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/

Toh

am tired of hearing dis shit

Hmm..... this one done pass change

Sai baba!!!!!


Change yii gara gan o samhay, $$$ now #380 o

hope it won't be N400/$ by tomorrow?

just2okworld:
Sai baba!!!!!


Change yii gara gan o samhay, $$$ now #380 o

Lol

EnterPRO:
hope it won't be N400/$ by tomorrow?

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

valdes00:

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

. .

EnterPRO:



. .

Don't blame me.... This is business... Av been keeping those dollar notes sinx.....

valdes00:

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

Greed
You go wake up tomorrow hear say Na 200

Resurgence:


Greed
You go wake up tomorrow hear say Na 200

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

valdes00:

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

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

Resurgence:



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

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

valdes00:

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

You will say I said so

Resurgence:


You will say I said so

Haaaaaa..... abeg ooo, oya I promise u airtym if u fit help me pray mak he stay up....

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.

valdes00:

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

Resurgence:

You will say I said so

I told you right?

Resurgence:



I told you right?

Lollzzz...... sold sinx.... for 350naira..... I av jus $50 with me.....