would increase the price of fuel/liter 1 Like |
Re: Naira Falls Against US Dollar by abokibuhari: 6:40am On Sep 17, 2016 |
modath:but you never said this during GEJ era, the man tried you know. 59 Likes 5 Shares |
Re: Naira Falls Against US Dollar by abokibuhari: 6:41am On Sep 17, 2016 |
Flexherbal:even God wont allow it to rise again 5 Likes 1 Share |
Re: Naira Falls Against US Dollar by val15: 6:43am On Sep 17, 2016 |
Nigerians should. do the needfull..impeach that one chance man 37 Likes 2 Shares |
Re: Naira Falls Against US Dollar by onatisi(m): 6:47am On Sep 17, 2016 |
abokibuhari:hmm,all I can tell you is ,whatever happens you will be alright and ok ,you wont be affected . Dont worry bro. Very very very soon ,the dollar exchange rate will soon stabilize. I have already given the most likely price in other threads. 1 Like |
Re: Naira Falls Against US Dollar by modath(f): 6:54am On Sep 17, 2016 |
abokibuhari: Una don start bah? abeg it's too early!! Jonathan's regime, how much was oil? How much did he have in the reserves. 14 Likes 1 Share |
Re: Naira Falls Against US Dollar by jeeqaa7(m): 6:55am On Sep 17, 2016 |
lies |
Re: Naira Falls Against US Dollar by pabon(m): 6:56am On Sep 17, 2016 |
God is in control |
Re: Naira Falls Against US Dollar by Oluwabusobomi(f): 6:56am On Sep 17, 2016 |
Buhari may it not be well with you! 16 Likes 1 Share |
Re: Naira Falls Against US Dollar by Firefire(m): 6:56am On Sep 17, 2016 |
Enough of these bad news. 1 Like 2 Shares |
Re: Naira Falls Against US Dollar by 4nobody4every1: 6:57am On Sep 17, 2016 |
modath:Well said, no need to read further 3 Likes 1 Share |
Re: Naira Falls Against US Dollar by techinfong: 6:57am On Sep 17, 2016 |
Naira you can't even rise for once 4 Likes |
Re: Naira Falls Against US Dollar by adioolayi(m): 6:57am On Sep 17, 2016 |
Naira is getting there small small...u ask where #500 na 2 Likes |
Re: Naira Falls Against US Dollar by beautiful232(f): 6:57am On Sep 17, 2016 |
what well good news tho I'm waiting till when it get to 1000 I will go and change my dollars 4 Likes |
Re: Naira Falls Against US Dollar by salabscholar01(m): 6:58am On Sep 17, 2016 |
The lady above me is a pessimist... But her prayer will not work. How could you have such a negative wishful thinking? I have said it before that the fall in the value of naira will continue make the rich to get richer, the poor to get poorer. Recession is a word... It does not affect the rich. If you belong to the rich class, good luck to you, otherwise cry a river when it worsen. I can see it clearly that some folks who stack up their currencies in dollars will make it today... And if the lady above is as straight as she had claimed, having her currencies in dollars somewhere, then good for her as she awaits for the exchange to get to N1000/$. If not then she is clearly mocking herself, not the country. To me, and to others who are just like me, will never give prominence to her words.... 3 Likes |
Re: Naira Falls Against US Dollar by hobermener: 6:58am On Sep 17, 2016 |
What is the relationship between naira and gurrara falls?? 4 Likes 1 Share |
Re: Naira Falls Against US Dollar by CHANNELStv2020: 6:58am On Sep 17, 2016 |
NA THE CHANGE UNA VOTE FOR 6 Likes |
Re: Naira Falls Against US Dollar by Nobody: 6:58am On Sep 17, 2016 |
Yawns, i blame Shagari for this . Maybe na dis suffer go reset our dumb brains 2 Likes |
Re: Naira Falls Against US Dollar by Samiceman: 6:59am On Sep 17, 2016 |
Buhari is a failure 13 Likes 1 Share |
Re: Naira Falls Against US Dollar by ihatebuhari(f): 6:59am On Sep 17, 2016 |
hahahahaha hahahahaha hahahahaha hahahahaha hahahahaha 2 Likes |
Re: Naira Falls Against US Dollar by kaen1317: 6:59am On Sep 17, 2016 |
This CHANGE should start with the naira 1 Like |
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