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Nairaland Forum / Nairaland / General / Business / Naira Falls To N345/$ In Parallel Market (21052 Views)
Unbelievable!!! Naira Falls To N485/$1, N600/£1 / Naira Falls Against US Dollar / Naira Falls To N370 Per Dollar (2) (3) (4)
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Naira Falls To N345/$ In Parallel Market by Firefire(m): 5:25am On Feb 16, 2016 |
Naira Falls To N345/$ In Parallel Market - Vanguard Naira plunges to record low of 345/dollar - Punch By Babajide Komolafe LAGOS — The naira, yesterday, suffered its biggest daily depreciation against the dollar as it exchanged for N345 to a dollar in the parallel market. This represents N20 depreciation when compared with the closing exchange rate of N325 per dollar in the market on Friday. But the naira was relatively stable at the official interbank foreign exchange market as the interbank rate stood at N197.47 per dollar at the close of business, yesterday. The naira also depreciated by N45 against the British pound as the parallel market exchange rate rose to N485 per pound, yesterday, from N340 on Friday. Bureaux de Change sources, who confirmed the development to Vanguard, attributed the sharp depreciation to persistent scarcity of the dollar and pound sterling in the market. According to an Abuja-based BDC operator, who spoke on condition of anonymity, “the market is experiencing huge demand for dollars but there is no supply. Even those who have dollars are not willing to sell. The way things are going, the rate might reach N350 per dollar before it stabilises.” This development widened the gap between the interbank rate and the parallel market rate to N147.53 per dollar from N127.53 per dollar last week. The naira has been on steady decline since January 12, 2016, when the Central Bank of Nigeria, CBN, stopped weekly dollar sale to BDCs. Prior to this action, the naira traded at N265 per dollar in the parallel market. Consequently, the naira has depreciated by N80 in the parallel market since the CBN took the action. The steady depreciation was also aggravated by inability of the CBN to meet foreign exchange demand. Vanguard investigations reveal that the parallel market is being bedevilled by demand for foreign exchange from importers of the 41 items excluded from the official market by CBN last year as well as importers of items not excluded from the official market. http://www.vanguardngr.com/2016/02/naira-falls-to-n345-in-parallel-market-2/ 3 Likes 2 Shares
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Re: Naira Falls To N345/$ In Parallel Market by Firefire(m): 5:25am On Feb 16, 2016 |
![]() ![]() The suffering is real. Who are the people sabotaging this country ![]() 'Oil Cabals' or 'Budget Mafias' ? Who shall deliver Nigeria ? 35 Likes 5 Shares
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Re: Naira Falls To N345/$ In Parallel Market by nnachukz(m): 5:32am On Feb 16, 2016 |
I will make $1=N1. The zombies jumped up, they never cared to ask for the multiplier. Today it is clear the man meant $1=N1*10^3. or even more. 85 Likes 3 Shares |
Re: Naira Falls To N345/$ In Parallel Market by iamodenigbo1(m): 5:36am On Feb 16, 2016 |
The way Naira is falling, it will soon .......... 8 Likes 1 Share |
Re: Naira Falls To N345/$ In Parallel Market by meezynetwork(m): 5:36am On Feb 16, 2016 |
This is getting serious. |
Re: Naira Falls To N345/$ In Parallel Market by raker300: 5:40am On Feb 16, 2016 |
Hahahahahahahahahahahahahahahahahaha It's not yet serious nah...When it gets to #1000=1$ that's only when we'll take it serious Nigerians always take things serious when it gets bad. Boko haram, indebtedness etc these are things that would have been avoided. Now we're going after igbos, Niger Deltans, fulani herdsmen etc 37 Likes 1 Share |
Re: Naira Falls To N345/$ In Parallel Market by Firefire(m): 5:44am On Feb 16, 2016 |
meezynetwork: My brother, 'getting serious' is an understatement, is now becoming life-threatening... Where is the Nigerian Messiah in this terrible economic recession? ![]() 29 Likes |
