Naira Tumbles To 391/dollar - Business - Nairaland
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Naira Tumbles To 503 On Parallel Market / Naira Tumbles To 490 As Dollar Shortage Continues / Naira Tumbles To 360 As Dollar Supply Dries Up (2) (3) (4)
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| Naira Tumbles To 391/dollar by OKDnigeria: 11:23pm On Feb 18, 2016 |
The naira tumbled further significantly at the
parallel market on Thursday, hitting 391 against
the dollar as foreign exchange scarcity continues
to batter the economy of Africa’s largest oil
exporter.
The currency has entered a free-fall mode against
the dollar at the black market, having lost 26 per
cent of its value in less than two weeks.
The naira had exchange for one dollar at 372 on
the streets of Lagos, Abuja and other major cities
on Wednesday.
The local currency, which closed at 310 against
the greenback last Monday, has been falling
consistently and significantly in the past 11 days.
Forex dealers and financial experts linked the
persistent fall of the naira to panic buying of the
dollar and other major hard currencies by
importers, individuals and businessmen.
Bureaux De Change operators in Marina, Ikeja and
Apapa and Abuja told our correspondent on
Thursday that there were no signs yet that the
rising demand for forex especially. www.punchng.com/naira-slumps-391dollar/ 1 Like 2 Shares |
| Re: Naira Tumbles To 391/dollar by Toybreezy: 11:27pm On Feb 18, 2016 |
1000 to $1 dollar in sight! 70 Likes 6 Shares |
| Re: Naira Tumbles To 391/dollar by vkon2(m): 11:32pm On Feb 18, 2016 |
$1 to #1 Buhari how market 138 Likes 11 Shares |
| Re: Naira Tumbles To 391/dollar by jerryunit48: 11:36pm On Feb 18, 2016 |
I think say some people say dem no go devalue Naira , now na crash down self I dey see 6 Likes |
| Re: Naira Tumbles To 391/dollar by Flexherbal(m): 11:38pm On Feb 18, 2016 |
Dollar does not affect the price of my herbal product. It is still aFfordable. 58 Likes 3 Shares |
| Re: Naira Tumbles To 391/dollar by Adesiji77: 11:39pm On Feb 18, 2016 |
*modified Going, going, gone... Cc: lalasticlala, dominique, Mynd44 17 Likes 1 Share
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| Re: Naira Tumbles To 391/dollar by Validated: 11:42pm On Feb 18, 2016 |
Not sure if the President is aware of this. Anyway, I am planning on landing in April. Perhaps it would have hit N750 projected rate. That would mean my $$ is going to be a lot of cash!!! Next time when you hear change, you will prompted, what type of change!!! 94 Likes 7 Shares |
| Re: Naira Tumbles To 391/dollar by urboy1: 11:44pm On Feb 18, 2016 |
Adesiji77: 15 Likes 3 Shares
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| Re: Naira Tumbles To 391/dollar by Bishops10(m): 11:46pm On Feb 18, 2016 |
Bring back Goodluck Jonathan 160 Likes 9 Shares |
| Re: Naira Tumbles To 391/dollar by Nobody: 11:50pm On Feb 18, 2016 |
But on a serious note like play like play dis tin go enter 500 oooo.jesus christ buhari don finish dis country.blame GEJ and fill the wrath of the devil.they said GEJ was bad but we weren't suffering this much.we still bought derica of rice for 150 but now its almost 300.if we the middle class is complainin,if we that hav jobs that they pay us small money complaines,wat of the poor,wat of those that don't have jobs.yeye president.this is wat happens wen people foolishly nd blindly elect an illiterates that called his VP OSINBADE. 88 Likes 5 Shares |
| Re: Naira Tumbles To 391/dollar by Richardonald(m): 11:54pm On Feb 18, 2016 |
Just keep tumbling when u reach the amount at which a dollar wil buy a car in naira then stop... 16 Likes 1 Share |
| Re: Naira Tumbles To 391/dollar by ENDTIMELIFE: 12:04am On Feb 19, 2016 |
Chai Apc don finish naija. we enter one chance true true    plz where's oga Jona ?  82 Likes 1 Share
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| Re: Naira Tumbles To 391/dollar by joshing(m): 12:13am On Feb 19, 2016 |
Ds tin wan dy lyk dream...after all 'loot recovery'  1 Like |
| Re: Naira Tumbles To 391/dollar by stevecantrell: 12:20am On Feb 19, 2016 |
Is this really for real ? 8 Likes |
| Re: Naira Tumbles To 391/dollar by Brilliance9000: 12:23am On Feb 19, 2016 |
This country is finished! Let me see the hypocritical twit that will invoke GEJ. GEJ left office with naira to dollar at 210 and today it's almost 400 naira. 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 loss in value under GEJ from 165 to 210 within 4-5 yrs span...that's very reasonable. However under Buhari from 210-400 in barely 8 months? This is disastrous...an invitation to anarchy. Did you guys noticed that under Jonathan when naira depreciates, it appreciates back within few days. But under Buhar...it only depreciates. Don't forget that Obasanjo and Jonathan had strong, powerful economic team...this administration has zero. Very disorganized government! Emefiele resign honorably and let them run Nigeria like a private cattle ranch in Duara...everything to them is about tribalism. Keep blaming GEJ and oil price until dollar hits 1000 Naira by July by the rate Naira is falling. 190 Likes 13 Shares |
| Re: Naira Tumbles To 391/dollar by oyinkinola: 2:33am On Feb 19, 2016 |
OKDnigeria: [b]....there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike! But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152! imagine if $1=₦1000, the gain is ₦902! So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$. (take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed) you have other opinion?[/b] 12 Likes 2 Shares |
