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Nairaland Forum / Nairaland / General / Business / Naira Drops To 313.5 As Dollar Shortage Persists (21064 Views)
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Naira Drops To 313.5 As Dollar Shortage Persists by tolexy007(m): 11:15am On Feb 10, 2016 |
The naira dropped further to 313.5 against the United States dollar at the parallel market on Tuesday as shortage of foreign exchange, especially the greenback, persists in the forex markets. The local currency had traded for 310 to a dollar on Monday. On Tuesday, the naira closed at 199.40 to the dollar on the interbank market, according to Reuters, around the peg rate of 197 to the dollar. This came just as the interbank lending rate rose to two per cent from one per cent on Monday, after the Central Bank of Nigeria had directed commercial banks to fund their naira accounts ahead of its intervention in the forex market on Thursday. The overnight lending rates jumped by 100 basis points as the movement of naira cash for forex purchases drained liquidity in the financial market. The CBN intervenes once a week at the interbank forex market to provide dollar liquidity for some eligible importers. The naira had plummeted against the dollar last month after the CBN banned dollar sales to Bureau De Change outlets and later stopped daily sales to the interbank market. The measures were aimed at conserving the nation’s external reserves, which have hit an 11-year low at $28bn. “The overnight rate went up today to three per cent in the early trade but declined to two per cent after some banks funded their forex accounts,” one dealer said. The interbank rate mirrors the level of naira liquidity in the banking system. Traders said commercial lenders’ credit balance with the central bank opened at N978bn ($4.94bn) on Tuesday before the bank called for the funding for forex purchases. The central bank requires banks to fund their forex account 48 hours in advance of its intervention. http://www.punchng.com/naira-drops-to-313-5-as-dollar-shortage-persists/ 1 Like 1 Share
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Re: Naira Drops To 313.5 As Dollar Shortage Persists by godoluwa(m): 11:19am On Feb 10, 2016 |
ok, only those that transact in dollar will understand that Buhari led CBN policy will do us more harm than good 19 Likes 1 Share |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by justi4jesu(f): 11:52am On Feb 10, 2016 |
![]() ![]() ![]() 30 Likes 2 Shares |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by tolexy007(m): 11:52am On Feb 10, 2016 |
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Re: Naira Drops To 313.5 As Dollar Shortage Persists by sapientia(m): 11:52am On Feb 10, 2016 |
Am not an economist.. But the acclaimed economists at the helm of affairs should fix this. If they cant, they should resign honourably 48 Likes 1 Share |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Nienie(f): 11:52am On Feb 10, 2016 |
chisos 4 Likes |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Sijo01(f): 11:52am On Feb 10, 2016 |
This is shange, gaskia! 34 Likes 1 Share |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by DONSMITH123(m): 11:52am On Feb 10, 2016 |
ok |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Lexusgs430: 11:52am On Feb 10, 2016 |
£1 = N430 NB : Small small e go enter £1 = N1000 22 Likes 1 Share |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Know2020: 11:53am On Feb 10, 2016 |
This country is finished! Let me see the twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's 313. WTF? GEJ inherited naira to dollar from Yaradua at 165, it stayed at this rate +/-15 for 4 yrs, it was only towards the end of 2014 that we began to see fall in naira largely caused by those who are bent on sabotaging his achievements to make sure he doesn't get re-elected. Compare dollar to naira lost in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-313 in barely 6 months? This is disastrous...an invitation to anarchy. Same goes for fuel scarcity, there was never a fuel scarcity under GEJ except for his last few months in office, again largely perpetrated by the same very savages who are bent on making sure he never got re-elected. You noticed how yorubas are quiet all of a sudden? Because their sister Kemi Adeosun is at the helm of the finance. Had this drastic dollar free fall happened under Iweala? Oh lord...they will be calling for her head not even resignation. They are already making excuses for Fashola to downplay the expectations on him...see 3rd topic now on front page. Hypocrites! 144 Likes 11 Shares |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by daywalker02: 11:53am On Feb 10, 2016 |
My God, this is terrible I 4 Likes 1 Share |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Nobody: 11:53am On Feb 10, 2016 |