Re: Naira Falls To N345/$ In Parallel Market by Firefire(m): 5:47am On Feb 16, 2016 |
raker300: ![]() ![]() 27 Likes 2 Shares |
Re: Naira Falls To N345/$ In Parallel Market by tuniski: 5:56am On Feb 16, 2016 |
It is the effect of body language! Sai chanji sai dollar. 6 Likes 2 Shares |
Re: Naira Falls To N345/$ In Parallel Market by jay2pee(m): 5:59am On Feb 16, 2016 |
We have great economists in this country who can bring out policies to revive this country's economic dwindling, but the problem is that those at the top will not grant them the opportunity 30 Likes 1 Share |
Re: Naira Falls To N345/$ In Parallel Market by ZKOSOSO(m): 6:01am On Feb 16, 2016 |
NEPA BILL Certificate @ work! Enjoy ya Chanjiii in Peace!! Shhhhhhhhh! 56 Likes 2 Shares |
Re: Naira Falls To N345/$ In Parallel Market by SolexxBarry(m): 6:05am On Feb 16, 2016 |
This is getting out of hand ![]() 3 Likes |
Re: Naira Falls To N345/$ In Parallel Market by tunwumi: 6:08am On Feb 16, 2016 |
Naira is overated as we have neglected other means of forex since advent of oil 3 Likes |
Re: Naira Falls To N345/$ In Parallel Market by Kaxmytex(m): 6:08am On Feb 16, 2016 |
our naira jux dey go down as if say Im wan go mine crude oil 8 Likes |
Re: Naira Falls To N345/$ In Parallel Market by austin2all: 6:08am On Feb 16, 2016 |
Where are the change charters! Incase you must know, there's yet no clear cut policy or action in place to reverse this soon, so that means we are in for shit ride, for a verrrry long time. No one can import again. Those who used to import 20 containers a week can't even proudly import 2 and soon 0. Soon crime and lawlessness go increase. Wetin kwonsen me! ![]() 34 Likes 1 Share |
Re: Naira Falls To N345/$ In Parallel Market by kahal29: 6:09am On Feb 16, 2016 |
jay2pee: They are but we must help ourselves. 24 Likes 4 Shares
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Re: Naira Falls To N345/$ In Parallel Market by onatisi(m): 6:13am On Feb 16, 2016 |
Kaxmytex:Buhari will print more naira notes .just wait and see 5 Likes |
Re: Naira Falls To N345/$ In Parallel Market by Firefire(m): 6:15am On Feb 16, 2016 |
kahal29: What of the manufacturing industries who could not source their raw materials locally ? What happens to the employees of those companies? Many of such companies are already closing down and leaving Nigeria in droves. 8 Likes |
Re: Naira Falls To N345/$ In Parallel Market by 989900: 6:16am On Feb 16, 2016 |
They make you blame yourselves for their failures. 1. If demand and supply basically control the exchange rate, why is it that, despite the reduction in foreign expenditure from our Nigerian bank accounts from $3,000 daily to averagely $300/day has had no effect in curbing the 'unabated-downward-spiral' of the Naira? https://www.nairaland.com/2914056/naira-10-questions-gov-emefiele 17 Likes 3 Shares |
Re: Naira Falls To N345/$ In Parallel Market by Firefire(m): 6:16am On Feb 16, 2016 |
onatisi: That will be a suicide mission for Nigeria if Buhary toe that clueless path. Btw: Naira is not our problem but USD. Maybe he should kuku ma print more dollar as a dullard ? ![]() 28 Likes |
Re: Naira Falls To N345/$ In Parallel Market by Firefire(m): 6:22am On Feb 16, 2016 |
austin2all: The state of anarchy to be seen would be unprecedented in the history of Niger Are called Nigeria. The earlier this government take the bull by the horns, the better for Nigeria and Nigerians. God, please deliver your people. 3 Likes |
Re: Naira Falls To N345/$ In Parallel Market by onatisi(m): 6:23am On Feb 16, 2016 |
Firefire:The plan is already on. Have i predicted one thing about this government and missed ? Read through all my predictions about buhari even before he won the elections and after .Just wait and see . You will later realize how right I was . |
Re: Naira Falls To N345/$ In Parallel Market by raker300: 6:24am On Feb 16, 2016 |
Firefire:what's my business? Am I the one that voted in the nepa bill certificate holder? Even his followers can't even call him on this yet you want people to pray for nigeria?..heaven helps those that help themselves As far as anambra, Enugu, Abia, ebonyi are doing well, I am fine...Nothing concerns me with nigerians. 39 Likes 2 Shares |
