Naira hits record low against the dollar and other major foreign currencies yesterday in the parallel market, extending the wide gap between official rate and that of black market.

The naira, which has been hit by the collapse of crude oil prices, fell  to 311 a dollar in Abuja and Lagos, some dealers reported.

The British Pound Sterling  was sold at N432 yesterday while the Euro exchanged at N331 at the parallel market. The interbank rate, as at yesterday, was 199.25 a dollar, 290.92 to Pound Sterling and 223.24 to a Euro.

There are lots of pressure on the Central Bank of Nigeria (CBN) to devalue the naira in order to adjust to the reality due to the fall in the price of crude oil in the global market.

Oil and gas generate about 95 per cent of Nigeria’s foreign exchange. In recent times, a barrel of crude has fallen to $27.

The naira had lost about 30 per cent of its value at the parallel market following the suspension of the weekly auction to the Bureau de Change operators (BDCs) last month by the CBN.

The governor of CBN, Godwin Emefiele, said recently that the widening gap between the parallel market and the interbank is not an issue as the parallel market is very insignificant to forex transactions.


http://www.dailytrust.com.ng/news/business/naira-falls-to-record-low-at-311-a-dollar/132280.html

Where is falling to?

Pounds don become gold, dollar na silver, yet PMB dey for UK dey sympathize with Syria.

The zoo is finished

...don't worry much all the govt needs now is to stop unnecessary importation, let's start producing. note not by foreign investors but local investors. Any economy built by the locals is best for business it is about time we stop tribalism and move on. Grant equally to all individuals and watch us all grow.
Anyway I am looking for a fulani girl to adopt.

Our president is debating Syria issues in London.



How did we get to this stage?

Scholes007:
...don't worry much all the govt needs now unnecessary importation, let's start producing. note not by foreign investors but local investors. Any economy built by the locals is best for business it is about time we stop tribalism and move on. Grant equally to all individuals and watch us all grow.
I am looking for a fulani girl to adopt.

It good you are putting your repetitive nonsense in bold.

Tell me which progressive economy is a local one?

PROVACATEUR:
Our president is debating Syria issues in London.



How did we get to this stage?

He may be your president but he's not mine.

Naira on its lowest ebb, hmm things will not remain thesame after this naira drop. lets our engineers and other professional start doing something for the benefit of our economy

CBN Gov Emefiele policy have ruin the naira, pack ur luggages ur days are number

Scholes007:
...don't worry much all the govt needs now unnecessary importation, let's start producing. note not by foreign investors but local investors. Any economy built by the locals is best for business it is about time we stop tribalism and move on. Grant equally to all individuals and watch us all grow.
I am looking for a fulani girl to adopt.

I agree. But with what do you start producing locally? Bare hands? Where is the machinery? Do we have the technology? These basic ingredients still need to be 'imported'.

desmond122:
CBN Gov Emefiele policy have ruin the naira, pack ur luggages ur days are number

naira's devaluation is inevitable in this situation so keep your blame game and produce something or you go into farming

biafranbaby:


It good you are putting your repetitive nonsense in bold.

Tell me which progressive economy is a local one?

I didn't get you right pls

rolchi:


I agree. But with what do you start producing locally? Bare hands? Where is the machinery? Do we have the technology? These basic ingredients still need to be 'imported'.

good questions. Thats why i said we locals should invest into... . It involves importing relevant and necessary machineries and technology.
I said unnecessary importation should be stopped. Example why why lubricants while we can produce it locally. Why import steel while we have a viable steel industries. So you see necessary importations should be allowed until it is unnecessary.