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Nairaland Forum / Nairaland / General / Business / Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years (55587 Views)
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Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Kenai: 9:04pm On Dec 11, 2015 |
In December 1980, exactly 35 years ago, the naira was one dollar and eight cent, but today, a dollar is N260, the weakest it has ever been since its introduction 42 years ago. The naira, which was introduced by the Central Bank of Nigeria (CBN) on January 1,1973, fell to its lowest on Friday, trading at 260 to the greenback on the parallel market. The local currency continues to plunge as the CBN holds on to its stringent dollar sales policy at the parallel market. Earlier in 2015, the apex bank introduced the policy of selling over $80m to Bureau De Change (BDC) operators, to keep the unofficial rate close to that of the parallel market. The policy is however undergoing review, as the CBN circular reported by Reuters has set out new guidelines for the 2016 BDC transaction of dollars. The circular, which will come into effect in January, “orders retail money exchanges to deposit a mandatory cautionary deposit of N35 million in an account with the central bank, in addition to a minimum capital requirement of N35 million”. The decision, experts believe, would trim the number of BDC operators in the country. When the local currency was introduced in introduced in 1973, the nation started with notes for 50 kobo, 1, 5, 10 and N20. The 50 kobo notes were phased out in 1989, 1990, before N50 notes, better known as ‘Wazobia’, were issued 1991. Former president, Olusegun Obasanjo, holds the record as the president to have introduced the highest number of notes in Nigeria’s democracy, introducing N100 in 1999, N200 in 2000, N500 in 2001 and N1000 on October 12, 2005. http://www.thecable.ng/naira-trades-at-260-highest-in-42-years With this disastrous news, get ready for tomorrow's story by Buhari and his goons on Goodluck Jonathan's $980bn loot, all in a desperate attempt to deflect attention from our current economic woes and keep their gullible supporters distracted on frivolities and nonsensical white lies. If we didn't have a voting public so intellectually vapid, the focus would have been on asking our dear mallam to adequately elucidate on how he so miraculously "Cut down Nigeria's Inflation from 20 percent to 0 percent" as his campaign team so falsely bellowed. Did he do it with a cutlass? A few minutes of investigation and fact-checking would have made it clear to anyone that the story was nothing but a blatant lie. When you claim to be an honest man, but your campaign promises are filled to the brim with unintelligent lies and slogans, it's time for some soul searching. What's even worse is the fact that this man fought tooth and nail for the presidency for 12 years. 12 SOLID YEARS! He finally gets there and is as visionless and lost as ever, promising to hit the ground running but taking 6 months to build a cabinet; with his mouth in hyperdrive and his brain in suspended animation. Shame on this Twitter generation. I will never be a slave to ignorance. cc: Lalasticlala, Dominique, Ishilove, Firefire, AgabaI23, Atlwireles, WhiteTechnology, Whynotthetruth, Beremx, sunnyb0b0, Anonimi, MizMyColi, Ola6, Chukwudi44, NgeneUkwenu, Midolian, Modath, OrlandoOwoh, Jarus, Owobokiri, Owobikiri, AnambraDota, Rozayx5, Mogidi, TonyeBarcanista, Ecoterrors, Rawtruth, Onenaira3, Dabullit 463 Likes 52 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by DickDastardly(m): 9:06pm On Dec 11, 2015 |
This calls for fasting and prayers! Kenekiiiiiiiiiiiing oooooooooooooooooooh! Buhari sef 68 Likes 6 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Cutehector(m): 9:07pm On Dec 11, 2015 |
A round of applause 46 Likes 6 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by babyfaceafrica: 9:08pm On Dec 11, 2015 |
So?...who exchange don help apart from yahoo boys?... 43 Likes 2 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Demmocrats(m): 9:09pm On Dec 11, 2015 |
I don't think that lady is capable of handling that ministry, we need exceptional smart people with track record of managing world class businesses. Nigerian economy is too big for that lady. 78 Likes 6 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by osesology(m): 9:11pm On Dec 11, 2015 |
Why is it always dangling btwn 200 and 300? Why not just stay at 300, so we'll know how permanently weak our currency has become. 18 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by redcap: 9:11pm On Dec 11, 2015 |
Shame on Nigeria.Finally the economy is dead and buried. 72 Likes 2 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by oshyno(m): 9:12pm On Dec 11, 2015 |
We are in deep shiiet. How can Mr president focus only on fighting corruption. Who even told him d recovered money won't be looted by his goons. Our economy is in shambles and the government is not saying anytin to give hope to investors. Wahala dey seriously. 184 Likes 10 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by HzRF(m): 9:12pm On Dec 11, 2015 |
Like the expatriate cares When owanbe parry is going on in Benin Republic #smh Watch how his perpetual career praise singers will say Itz GEJ that should be blamed 155 Likes 10 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by ayemerbarth: 9:13pm On Dec 11, 2015 |