| Re: Naira Tumbles To 391/dollar by Wizprodigy: 2:42am On Feb 19, 2016 |
It's now 400 to a dollar. By next week tuesday 500 naira should have been achieved. Naira keeps reminding me of one nursery rhymes tagged "London Bridge". 33 Likes |
| Re: Naira Tumbles To 391/dollar by oyinkinola: 2:52am On Feb 19, 2016 |
[s] Wizprodigy:[/s] [b]....there are very many commentary on depreciation of ₦ nowadays expecially in parallel market, although parallel or black market can be manipulated by the traders, they either do it on their self interest, so those who doesn't beleive in the prosperity of nigeria can harbour $ as they can on imported goods hereby cause hike! But in my own point of view the depreciation of ₦ is a great success to this nation if well manage to nigeria situation today. the looted fund is in $ and it must be refunded back in $, so if $1 is ₦198 when the money is looted, then if the money is refund today at $1 to ₦350 the nation has gained ₦152! imagine if $1=₦1000, the gain is ₦902! So in conclusion if the government managed to refund the $trillion looted and the refunded money, change it in parallel market, this will reduce the pressure on ₦ and the scarcity of $ in parallel market so the ₦=$. (take note all the money took out of CBN during jonathan regime were changed in parallel market before ditributed) you have other opinion?[/b] 1 Like 1 Share |
| Re: Naira Tumbles To 391/dollar by RichYoungNigger(m): 4:03am On Feb 19, 2016 |
Thank you lord. I always dream of buying a mansion in Nigeria before the age of 25. Imagine coming to Nigeria with only $10,000. that should be around 5 million. I hope it keeps going down. 41 Likes 3 Shares
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| Re: Naira Tumbles To 391/dollar by richardjemedafe1(m): 4:03am On Feb 19, 2016 |
“There is inflation in all spheres of the economy and Nigerias are indeed groaning. Business men and women can no longer import goods due to the fall in naira. It has reduced the purchasing power of citizens abroad. “Nigerians can no longer go on holidays abroad, the sick can no longer travel for treatments, and students who school cannot afford to pay their school fees. “Investors are not willing to come into the country because the fall in naira keeps reducing the value of their holdings.” its to early to complain.. Lets all enjoy the CHANGE WHILE IT LAST..... During the last election i advice my son who is 18 year old to vote for GEJ BUT HE RESISTED. Saying he want 'change'. Yesterday he was informing me that their busery(school fees) has incresed from 35k to 48k.. I should give hIM money TO GO AND PAY.... (i almost disown him.)for asking me money instead of his political father (PMB)whom has not paid me for the past 3months now. 117 Likes 11 Shares |
| Re: Naira Tumbles To 391/dollar by Nobody: 4:03am On Feb 19, 2016 |
Great |
| Re: Naira Tumbles To 391/dollar by steph2sweet(f): 4:03am On Feb 19, 2016 |
Chei, which way Nigerians, our leaders have failed us. 1 Like 1 Share |
| Re: Naira Tumbles To 391/dollar by lielbree: 4:05am On Feb 19, 2016 |
Still blaming Gej? Buhari is a curse to Nigeria 30 Likes |
| Re: Naira Tumbles To 391/dollar by RichYoungNigger(m): 4:06am On Feb 19, 2016 |
It will affect some people but not Nigerians living in the U.S This is what we pray for. I love Buhari so much. I wish he will be the president for 60 years 16 Likes
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| Re: Naira Tumbles To 391/dollar by kilokeys(m): 4:09am On Feb 19, 2016 |
Ajala travel all over the world He travel he travel. Where is his O level. Blinded by sentiment and nepotism we opted for someone our fathers warned us about. What has the old man close to his grave got to lose? Nothing... He laughs at u guys at night 38 Likes 1 Share
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| Re: Naira Tumbles To 391/dollar by eleojo23: 4:10am On Feb 19, 2016 |
Buhari doesn't care about all this. He's busy drawing up a list of countries he will visit next. 69 Likes 2 Shares
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| Re: Naira Tumbles To 391/dollar by Nobody: 4:11am On Feb 19, 2016 |
“it is worrisome that President Buhari does not have any economic team and there is no policy direction yet, despite spending close to nine months in office.” 29 Likes 1 Share |
| Re: Naira Tumbles To 391/dollar by ayobase(m): 4:11am On Feb 19, 2016 |
lolz@tumbles What about somersaulting. But I pray it backflips very soon to where it started tumbling from. And Nigerians have been taking advantage of Nigerians due to this Dollar crisis. Even the price of local goods that have no association with Dollar are being inflated. And salaries and wages are not inflated. Some Nigerians are much worse than the government. My brothers and sisters, economy hard o. 15 Likes 1 Share |
| Re: Naira Tumbles To 391/dollar by Nobody: 4:11am On Feb 19, 2016 |
Chei  This has a serious adverse effect on business men that engage in importation. Somebody should wake Buhari from his slumber  17 Likes 1 Share |
| Re: Naira Tumbles To 391/dollar by Pavore9: 4:12am On Feb 19, 2016 |
It still favours some people. 7 Likes 1 Share |
| Re: Naira Tumbles To 391/dollar by Nobody: 4:13am On Feb 19, 2016 |
Inflation may hit naija soon like a tsunami... 8 Likes |
| Re: Naira Tumbles To 391/dollar by cirmuell(m): 4:13am On Feb 19, 2016 |
  e don red. |
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