The Nigerian Naira yesterday fell to a record low against the dollar on the black market, according to a report from Bloomberg. The black market, or parallel, rate fell to 253 per dollar from 246 on Thursday and 222 last month, according to Aminu Gwadabe, president of the Lagos-based Association of Bureau de Change Operators of Nigeria. That’s 22 percent weaker than the official rate used in the interbank market, which was 198.50 at 5:16 p.m. in Lagos, the commercial capital. CBN had fixed the official exchange rate at 198-199 per dollar since March after its governor Godwin Emefiele restricted banks’ ability to buy dollars. In June, a ban was planced on importers of about 40 items from obtaining foreign- exchange. Foreign investors have made several calls for the CBN to devalue the currency and relinquish its strong hold on forex policies. “The central bank will say they don’t care about the parallel market, but investors are looking,” Gwadabe said. “Why will they bring in their money at 197 or 198 when the parallel rate is 250?” he queried. He said his association has requested a “crucial” meeting with the CBN on Dec. 8 to address the issue. “If they continue what they’re doing this week, next week will be worse,” Gwadabe said. Ibrahim Mu’azu, a spokesman for the central bank, wasn't available for comment.

source------------http://www.nigerianbulletin.com/threads/naira-hits-all-time-record-low-against-dollar.150281/

Hmmm

Feeling like oliver twist right now!

www.nairaland.com/attachments/3155697_81137_jpegc8cf6e6160fbe06180cd337535223a8b

B00HARI is working

Na wa ooo.like joke naija go soon turn to zimbabwe.......there is nothing positive about our country so far.to pay federal civil servants is now a problem.

DEFINITION of 'Law Of Supply And Demand'
A theory explaining the interaction between the supply of a resource and the demand for that resource. The law of supply and demand defines the effect that the availability of a particular product and the desire (or demand) for that product has on price. Generally, if there is a low supply and a high demand,the price will be high. In contrast, the greater the supply and the lower the demand, the lower the price will be. It surprises when CBN makes policies that will lead to the scarcity of dollars and still expect naira to raise. Though am not am economist need professional economist to enlighten us if am wrong.