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Naira Makes U-turn, Drops To N385 - Business - Nairaland

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Naira Makes U-turn, Drops To N385 by Limitednow: 5:10pm On Mar 30, 2017
AFTER weeks of regaining strength on the foreign exchange market, the naira moved in a reverse direction and dropped, albeit by a small margin, to 385 as against 382 on Thursday morning.

However, the tale on the international scene is different, as it rose to 308.05 to a dollar, as against 314.75 in the early hours of the day.



At the parallel market, the naira maintained its rate against the British pound, but exchanged at 410 to the euro as against 400 at the start of trading.

At the international market, the naira rose to 385.09 as against 391.04 to a pound and 330.59 as against 338.07 to the euro.

The apex bank announced an adjustment to its foreign exchange policy; making foreign exchange available for tuition, medical expenses and basic travel allowance.



It earlier directed banks to sell forex at 375 but amended the policy on Monday, and asked banks to sell at 360.

Facebook Comments

http://www.socialtimesng.net/2017/03/naira-makes-u-turn-drops-to-n385/

1 Like 2 Shares

Re: Naira Makes U-turn, Drops To N385 by wristbangle: 5:15pm On Mar 30, 2017
The smart ones knew already that the CBN policy will not be sustainable enough to defend our currency as oil price in the market is dropping and our reserve is indicating red signal to us. It may tumble to N400 before Monday from the look of things

Earlier today or yesterday CBN were boasting they will fight it to N305. So now what's going on?

Anyway speculators has purchased all the cheap dollars available hence ready to sell when it tumble to all time low.

The unstable nature of our currency is one of the reason foreign investors are scared of investing in nigeria.

Modath and lordadam, over to you. cool

Lalasticlala, naira don make U turn again 4 lagos-Ibadan expressway

48 Likes 3 Shares

Re: Naira Makes U-turn, Drops To N385 by SuperSuave(m): 5:17pm On Mar 30, 2017
Yeye dey smell. Dollar wey dey below 200# wen you took over ran to over 500# and now that its below #400 you want us to start dancing abi? Mediocrity at it's peak

144 Likes 7 Shares

Re: Naira Makes U-turn, Drops To N385 by Chiboyz40(m): 5:17pm On Mar 30, 2017
grin don't even know why I'm laughing sef

4 Likes

Re: Naira Makes U-turn, Drops To N385 by Nobody: 5:20pm On Mar 30, 2017
Awaiting another policy from Emefiele on forex soon grin

5 Likes

Re: Naira Makes U-turn, Drops To N385 by ESDKING: 5:21pm On Mar 30, 2017
See how Buhari is gradually destroying what Osibanjo has fixed. Reno Omokiri was correct.

33 Likes 2 Shares

Re: Naira Makes U-turn, Drops To N385 by alrahmanonline(m): 5:23pm On Mar 30, 2017
Chiboyz40:
grin don't even know why I'm laughing sef
You're laughing because you believed those bad dreams of yours for this nation are coming through, but i have to say this, i hope you wont cry when the naira regain it's strength..

4 Likes

Re: Naira Makes U-turn, Drops To N385 by Kyase(m): 5:29pm On Mar 30, 2017
ESDKING:
See how Buhari is gradually destroying what Osibanjo has fixed. Reno Omokiri was correct.
English na problem for you

9 Likes

Re: Naira Makes U-turn, Drops To N385 by ESDKING: 5:31pm On Mar 30, 2017
Kyase:

English na problem for you
That question should be directed to yourself.

38 Likes 1 Share

Re: Naira Makes U-turn, Drops To N385 by LoveMachine(m): 5:33pm On Mar 30, 2017
Evil BDCs at work.

2 Likes

Re: Naira Makes U-turn, Drops To N385 by Kyase(m): 5:34pm On Mar 30, 2017
grin angry
ESDKING:

Direct the question to yourself.
grin
ESDKING:

Direct the question to yourself.
Re: Naira Makes U-turn, Drops To N385 by austinvsb1(m): 5:35pm On Mar 30, 2017
You Hoarders & speculators should really hold on to your dollars yeah?? Dont worry, dollar will be N3000 naira soon!!! Whatever rebound this is, i can assure most of y'all that in 3 months max, no one would buy your dollars for more than $/N180.

Source: Authoritative!

35 Likes

Re: Naira Makes U-turn, Drops To N385 by bennybaba(m): 5:35pm On Mar 30, 2017
Offcourse not surprised at all. ..what the CBN is doing is just stop gap/palative measures it won't last long or how do you think we can always pump in foriegn currency whenever we want and not expect our external reserve were the money is coming from not to get depleted thereby hindering further pumping indirectly taken us to square 1...#I might be wrong

2 Likes

Re: Naira Makes U-turn, Drops To N385 by Limitednow: 5:41pm On Mar 30, 2017
Buhari go back to UK with your badluck

8 Likes 2 Shares

Re: Naira Makes U-turn, Drops To N385 by okosodo: 5:45pm On Mar 30, 2017
austinvsb1:
You Hoarders & speculators should really hold on to your dollars yeah?? Dont worry, dollar will be N3000 naira soon!!! Whatever rebound this is, i can assure most of y'all that you in 3 months max, no one would buy your dollars for more than $/N180.

