₦airaland Forum

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Naira in free fall, loses another 450k
Written by Babajide Komolafe
Friday, January 9, 2009
IT was free fall for the Naira in the inter-bank and parallel markets yesterday, losing N4.50 as the Central Bank (CBN) suspended further sales of forex.



At the inter-bank foreign exchange market, the Naira lost N4 as N144.25 exchanged for one dollar as against N140.25 on Wednesday. Also at the parallel market, the Naira lost N5 as N147 exchanged for one dollar as against N142 the previous day. Consequently, the Naira lost an average of N4.5 in both segments of the market.

Already, the Naira has lost about N7 in both markets this week while it has lost N7.5 at the official market.

Meanwhile, there are strong indications that the official rate might hit N148 per dollar by Monday, as against N139.02 on Wednesday.

Market operators explained that the free fall was prompted by the depreciation of the Naira in the official market by N3.4, and the increasing scarcity of foreign exchange in the market.

The scarcity was aggravated yesterday as the CBN again suspended forex sales to banks and BDCs.

As at 5.pm yesterday, bank treasurers told Vanguard that the apex bank was yet to respond to their bid, an indication that it might not be selling foreign exchange to them.

Also, Bureaux de Change (BDCs) are hoping the apex bank would sell foreign exchange to them today. A BDC operator confirmed to Vanguard that the CBN told them to deposit money yesterday for foreign exchange bid, and that they would get dollars today.

But Vanguard was reliably informed that the CBN would not sell foreign exchange to the BDCs till next week, a situation that will worsened the declining fortunes of the Naira.

Meanwhile, sources close to the apex bank said by Monday, the official exchange rate might have increased to N148 per dollar.

The Naira has lost N7.75 in the official market since Monday when the CBN resumed foreign exchange sales this year. This translates to 5.7 per cent depreciation. On Monday, the naira lost N4.35 as the exchange rate rose from N131.27 to N135.62.

Last year, the Naira suffered 14.6 per cent depreciation on the average across the three segments of the market, while foreign exchange purchased by banks under the WDAS rose sharply by 26 per cent.

@ adexcarz

I apologise for going off topic - One of my buyers is from out of town and needs assistance with vehicle registration. It seems you have an "in" in that line and I was wondering if it would be possible for you to provide some info about it. My email address is rasmur5@gmail.com or you could post the info here if it's all the same to you. Many thanks.

Not to burst your bubble but in case you didn't know; at the last count there are 3 individuals offering North American vehicle reports for free in this auto section. You may wish to consider how that fits into your business plan.

@ Undabridge

I believe larryshow took care of that on this thread:

https://www.nairaland.com/nigeria/topic-208327.0.html#msg3231759

Understandably, not everyone would have read it and not everyone would be comfortable with the idea even after reading.

Use this link for VIN checks https://www.nairaland.com/nigeria/topic-206979.0.html#msg3217672

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@ to-tol

You can find the VIN (I hear it's also called chassis or engine number) at the following locations:

On the door frame/door post of the front doors (usually driver's but sometimes passenger's)
- On the dash near the windshield
- On the engine itself (machined pad on front of engine)
- On the car's firewall
- In the left-hand inner wheel arch
- On the steering wheel/steering column
- On the radiator support bracket
- On your car's title, registration, guarantee/maintenance book or on the declarations page of your auto insurance policy

It's a 17-digit alphanumeric number. CARFAX vechicle history reports only provides history for North American vehicles manufactured from 1981.

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The rate fluctuates, about USD6300 right now give or take depending on the agent/shipping company.

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@ igwe1

All I can say is God bless you real good. What I thought would be the easiest part of the process has proved to be the most challenging so far. Thank you for all your help, much appreciated and I pray I will be able to return the favor.

@adexcarz

Thank you my brother. I've uploaded the Camry and the Quest on the main threads, only the Altima left now.

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@ adexcarz

Mind ya sef o! Igwe1's assistance has been overwhelming, I'm still trying to find the right words to use to thank him . My better half can't believe that someone who has never met me can be doing so much without any payment. I shared the story of how you helped igwe get his vehicle to Abuja.

It just goes to show that we have good people on this forum willing to help out when they are in a position to.

Thank you, I will send them to your email address.

igwe1

Too bad I missed you when you were online, you probably thought I was there but I'd gone to bed and forgot to logoff. Still working on it and hope to have it done.