Emefiele and minister of Finance, we're you? 15 Likes 1 Share |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Djicemob: 9:15pm On Dec 11, 2015 |
HzRF: 67 Likes 5 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Feraz(m): 9:15pm On Dec 11, 2015 |
Interesting! I can see people blaming BDC. 4 Likes 1 Share |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Papertrail11(m): 9:15pm On Dec 11, 2015 |
if yu wanna make dollar reduce and help the economy cancel that nonsense called bureau the changi simple...... banks are selln for 199 yu guys are selln for 260 una dey crasee..... every normal person who needs dollar ought to go the bank and easily get it but yu guys create some kind of artificial increase nd help fiance money laundering....and stuff.....if normal pple went to bank an bureau the changi is cancelled pple who do not necessarily need it wont rush to buy it......I dont know if sm1 is feeln me here just d way I see it 121 Likes 8 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Raiders: 9:17pm On Dec 11, 2015 |
HzRF:GEJ is responsibility for all our economic problem. 14 Likes 1 Share |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Papertrail11(m): 9:17pm On Dec 11, 2015 |
bureau the change are the pple sabotaging our naira to go on free fall banks are selln 199 yu guys selln for 260 who born yu........ what is adeosun doing by the wayy 12 Likes 1 Share |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by eaglechild: 9:20pm On Dec 11, 2015 |
And the dullard has absolutely no idea what to do. What a sad situation. Those who shouted change have lost their voices. 114 Likes 6 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by kendrick9(m): 9:21pm On Dec 11, 2015 |
what a failed country nigeria is, the economy is now dead and buried... Worst of all is buhari seems incompetent to man the affairs of this country..... 65 Likes 2 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by MizMyColi(f): 9:30pm On Dec 11, 2015 |
Well, Sai Baba Sai Buhari I hope the broom wavers and sai chanters feel a measure of relief at this news. One wonders if it'll take eternity for the Buhari Led FG to start delivering dividends of good governance to the Nigerian people. 107 Likes 10 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Samirana360(m): 9:32pm On Dec 11, 2015 |
In d bible i read dat a day is lik 1000 years in God's eye....in buhari's administration, i discovered dat N1000 is lik N1 in bubu's eyes....and dat's y he said he's goin 2 make N1 =$1...what he actually mean is N1000 =$1...very soon he wil achieve dat 119 Likes 14 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Eleniyan15: 9:33pm On Dec 11, 2015 |
fvking wailers burea de change outta 5 Likes 3 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Nobody: 9:38pm On Dec 11, 2015 |
I'm loving this change, you all need it! 24 Likes 1 Share |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by PreyingMantis(m): 9:51pm On Dec 11, 2015 |
oshyno: 51 Likes 1 Share
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Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by omogin(f): 9:53pm On Dec 11, 2015 |
President Buhari is in charge 2 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by nnachukz(m): 9:57pm On Dec 11, 2015 |
Naira is still digging deep, we shouldn't shout yet. Dangote said $1 may soon go for N500, that is the target. Lets fold our hands and enjoy this change. 42 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by ifyan(m): 9:58pm On Dec 11, 2015 |
ayemerbarth: Blame Bubu for not presenting his cabinet early for the work to be done. 12 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by Emekamex(m): 9:58pm On Dec 11, 2015 |
I will make 1 naira = 1 dollar -> Buhari 70 Likes 4 Shares
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Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by ifyan(m): 10:01pm On Dec 11, 2015 |
I don't think it's up to this figure because it was sold at N250.00 to N253.00 today. Check it from here http://www.nairausd.com/2015/12/exchange-rate-of-dollar-to-naira11th.html?m=1 Not everything you read on the Internet is true 7 Likes 3 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by dOnLarich: 10:02pm On Dec 11, 2015 |
What if your wife proves you're not the biological father
of your children? You mean when am the one that is what or what are amI saying self .. I actually mean am the one that is not my father 25 Likes 2 Shares |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by ifyan(m): 10:06pm On Dec 11, 2015 |
Papertrail11: You are 70.09999% wrong. Who created BDC at first & who told you that's it BDC that do money laundering the most, my bro if you don't know please make enquiry first before you jump into conclusion. It the bank and black mmarkers that do it the most. 25 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by henryutd(m): 10:07pm On Dec 11, 2015 |
I am feeling the impact here. Don't need to be told. Only tell me when it gets to #300 From Wailers Club of Nigeria (WCN) 40 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by lasisi69: 10:10pm On Dec 11, 2015 |
End time Government 12 Likes |
Re: Naira Finally Crashes To 260 Per Dollar, Its Lowest In 42 Years by MrPresident1: 10:11pm On Dec 11, 2015 |
God bless Nigeria. 5 Likes |
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