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Naira Drops To 251/dollar, External Reserves Now $29.7bn - Business - Nairaland

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Naira Drops To 251/dollar, External Reserves Now $29.7bn by demarc001: 1:17am On Dec 07, 2015
The naira crashed further against the dollar from 247 last Thursday to 251 on Saturday at the parallel market.

This came barely one week after the Central Bank of Nigeria cut foreign exchange supply to Bureau De Change operators.

The central bank had during its weekly forex sale to the BDCs last Wednesday refused to sell forex to operators that failed to render returns on the utilisation of previous forex bought at the official window.

The dollar was selling for between N241 and N243 before Wednesday’s decision. The local currency was still sells for 197 against the dollar at the official market.

Meanwhile, the nation’s foreign currency reserves dropped to $29.7bn on December 3, 2015, data from the CBN’s website showed on Sunday.

This is expected to put more pressure on the CBN’s bid to defend the naira and avoid a devaluation of the local currency.

The gross foreign exchange reserves had dropped to $29.92bn on November 30, the first time they fell below $30bn since July 13.

The reserves have fallen by 20 per cent since the end of June 2014, when Brent crude prices began a more than 60 per cent plunge, hammering the finances of Africa’s largest economy and biggest oil producer.

The naira has been fixed at 197-199 per dollar since early March after the CBN Governor, Mr. Godwin Emefiele, restricted banks’ access to foreign exchange.

www.punchng.com/?p=13535

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by nnachukz(m): 1:20am On Dec 07, 2015
Now it is becoming scary, gradually we will lose everything before this man's tenure ends. Nothing helpful is being done to remedy the situation. It appears we still do not have ministers or has the president sacked them?

120 Likes 11 Shares

Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by kelvincoll(m): 1:22am On Dec 07, 2015
embarassed is there actually light @ the end of this tunnel?

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by demarc001: 1:22am On Dec 07, 2015
Waiting for #1 = $1
Na nollywood movie e go first happen

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by hucienda: 1:30am On Dec 07, 2015
Na wa o... What's going on FFS?!

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Kestolovee95(f): 1:33am On Dec 07, 2015
Great news!

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by chernest2002: 1:35am On Dec 07, 2015
It will soon clear some people eyes when the dollar comes to 500 to 1 dollar, Buhari means failure in all dictionary.

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Meriekriss: 1:36am On Dec 07, 2015
All this things that are fluctuating like PHCN... It is well Sha..

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by BankManager(m): 2:40am On Dec 07, 2015
Does Mr.President have answers to these : inflation, free fall of the Naira, economic recession, job losses, stagnation, decrepit infrastructure??

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by omooba969(m): 2:49am On Dec 07, 2015
Mr Buhari how far na, wetin dey happen?

Abi your economic team dey hide latest newspaper from you ni or you no get time to dey watch tv make you see how our dear Naira dey nose-dive ni?

Abeg wake up from ya slumber o, town no dey smile o. cool

28 Likes 4 Shares

Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by fitzmayowa: 3:10am On Dec 07, 2015
demarc001:
Waiting for #1 = $1


My brother if you are waiting for this, you are on a long thing, this what the oyinbo's call "building castle in the air"

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by sholatech(m): 4:30am On Dec 07, 2015
It is really pathetic, despite the cosmetic over-protection of the reserves..

For those that celebrated the marginal increase then in Foreign Reserves with claims it was due to body language..

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by abouzaid: 4:32am On Dec 07, 2015
if i talk now they would ban me again but one i know for sure is that at this rate, naira must sell for atleast #300 to a dollar by next year end. those moderators banning me, how much do you spend now buying things online compared to what you spend before may29? you guys should have a rethink of your banning policy. i have never insulted anybody here so why do you keep banning me for been pro biafra? we're your customers o, if you drive us away, lai Mohammed won't invite you to his next meeting with bloggers.

90 Likes 3 Shares

Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Episteme2(m): 4:47am On Dec 07, 2015
And they are busy and desperate violently rigging Sylva in to Yenogoa with all their might and Nigerians are quiet.

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Demmocrats(m): 4:50am On Dec 07, 2015
Hmmmmm


This is the best time to start sending money.

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by eleojo23: 5:02am On Dec 07, 2015
sholatech:
It is really pathetic, despite the cosmetic over-protection of the reserves..

For those that celebrated the marginal increase then in Foreign Reserves with claims it was due to body language..
...Body language must also take responsibility for this decrease in the reserves.

