By Dipo Olowookere

The local currency put up a weak performance at the foreign exchange (forex) market last week amid declining external reserves that fell further by 1.30 percent to $43.35 billion as at Thursday, October 11, 2018.

The loss recorded by the Naira was almost across all segments of the forex market.

Specifically, the Naira/Dollar rate depreciated at the Investors & Exporters (I&E) forex segment by 0.08 percent to close at N364.12/$.

Also, the local currency lost 0.33 percent week-on-week (w-o-w) at the interbank foreign exchange market to quote at N362.52/$ despite the weekly injections of $210 million by the Central Bank of Nigeria (CBN) into the market via the Secondary Market Intervention Sales (SMIS).

A breakdown of the intervention showed that $100 million was allocated to Wholesale SMIS, $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles.

The exchange rate also depreciated at both the Bureau De Change (BDC) segment and the parallel market by 0.28 percent each to close at N359/$ and N362/$ respectively despite CBN’s sustained weekly intervention.

Meanwhile, according to Cowry Asset, most dated foreign exchange rate forward contracts at the interbank over-the-counter (OTC) segment depreciated.

Specifically, the 1 month, 2 months and 3 months contracts lost 0.08 percent, 0.06 percent and 0.02 percent to close N367.71/$, N371.26/$ and N374.73/$ respectively.

However, the 6-month contracts gained by 0.02 percent to close for the week at N386.21/$.

https://www.businesspost.ng/2018/10/14/naira-weakens-at-forex-market-as-foreign-reserves-drop-to-43b/

I thought some people said the foreign reserves held no importance?

This is what happens when u have a poor economic policy.
We just have to Atikulate in order to bring back and grow our economy

Peter upon this rock I will build my Temple.

AtikulatedObi will save Nigeria.. God may d remaining days come faster.

Na waoo

One dollar to one naira

How does this Affect change

elujah1:
One dollar to one naira

Hope so........

rusher14:
I thought some people said the foreign reserves held no importance?

Thanks to zai baba. Naira is taking a battery.

MODIFIED:

Battery is defined at common law as "any unlawful and or unwanted touching of the person of another by the aggressor, or by a substance put in motion by him."

https://en.wikipedia.org/wiki/Battery_(crime)

election is fast approaching so politicians are spending all our money. I wont be surprise if the naira gets to 400 naira to 1 dollars after the 2019 elections

After injecting and wasting our money, chia naija which way

Where's bubu 1dollar to 1 naira

After the Dollar rain comes the Naira sunshine.

pejuakinab:
This is what happens when u have a poor economic policy.
We just have to Atikulate in order to being back and grow our economy

Which poor economic policy? Which poor economic policy grew it from $27b which GEJ and PDP depleted it and got it to $47b at some point despite this drop?

Are you high?

PDP has been the ones with poor economic policy which was why they dropped our foreign reserves from $55b to $27b under GEJ.

Again I ask, are you high?

PMB is working... Kai baba!

interesting

CALAMITY BULLHARY

I don't expect anything less as long as that air head remains in aso rock with his obsolete/demonic policies!

serios looting going on

APC and the gang have started drying up our foreign reserve, in case they loose next elections, so they will have billions of dollars to fall back on. Criminals everywhere you go.

They've started withdrawing Dollars for elections

How can Nigeria's foreign reserve be okay when majority of Nigerian youths who happens to be the majority of our population are unemployed due to bad government policies killing businesses, companies and discouraging investors from bringing in money to invest in Nigeria?

How can foreign reserve be okay when the president frowns at any other person getting hold of fund except his allies and family members

How can Nigeria's foreign reserve grow when Buhari's government borrow billions of $$ for consumption and not even for developmental projects that will lead to human-capital development and production

You borrow to spend on consumer stuff, how will your foreign reserve grow


Just a few set of chosen people; mostly presidential family members are allowed to execute contracts and handle huge government money.

Using gun to chase perceived corrupt looters won't improve the economy.

We need an enlightened President that understand 21st century economy.

Nigeria need policies to encourage small business enterprise revolution in Nigeria not just farming!

We need policies to inspire tech startups and manufacturing.

Do you know that countries like Togo, Mali, Senegal, Benin, etc are far behind in terms of internet, tech, etc? We are supposed to be their big daddy.

Our youths are supposed to be heading to those smaller nations to train them on technology and stuff which will bring us FOREX, but how can they when they are hungry, unemployed and don't even know their next move due to bad government policies?

We need a highly responsible government that will make power a top priority. Nigeria needs to get power generation and distribution right!