Re: Naira Falls To N345/$ In Parallel Market by mrjangaweed: 6:28am On Feb 16, 2016 |
killing Buhari psychologically and emotionally is a task everyone should embark on if you still want a better tomorrow ![]() quote me anywhere ![]() 29 Likes |
Re: Naira Falls To N345/$ In Parallel Market by Firefire(m): 6:29am On Feb 16, 2016 |
raker300: My brother, how can those mentioned states do well in the face of national economic recession? Maybe you don't know, your brothers importing spare parts are not finding it funny at all, likewise all manufacturing industries who could not yet source their raw material locally. I agree you and I did not support the 'NEPA bill certificate holder', but for the sake of our dear country, let us come to reason together on the way forward and offer constructive criticism in this aspect. Or do you have another country ? 33 Likes 3 Shares |
Re: Naira Falls To N345/$ In Parallel Market by kolnel: 6:32am On Feb 16, 2016 |
It's just for the mean time I don't know about the parallel rate cos I don't need it and so lots of others Lots of companies are moving here to naija already Virony is building in Ogun state right now because lots of potentials for them here We can't keep importing everything from hdf boards to toothpick and expect our economy to grow 5 Likes |
Re: Naira Falls To N345/$ In Parallel Market by 989900: 6:33am On Feb 16, 2016 |
mrjangaweed: . . . further reason why 'janga.weed' is not for everybody. ![]() 7 Likes |
Re: Naira Falls To N345/$ In Parallel Market by Montaque(m): 6:33am On Feb 16, 2016 |
Special economic period |
Re: Naira Falls To N345/$ In Parallel Market by kahal29: 6:43am On Feb 16, 2016 |
Firefire: Those are the ones who actually need the dollars to import raw materials and other capital goods for further production but the problem we have at hand is that too many people are demanding for the dollars to import rubbish (toothpick, foreign nails/hairs, palm oil etc) into this country thereby mounting pressure on the exchange rate because the demand for forex exceeds its supply making the price to go up. Supply cannot meet the demand for forex because of our mono product economy. We only export oil and nothing more and that is the only source of our foreign exchange since we don't print dollars. The only way we can earn it is through exports and when we have limited things to export or export only crude/unfinished products then it negatively affects our supply of forex. The economic principle is very simple - What you earn through exports (supply side) that you will give out through imports (demand side). So when you don't have supply to match your increasing demand then you will have the situation we are facing today. Until we change our import orientation mentality, reduce our unhealthy consumption patterns of foreign made goods substitute it with local ones then we are going no where. Why would a shoe made and produced in Aba carry Italian sticker just for it to be sold to the public? Why can't a law be made for every government to only drive Innoson veichle? See....... It is only the consumption of local made goods that can stimulate its production thereby increasing investment and these investments will create chains of businesses that will create jobs and these jobs will in turn drive and away poverty. 16 Likes |
Re: Naira Falls To N345/$ In Parallel Market by peacengine(m): 6:43am On Feb 16, 2016 |
See how the giant of Africa is falling... Because of politics. It doesn't matter if the man got F9 in Economics, as long as he's from the North, they say it is their turn. No need complaining 22 Likes |
Re: Naira Falls To N345/$ In Parallel Market by dokiOloye(m): 6:45am On Feb 16, 2016 |
I dreamt where d dollar got to 700naira and d old cow man raised up his hands and said he's done,handed over Osunbade and headed to Daura to tend to his cows ![]() 32 Likes |
Re: Naira Falls To N345/$ In Parallel Market by takuradua: 6:46am On Feb 16, 2016 |
dokiOloye: 1 Like
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