Naira crashes to 516 as dollar scarcity widens
Published February 17, 2017
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by Taboola
Oyetunji Abioye


The naira appears to have entered a free fall mode with the local currency selling for 516 per United States dollar on the streets of Lagos on Thursday .


The naira plummeted at the parallel market from 510 /dollar on Wednesday to 516/ dollar on Thursday .


Currency dealers on the streets of Lagos Island sold the greenback at 516 and bought same for 513. In Egbeda , a major black market centre in Lagos , the naira was sold for 516 and bought at 510. At the Murtala Muhammed International Airport, Lagos , the dollar was bought on the parallel market for 516 and sold at 513.


On Wednesday , the local currency had closed at 507 against the greenback as acute dollar shortage continued to weigh on the currency market.


The local currency traded at 507 /dollar on Monday and Tuesday on the black market .


Experts are divided over the outlook for the naira this year . However, some analysts have predicted that the local currency will take further beating against the dollar this year .


The Chief Executive Officer , Financial Derivatives Limited , Mr . Bismarck Rewane , said the local currency would hit 520/ dollar this year on the parallel market and touch 350/ dollar at the official market.


An economic expert, Mr . Henry Boyo , has predicted that the naira will hit 1000 / dollar on the parallel market this year if the Central Bank of Nigeria fails to review its monetary policy framework .


According to him , the current monetary policy framework adopted by the CBN is skewed against the naira .


Other experts including the CEO of Afrinvest, a local research and investment advisory firm, Mr . Ike Chioke, says the naira will depreciate further against the dollar this year unless the CBN reforms the currency market.


Meanwhile , analysts have predicted that the naira will face fresh pressure on the parallel market next week with dollar supply falling short of demand by persons seeking currency to pay school fees abroad as the CBN continues to ration forex for businesses .


Demand for dollars has soared even though the external reserves have reached $ 29 bn .


The naira continues to trade flat at the official interbank window at 305. 5 to the dollar .


Traders said demand pressure was mounting on the black market but dollar supply had not significantly improved , suggesting further depreciation of the local currency might be coming , Reuters reported .


http://punchng.com/naira-crashes-516-dollar-scarcity-widens/

Lord Have Mercy.


We All Miss GEJ

Not sure this government has any solution to this

This is serious. Head of economic team, Osinbanjo do something

True true this thing go reach 1000

It's gradually going to N1000 to $1.


God should descend o before Buhari and Emefiele finish this country

they keep beating their chest on how much they have saved in the foreign reserves while their 'house' is on fire.

if this regime doesn't want people getting fx because it wants us to 'patronise local' (quite ironic when PMB chooses to holiday abroad), then it should be pumping massive sums of money into the 'local' economy to stimulate it & open up investment options & not 'saving' so it can have something to brag about or score cheap political points...

ten evidence to show that a naira would soon be equal to a dollar~lai Mohammed.

And the mor0ns said we're already coming out of recession.
Lying is their middle name, even the so-called pastor among them.

The rate at which the dollar is pummeling our naira.....very soon a dollar will equal one thousand naira.

Wa oh........... congrats guys

I'm happy


APC changeeeeeeeeeeeeeeee

Instead of building investors confidence, these clowns are just behaving like economic illiterates. Scaring off investors and hoarding funds like illiterates.

It's really unfortunate that we've found ourselves in this mess.

h

same scarce dollars some bastards hv in septic tanks, water tanks, bunkers inside safe houses etc. pple lik yakubu shud be lynched abeg

Hmmmm, this is serious. May God have mercy on us.

May God punish everyone that voted this clueless and fraud called APC.


They accuse and blame PDP everyday forgetting that 80% of their members defected from PDP after ruining the economy.


May God bless GEJ.

1$=#1000 LOADING....

hmmm, nawa o

By 2019, it will be 1dollar to 1000naira.
This 'Change' dey sweet me die

its getting real bad




can Buhari be chased out?

Dz country's economy will crash if we continue like dz..

SamuelAnyawu:
Lord Have Mercy.


We All Miss GEJ

be careful. no be under this man dem loot the fx reserves.

We never chi chum chin finish.

Our presidiot is busy insisting on his right to vacation abroad while the dollar brutally rapes our poor naira without condom.

2019 come already, even though the army of almajiri up north will kill for ur return.

*modified*
This is a pic of a Nigerian leader on vacation. Not the mugu spending tax payers pounds abroad.

Na so so crash e go dey crash!

We shall overcome.... At least this stomach will not feed itself..

The chips are down in this country, Nigeria is about to crash.
PDP was able to manage her crisis, APC is a curse

BTW

My friend said it's advisable to discharge all corpers, they claim to be serving their father's land while their father is missing.

Bonnywest:
This is serious. Head of economic team, Osinbanjo do something

A lawyer?

going

Chai!!! Dollar don wear puma trainers, just dey jump anyhow.