We need to also revamp our educational system and scrap some expired courses created in the past that are now useless.

Inject new courses to be manned by competent professionals to teach our young people latest ways of building economy, growing economy.

We need Software Engineering courses, Programming, Digital Marketing, Robotics, Welding, Mechatronics, Manufacturing Technology, Social Media, etc

Buhari just need to go for others to try please

Quotes from Peter Obi

As Governor, I left N75billion saved for my successor....

"To you young people, Take Back your Country...it is your future they are toying with". - Peter Obi

"I reduced my convoy to 5 vehicles and you cannot buy fuel unless I am in the car".- Peter Obi

"If I sleep in a hotel and have to pay N250k a night, I will be awake all night...feeling like I was robbed". - Peter Obi

"You know there are many big men in Anambra state, so when they want to see me, I say to them I will come to you instead".- Peter Obi

"We handed schools back to Churches and by 2013, we were number one in WAEC."- Peter Obi

"I beg you to participate more in politics, the society we help them abuse today will take its revenge tomorrow".- Peter Obi

"The only way out of recession is to spend for growth. You can only spend for growth either from savings or from borrowing.

The question is: what are you borrowing for?
Are you borrowing for consumption or for production?

When you borrow for consumption, you are heading for disaster."
-- Peter Obi.

" I had to stop the Presidential lodge in Anambra... A project awarded at 400million. I had to close down state house in lagos and Abuja... Because I felt we dont need it.... Even when other states had."

" They said President Obasanjo is coming... I went to borrow the kind of cars they wanted... Instead of spending millions... From a neighbouring state."
"I requested Obasanjo to spend the nights in my lodge Since they said he must sleep over... I asked my wife to pack out of my bedroom... We went opposite to lodge in a hotel (name mentioned) for the week, we paid N30,000 instead of N100,000."

"I used the 150million for 2 bullet proof cars to buy almost 50 Peugeot cars at 3 million each.. gave 17 to JUDGES and 18 to permanent Secretaries (because i discovered they did not have cars) and kept 10 for govt house... which I used as Governor... I did not use bullet proof cars as Governor."

"They said we should attend world Igbo Congress in U. S.... That the budget WAS cut from 40 to 32million.... I asked them why... That only one person should go and come and tell us what was discussed."

"Instead of paying 30,000 for each security personnel (about 30) per night in Abuja, I told IG to give me Police whenever am in Abuja....I travel alone... People complained..

.. The 15 drivers lodged in Abuja state house...who come to airport to cause confusion, i asked them to go, kept only 3. The others to go back to Akwa or look for job... I asked the cook to go back to Akwa instead of giving him 30,000 per plate."

"When Governors lodge and Govt house was burnt before I came... With budget of 400million and 300 million, I repaired them for 42 million and 80million respectively. They wanted to impeach me that I did not spend by due process... Following the awarded Contracts and contractor....

I saw a table.. That my predecessor used, they said its old... I asked them to renovate it... That all i needed was a table to write as Governor... "

" So so so I was able to save money and made sure that ANAMBRA HAS THE BEST ROAD NETWORK THAN ANY OTHER STATE IN NIGERIA....."
PETER OBI.

elujah1:
One dollar to one naira

lol...APC scam in 2015!

I remembered the one dollar to one naira bubu promised us. All those tht feels buhari is doing something great to Nigeria needs to be transferred to yaba left

It will still deprecate the more, election approaching...

Butterflyleo:


Which poor economic policy? Which poor economic policy grew it from $27b which GEJ and PDP depleted it and got it to $47b at some point despite this drop?

Are you high?

PDP has been the ones with poor economic policy which was why they dropped our foreign reserves from $55b to $27b under GEJ.

Again I ask, are you high?

PDP? who grew it to $55B in the first place, abacha right?

That's no news at all. The Naira has consistently weakened since Buhari came on board and won't recover till he leaves in 2019.

goodnews

Butterflyleo:


Which poor economic policy? Which poor economic policy grew it from $27b which GEJ and PDP depleted it and got it to $47b at some point despite this drop?

Are you high?

PDP has been the ones with poor economic policy which was why they dropped our foreign reserves from $55b to $27b under GEJ.

Again I ask, are you high?

Baba, the set of Jonathan sycophants commenting here are the dumbest of them all! The other daft Jonathan sycophants who aren't as daft as the daft ones commenting here know, at least, that they're not supposed to be commenting on any thread concerning foreign reserves ever because they know we know where the ineffectual buffoon from Otuoke met it & left it, & what it has grown to now!