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by IAMTHEHERO: 5:10am On Dec 07, 2015
After, their Zombies will say "THEY VOTED FOR BUHARI/APC, THAT THEY ARE NOT COMPLAINING. Everything have gone up in this country. Soap of 100 naira is now 120 naira,l bought fuel 200 naira per litre in Lagos on Saturday. People are really suffering under this regime more than before. It would have been better for APC to leave the things as they were when they took over, they wanted power and they have it

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by luvinhubby(m): 5:50am On Dec 07, 2015
This is getting very very scary now.

5 Likes 1 Share

Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by chosen04(f): 6:02am On Dec 07, 2015
abouzaid:
if i talk now they would ban me again but one i know for sure is that at this rate, naira must sell for atleast #300 to a dollar by next year end. those moderators banning me, how much do you spend now buying things online compared to what you spend before may29? you guys should have a rethink of your banning policy. i have never insulted anybody here so why do you keep banning me for been pro biafra? we're your customers o, if you drive us away, lai Mohammed won't invite you to his next meeting with bloggers.
....So its NOT only me that they ban for my Pro-Biafra stance? Well! them go tire. I remain a proud Biafran till the end. "Thank Chukwu Abiama that i have neven been a niGERian. I maybe in the Zoo-niGERia but am not of niGERia.............Holy Book"

36 Likes 2 Shares

Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by trapQ: 6:11am On Dec 07, 2015
this is embarrassing. Naira is fast becoming Zimbabwean dollar.

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Nobody: 6:22am On Dec 07, 2015
Ehn ooo, let's blame it on the 'corruption of unimaginable proportion in the Goodluck administration and 16yrs of misrule '.
Yeye dey stink

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by stinggy(m): 6:22am On Dec 07, 2015
And I'm waiting for the overnight wonder that will revert dollar to bearable value.
If care is not taken, a cefa will soon be changed for a naira



chosen04:
....So its NOT only me that they ban for my Pro-Biafra stance? Well! them go tire. I remain a proud Biafran till the end. "Thank Chukwu Abiama that i have neven been a niGERian. I maybe in the Zoo-niGERia but am not of niGERia.............Holy Book"
Eeeyah... those Mods are Nigerians sad

2 Likes

Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Pavore9: 6:25am On Dec 07, 2015
Those exporting goods/services are in a better position.

1 Like

Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Ecoplexus: 6:33am On Dec 07, 2015
It is either this government vigorously accelerate the rate of economic diversification or the CBN stops defending the naira and allow it to find its true value; if I was president, I would do the earlier.

1 Like

Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by OKKO(m): 6:40am On Dec 07, 2015
Thank God I bought this car last month, I was tempted to wait till January. My money could not have afforded the tires by then not to talk of the whole car.

But I bought fuel worth of about 25K just to drive it from Lagos to village (N250 X 100 L) something I budgeted abt 9K for save only for the fuel scarcity.

The scaring thing is that FG, NNPC, APC, PMB and their NL supporters don't believe anything is wrong at all.

35 Likes 2 Shares

Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by tunex23: 6:41am On Dec 07, 2015
This is what you get when you vote in a cattle supervisor who specialises in drinking fura and nuno and wears baby dapper as pant. I pity my country

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Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by Flets: 6:46am On Dec 07, 2015
The most unfortunate part of this whole scenario is that there is no clear direction or plan by the current FG to correct this trend.
The so-called Finance minister seem to be lost in the scheme of things.

15 Likes 3 Shares

Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by abouzaid: 6:56am On Dec 07, 2015
chosen04:
....So its NOT only me that they ban for my Pro-Biafra stance? Well! them go tire. I remain a proud Biafran till the end. "Thank Chukwu Abiama that i have neven been a niGERian. I maybe in the Zoo-niGERia but am not of niGERia.............Holy Book"
i have two mentions but only saw one which means that they have deleted it.can i follow you? i have a plan for people of like minds.

2 Likes 1 Share

Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by demarc001: 7:11am On Dec 07, 2015
fitzmayowa:



My brother if you are waiting for this, you are on a long thing, this what the oyinbo's call "building castle in the air"
Sorry I forgot to mention that my waiting is in nollywood movie!

9 Likes 2 Shares

Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by sanandreas(m): 7:18am On Dec 07, 2015
Nigerians wanted change but they didn't ask what kind of change.

10 Likes 2 Shares

Re: Naira Drops To 251/dollar, External Reserves Now $29.7bn by dhardline(m): 7:24am On Dec 07, 2015
Its really obvious that we have really entered a very BIG one chace.

Its six months and no clear cut policy that will push Nigeria to fast industrialization that will in

turn strenghten the Naira against the dollar and improve the lives of the masses,instead all we

see is "fighting curruption" in only the opposition camp with no statistics of rerurned loots and

needless International travels while the Nation sinks into economic quagmire.

If things continue at this pace we'll soon end up chanting #changebuhari.

19 Likes 3 Shares

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