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/

ok, only those that transact in dollar will understand that Buhari led CBN policy will do us more harm than good

Are we safe? It's becoming unbearable...Anyway contact me for your online payments & Paypal funds

Am not an economist..

But the acclaimed economists at the helm of affairs should fix this.

If they cant, they should resign honourably

chisos

This is shange, gaskia!

ok

£1 = N430
NB : Small small e go enter £1 = N1000

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!

My God, this is terrible






I

Hmmm. Shey na like this we go dey dey

Conspiring to take it to the advised #500

Chisos!!!

Were is de brainless buhari,he promise to equal naira to doller

still waiting to hit........................

Hmmmmm...it well...may God help this government

ftc?

Msg me to buy bitcoin.... 300 per 1$

With the manner our. Naira de fall, it remembers me of Zimbabwe!!

Jeez!

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....

Chai!

Keep climbing, we dey wait till e reach 1000 naira

GREAT NEWS?? THE WAY NAIRA THE FALL, SOON NAIRA GO DISCOVER OIL

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:
Outcome from 16 years of misrule by PDP

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:
still GEJ fresh air.
and sm pple still wnt us to continue wit the man. I jst nid a change, either fr the same ss, north, sw, se, I dnt care.

Today, this dude is mute

Number 3

stinggy:
Motherland finally bankrupted
And every now and then you'll see NOI blabbing and quoting bizarre figures. Walahi, we've been sold for pittance.
GEJ is really fulfilling his destiny - To bankrupt and balkanize Nigeria. It will only get worse!

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:
Phools..
And they come online screaming " GEJ till eternity "...
Gullible idiats..

Well, we now hear "FeBuhari". Nothing's still changed.

Number 5

twosquare:
if it goes on like this, i bet it will hit 200 to a dollar.

It's 313 now nigga. How about that?

bedspread:
With the manner our. Naira de fall, it remembers(reminds) me of Zimbabwe!!

ur english teacher no try end times .

Let's not panic yet. It's quite certain it will get to N1,000 by the end of the year

na soo

https://www.nairaland.com/2924977/singer-seyi-shay-bleaching-legs
See how seyi shay dae bleach, check that link

Nawao

GOD!


Naija is finished

Oluwa please see your children through


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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!