The Naira plunged to N520 against the U.S. dollar at the parallel market on Monday, after the CBN announced its readiness to sell dollar at N375 for school fees payment and personal travel allowance on Friday.

The Naira which had closed at N516 to a dollar on Friday, following a record low of N510 on Thursday remained weak despite the rising oil prices and national foreign reserves.

A Reuters report, attributed the fall in Naira value to retail currency trader’s reservation on the new forex policy as they tried to price in its possible impact on the market current rate and commercial banks approach to the announced policy.

Experts have said the announcement has increased the demand for dollar for school fees payment as well as personal travel allowance by intending travelers, leading to forex scarcity as demand currently outweighs supply.

"The CBN needs to do more on the intervention side to manage the situation since the apex bank has insisted on forex flexibility policy," said Samed Olukoya, a foreign exchange research analyst at Investors King Limited. "Intermittent intervention and speedy disbursement of the $20 million announced on Friday and commercial banks adherence to the new policy are strong determinants to how well the new policy will alleviate parents and travelers suffering," he added.

Currently, market illiquidity has forced Bureau De Change operators to source dollars from private sources and resell at a much higher price, pushing the black market rate even higher as retail currency traders depend on Bureau De Change for supplies.

http://investorsking.com/naira-depreciates-to-n520-against-u-s-dollar-as-retailers-examine-cbn-action/

I laugh when people keep accusing the previous administration of the continuous crashing of the naira. I ask, for close to two years of dis government in power, have they made any move to stop d free fall of the naira. At this point, by December the naira would just be as Ghana cedes back then

Lord Have Mercy


I'll surely buy at 520 Naira today at Barewa exchange here in Maiduguri because I'm sure $1 will exchange for a N1000 Naira before Easter Celebrations

We are in a fix!

Nawa o, the best thing is to just leave this country.

kukuma kill us.

Someone told me Buhari is not sick. He technically ran away when the situation has gone out of his control. Watch him come back when Osinbajo fixes things

Wait na by June it will reach 650

Hmmmmmmmmm....

I told you.

And some ediots will come here to tell us that the government is working.

So what is the evidence of all the 'massive savings', 'increase in foreign reserves', and 'increase in oil prices'?

If you are in the US or have relatives in the US trying to send money to naija, I will exchange the funds at 430/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. Don't bother with western Union and co, they exchange at 375/$ with fees and the exchange rate drops to around 345/$.

See my contact below.

Naira keeps losing value.



People shouldn't leave money in banks lying idly with a meagre interest. A N1million savings would lose its value at the end of the year with the way naira depreciates.

The wise would head to his bank, get his savings out and invest with it, or buy appreciable assets.

I feel for the Naira.

Please how can the CBN governor and the minister of finance be fired? because u can't expect Nigeria's economy to bounce back with these two clowns still calling the shots.

FAYOSE vs SARAKI..who is more relevant in politics... let discuss,

the way Nigeria is going down I am very scared oooo

Very sad news.

Ok

God punish Buhari and APC

I know Donlekan will be somewhere crying out


APC chainnnnnnnnnnnnnn

I wonder what makes this adminstration think they will be voted for second term

Emefiele n kemi adeosun are incompetent am missing Ngozi Okonjo Iweala

It's so disheartening Nigeria is depreciating to this extent after all the juicy promises APC made to us.

it's already in our mind to vote them out

2019 is getting closer!

rifasenate11:
the way Nigeria is going down I am very scared oooo

They will soon discover oil ni

Omoakinsuyi:
Someone told me Buhari is not sick. He technically ran away when the situation has gone out of his control. Watch him come back when Osinbajo fixes things

Like president like deputy
They are all confused
One dollar to one thousand naira loading ....

It is finished.

The pace at which the naira is crashing/tumbling/falling against the dollar is really frightening. The path to 1000 per dollar is getting shorter and shorter and I guess before our UK-based president handover power to the next president, naira would have been 2000 naira to a dollar.

y i no save my dollars o

DuBLINGreenb:
Wait na by June it will reach 650

By June it should exchange for 720

THE CURRENT CBN GOVERNOR AND MINISTER OF FINANCE ARE JUST TOO CLUELESS. THEY ARE DOING NOTHING TANGIBLE