Source: Authoritative!
Funny dude

10 Likes

Re: Naira Makes U-turn, Drops To N385 by OreMI22: 5:51pm On Mar 30, 2017
All these manipulation CBN is doing is a waste of time.
They should stop creating artificial exchange rate and just float the currency.

They are intentionally creating corruption for themselves by always selling dollars at a lower rate than the true market value. The samr people that bought the dollars will turn around and sell it to the people that need it at the true market rate.

11 Likes

Re: Naira Makes U-turn, Drops To N385 by martineverest(m): 6:25pm On Mar 30, 2017
Over to wailers
Re: Naira Makes U-turn, Drops To N385 by Pavore9: 6:27pm On Mar 30, 2017
For how long can the CBN pamper the Naira?

5 Likes

Re: Naira Makes U-turn, Drops To N385 by martineverest(m): 6:27pm On Mar 30, 2017
A rare opportunity for Wailers

2 Likes

Re: Naira Makes U-turn, Drops To N385 by celestialAgent(m): 6:27pm On Mar 30, 2017
A guy said I was not making sense wen I predicted this a few days back grin




Naira and it shadow recovery.

2 Likes

Re: Naira Makes U-turn, Drops To N385 by Rapsowdee01(m): 6:28pm On Mar 30, 2017
Baba Buhari has started again

1 Like

Re: Naira Makes U-turn, Drops To N385 by MsFaith: 6:28pm On Mar 30, 2017
sometimes I imagine how life would be if it can just fall back to #100 - $1

7 Likes

Re: Naira Makes U-turn, Drops To N385 by blackaxe78: 6:29pm On Mar 30, 2017





Flat Headed Dwarfs will start celebrating




3 Likes 1 Share

Re: Naira Makes U-turn, Drops To N385 by smartty68(m): 6:29pm On Mar 30, 2017
Underground manipulation ongoing by CBN. Just watching
Re: Naira Makes U-turn, Drops To N385 by DropShot: 6:29pm On Mar 30, 2017
SuperSuave:
Yeye dey smell. Dollar wey dey below 200# wen you took over ran to over 500# and now that its below #400 you want us to start dancing abi? Mediocrity at it's peak
By their utterances, you shall know the ignorant ones. Their brain is full of akamu. Nothing more nothing less.

9 Likes

Re: Naira Makes U-turn, Drops To N385 by malton: 6:29pm On Mar 30, 2017
Connect the naira problems to its foundation and you will get why its appreciation cannot sustain at this time.

1 Like

Re: Naira Makes U-turn, Drops To N385 by henryfayoul1(m): 6:29pm On Mar 30, 2017
Limitednow:


http://www.socialtimesng.net/2017/03/naira-makes-u-turn-drops-to-n385/
nice one.

2 Likes

Re: Naira Makes U-turn, Drops To N385 by chuksjuve(m): 6:30pm On Mar 30, 2017
Naira makes u-turn..
the naira must be a great driver, making u-turn when it mattered most..
please keep making that u-turn ooo..but be careful of one way sign..
safe journey naira...

4 Likes

Re: Naira Makes U-turn, Drops To N385 by burkingx(f): 6:30pm On Mar 30, 2017
angry

Re: Naira Makes U-turn, Drops To N385 by pat077: 6:30pm On Mar 30, 2017
This Is no good news.
Re: Naira Makes U-turn, Drops To N385 by menama(m): 6:33pm On Mar 30, 2017
Its sure gona take a round about and appreciate better than before.

1 Like

Re: Naira Makes U-turn, Drops To N385 by chloedogie(m): 6:34pm On Mar 30, 2017
wristbangle:
The smart ones knew already that the CBN policy will not sustainable enough to defend our currency as oil price in the market is dropping and our reserve is indicating red signal to us. It may tumble to N400 before Monday from the look of things

Earlier today or yesterday CBN were boasting they will fight it to N305. So now what's going on?

Anyway speculators has purchased all the cheap dollars available hence ready to sell when it tumble to all time low.

The unstable nature of our currency is one of the reason foreign investors are scared of investing in nigeria.

Modath and lordadam, over to you. cool

Lalasticlala, naira don make U turn again 4 lagos-Ibadan expressway

When it's a bad news why are u guys always happy to make comments and turn prophets of doom? It goes up to 200 u say it's a fake rise, it falls to 500 u say you knew it. If Nigeria were to be ur personal business will u always speculate bad tins for her? No white man will come here to repair tins for us we will. Learn to stay positive In life so as to lways attract positive things. Cheers all d same.

13 Likes 2 Shares

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