Stats: 3,190,600 members, 7,941,304 topics. Date: Thursday, 05 September 2024 at 11:13 PM |
Nairaland Forum / Nairaland / General / Business / Naira Continues Free Fall, Now N370/$ (1048 Views)
Dollar Free Fall Continues, Sells At N425/dollar / I Received N740 Thousand Naira In My Bank Account Instead Of N370 Thousand Naira / Naira Falls To N370 Per Dollar (2) (3) (4)
Naira Continues Free Fall, Now N370/$ by MeanChris(m): 10:55am On May 14, 2016 |
By Babajide Komolafe. The sharp depreciation of the naira in the parallel market triggered by the deregulation of petrol importation continued yesterday, with the naira depreciating to N370 per dollar. The Petroleum Products Pricing Regulatory Agency, PPPRA on Wednesday said that, with the deregulation of petrol importation, importers will henceforth be permitted to source for their foreign exchange requirements from secondary sources. This triggered speculation and increased demand for the dollars in the parallel market on Thursday, halting the two-month exchange rate stability in the market. On Thursday the naira lost N7 naira to the dollar, as the exchange rate rose sharply to N334 per dollar from N320 per dollar. This persisted yesterday with the parallel market exchange rate rising to N370 per dollar, indicating N50 depreciation of the naira in two days. Saturday Vanguard investigation revealed that the sharp depreciation was driven by two factors, increased demand for dollars and hoarding in anticipation of further depreciation of the naira. According to a BDC operator who spoke to Saturday Vanguard on condition of anonymity, “With the exchange rate going up, those who have dollars don’t want to sell, expecting the rate to rise further so as to maximise their returns.” Recall that the naira depreciated to N400 per dollar in February in the parallel market before retreating to N320 by the end of the month due to declining demand by importers. Those who had bought dollars when the rate was high and used it to import were having difficulty selling their goods, hence those who are still importing have reduced. But the announcement yesterday has changed the whole thing. More demand for dollars for petrol importation is expected in the market; meanwhile, there is no supply of dollar. Some people with dollar, especially those who bought when the exchange rate was high, feel the rate is too low for them to sell, hence they are withholding their dollars, waiting for the rate to go higher.” Read more at: http://www.vanguardngr.com/2016/05/naira-continues-free-fall-now-n370/ |
Re: Naira Continues Free Fall, Now N370/$ by rawtouch: 11:09am On May 14, 2016 |
Toh |
Re: Naira Continues Free Fall, Now N370/$ by Nobody: 11:10am On May 14, 2016 |
am tired of hearing dis shit |
Re: Naira Continues Free Fall, Now N370/$ by kennyman2000(m): 12:36pm On May 14, 2016 |
Hmm..... this one done pass change |
Re: Naira Continues Free Fall, Now N370/$ by just2okworld(f): 8:24pm On May 14, 2016 |
Sai baba!!!!! Change yii gara gan o samhay, $$$ now #380 o |
Re: Naira Continues Free Fall, Now N370/$ by EnterPRO: 12:03am On May 15, 2016 |
hope it won't be N400/$ by tomorrow? |
Re: Naira Continues Free Fall, Now N370/$ by samhay: 3:11am On May 15, 2016 |
just2okworld: Lol 1 Like |
Re: Naira Continues Free Fall, Now N370/$ by valdes00(m): 9:02am On May 15, 2016 |
EnterPRO:Na that wan gan gan me dey wait for.... I gt $500 wey I wan change. .. mak I still dey look where he go rise reach |
Re: Naira Continues Free Fall, Now N370/$ by EnterPRO: 9:10am On May 15, 2016 |
valdes00: ![]() ![]() ![]() |
Re: Naira Continues Free Fall, Now N370/$ by valdes00(m): 9:13am On May 15, 2016 |
EnterPRO:Don't blame me.... This is business... Av been keeping those dollar notes sinx..... |
Re: Naira Continues Free Fall, Now N370/$ by Nobody: 9:24am On May 15, 2016 |
valdes00: Greed ![]() You go wake up tomorrow hear say Na 200 ![]() |
Re: Naira Continues Free Fall, Now N370/$ by valdes00(m): 9:27am On May 15, 2016 |
Resurgence:Haa aunty why na... u knw me bfor, or shey I look like person wey don hurt u in the past... he no good oo, wey I jus get anoda $100 xtady... I dey wait till he reach #450/$1 1 Like |
Re: Naira Continues Free Fall, Now N370/$ by Nobody: 9:29am On May 15, 2016 |
valdes00: ![]() ![]() Your own too much. If dollar pass 400 for black market be very afraid. Because CBN will intervene. Sell your dollar tomorrow before you regret it ![]() |
Re: Naira Continues Free Fall, Now N370/$ by valdes00(m): 9:32am On May 15, 2016 |
Resurgence:I Neva wan sell am now, no worry he go still dey up... I dey expect more $ from my boss this week... I dey exchange for am #300/$1. .... jus help me pray mak he still dey up.. owode onirin |
Re: Naira Continues Free Fall, Now N370/$ by Nobody: 9:34am On May 15, 2016 |
valdes00: You will say I said so |
Re: Naira Continues Free Fall, Now N370/$ by valdes00(m): 9:41am On May 15, 2016 |
Resurgence:Haaaaaa..... abeg ooo, oya I promise u airtym if u fit help me pray mak he stay up.... |
Re: Naira Continues Free Fall, Now N370/$ by afanide: 12:01pm On May 15, 2016 |
This man should go seek some Financial advice from 'Emir of Kanu' Sanusi OR Formal CBN Governor 'Charles Soludo' and NOT that his Uncle. This is a very sensitive sector of the Economy and shouldn't be built on Family affair. |
Re: Naira Continues Free Fall, Now N370/$ by Nobody: 8:08am On May 24, 2016 |
valdes00: Resurgence: I told you right? |
Re: Naira Continues Free Fall, Now N370/$ by valdes00(m): 8:15am On May 24, 2016 |
Resurgence:Lollzzz...... sold sinx.... for 350naira..... I av jus $50 with me..... |
(1) (Reply)
Earn 30% On Your Extra Money / Business To Start With 1M That Would Yield Great Profit / Please Explain What A Statement Of Share Capital Is & How It Applies To Partners
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 24 |