Hmmm. Shey na like this we go dey dey 5 Likes |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by missionmex(m): 11:53am On Feb 10, 2016 |
Conspiring to take it to the advised #500 4 Likes 1 Share |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by herboshedhe(f): 11:53am On Feb 10, 2016 |
Chisos!!! ![]() |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by sun4mama(m): 11:54am On Feb 10, 2016 |
Were is de brainless buhari,he promise to equal naira to doller 30 Likes 1 Share |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by eliwa47(m): 11:54am On Feb 10, 2016 |
still waiting to hit........................ |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by joshing(m): 11:54am On Feb 10, 2016 |
Hmmmmm...it well...may God help this government 1 Like |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by PAAD: 11:55am On Feb 10, 2016 |
ftc? ![]() |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by bodyloveghetto(m): 11:55am On Feb 10, 2016 |
Msg me to buy bitcoin.... 300 per 1$ ![]() |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by bedspread: 11:55am On Feb 10, 2016 |
With the manner our. Naira de fall, it remembers me of Zimbabwe!! 13 Likes 1 Share |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by wristbangle: 11:55am On Feb 10, 2016 |
Jeez! ![]() |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by anigbajumo(m): 11:56am On Feb 10, 2016 |
This is gradually moving from bad to worse, my dad has been in Germany some weeks to buy new trucks as usual, he called me on Sunday that it is a big problem coz it is too expensive Dan what he speculate..dollar don rise again I swear am in deep poo coz this thin don dey hit my backbone..... Imagine a truck of 6.5 million before as at beginning of 2015 nw over 9million,dollar still don increase again now .... I swear ah don dey regret this change coz this is not my thoughts b4 I vote... U doubt me as an APC supporter check my post and punch out where I supported PDP.... 29 Likes 1 Share |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Okijajuju1(m): 11:56am On Feb 10, 2016 |
Chai! |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by loomer: 11:56am On Feb 10, 2016 |
Keep climbing, we dey wait till e reach 1000 naira 7 Likes 1 Share |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by OZAOEKPE(f): 11:57am On Feb 10, 2016 |
GREAT NEWS ![]() ![]() ![]() ![]() 22 Likes 2 Shares |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Kenai: 11:57am On Feb 10, 2016 |
Now that the Naira is 313 per dollar, I'd like to refresh your memories with some of the hypocritical comments made by the former "activists", better known today, as Buharists... ![]() I'll be focusing on some posts made on this thread created during GEJ's tenure titled "Naira Now 172 To A Dollar. Why?" Number 1 MyMouth:My broda, it took all of 16 Years for Naira to fall to 172 under PDP, but JUST 8 months to fall to 313 (141 steps!) under APC. Choi! In that case, God only knows how many wheelbarrows of money we'll be needing to buy a sachet of Milo after 16 years of APC. Number 2 jcflex:Today, this dude is mute Number 3 stinggy:Bros, how far naa? GEJ has left oh. Now we have the Budget of Yams... But wait, did NOI cause this one too? Number 4 Oyeneku3:Well, we now hear "FeBuhari". Nothing's still changed. Number 5 twosquare:It's 313 now nigga. How about that? ![]() 63 Likes 8 Shares |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by ednut1(m): 11:57am On Feb 10, 2016 |
bedspread:ur english teacher no try ![]() ![]() 9 Likes |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by surestakes: 11:59am On Feb 10, 2016 |
Let's not panic yet. It's quite certain it will get to N1,000 by the end of the year ![]() 5 Likes |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by CELEBOLOFOFO(f): 11:59am On Feb 10, 2016 |
na soo https://www.nairaland.com/2924977/singer-seyi-shay-bleaching-legs See how seyi shay dae bleach, check that link |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by Kaylexzy(m): 12:00pm On Feb 10, 2016 |
Nawao ![]() 1 Like |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by donlarbito(m): 12:00pm On Feb 10, 2016 |
GOD! Naija is finished Oluwa please see your children through For your laundry and dry cleaning services Please, call 07035665581/08181628370/08088945750 Home and office services inclusive Thanks as you patronize us 2 Likes |
Re: Naira Drops To 313.5 As Dollar Shortage Persists by GetOvaMe: 12:00pm On Feb 10, 2016 |
When Buhari is through with Nigeria, there will be no use stealing the naira; as it will have no value! President Buhari is, Indeed, winning the anti-corruption war. Sai Baba! 41 Likes 2 Shares |
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