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Nairaland Forum / Nairaland / General / Business / Naira Crashes To 516 As Dollar Scarcity Widens (12007 Views)
Dollar Scarcity Stops Capital Repatriation By Investors / Dollar Sells For N420, Naira Crashes In Value / Naira Falls As Dollar Scarcity Worsens (2) (3) (4)
Naira Crashes To 516 As Dollar Scarcity Widens by ivandragon: 5:45am On Feb 17, 2017 |
Naira crashes to 516 as dollar scarcity widens Published February 17, 2017 Share Tweet 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/ 2 Likes |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by SamuelAnyawu(m): 5:49am On Feb 17, 2017 |
Lord Have Mercy. We All Miss GEJ ![]() ![]() ![]() 91 Likes 4 Shares
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Re: Naira Crashes To 516 As Dollar Scarcity Widens by Firefire(m): 5:49am On Feb 17, 2017 |
![]() ![]() ![]() 52 Likes 7 Shares
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Re: Naira Crashes To 516 As Dollar Scarcity Widens by mesoprogress(m): 5:50am On Feb 17, 2017 |
Not sure this government has any solution to this 45 Likes 1 Share |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by Bonnywest: 5:53am On Feb 17, 2017 |
This is serious. Head of economic team, Osinbanjo do something 10 Likes 1 Share |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by Smhart1(f): 6:22am On Feb 17, 2017 |
True true this thing go reach 1000 ![]() ![]() ![]() 35 Likes |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by Nobody: 6:31am On Feb 17, 2017 |
It's gradually going to N1000 to $1. God should descend o before Buhari and Emefiele finish this country 36 Likes 1 Share |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by ivandragon: 6:34am On Feb 17, 2017 |
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... 69 Likes 4 Shares |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by abouzaid: 6:53am On Feb 17, 2017 |
ten evidence to show that a naira would soon be equal to a dollar~lai Mohammed. 1 Like |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by Nobody: 7:14am On Feb 17, 2017 |
And the mor0ns said we're already coming out of recession. Lying is their middle name, even the so-called pastor among them. 27 Likes 2 Shares |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by sotall(m): 7:16am On Feb 17, 2017 |
The rate at which the dollar is pummeling our naira.....very soon a dollar will equal one thousand naira. 21 Likes
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Re: Naira Crashes To 516 As Dollar Scarcity Widens by Harmored(m): 7:16am On Feb 17, 2017 |
Wa oh........... congrats guys
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Re: Naira Crashes To 516 As Dollar Scarcity Widens by ibkgab001: 7:16am On Feb 17, 2017 |
I'm happy APC changeeeeeeeeeeeeeeee 4 Likes |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by Nobody: 7:17am On Feb 17, 2017 |
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. 28 Likes 3 Shares |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by MrGreenMavro: 7:17am On Feb 17, 2017 |
h |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by ednut1(m): 7:17am On Feb 17, 2017 |
same scarce dollars some bastards hv in septic tanks, water tanks, bunkers inside safe houses etc. pple lik yakubu shud be lynched abeg 5 Likes 3 Shares |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by Lovelydaisy(f): 7:17am On Feb 17, 2017 |
Hmmmm, this is serious. May God have mercy on us. 2 Likes 1 Share |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by BrutalJab: 7:17am On Feb 17, 2017 |
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.... 36 Likes 5 Shares |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by Ayoswit(f): 7:17am On Feb 17, 2017 |
hmmm, nawa o 1 Like |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by arabbunkum: 7:18am On Feb 17, 2017 |
By 2019, it will be 1dollar to 1000naira. This 'Change' dey sweet me die 7 Likes |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by rozayx5(m): 7:18am On Feb 17, 2017 |
its getting real bad can Buhari be chased out? 4 Likes |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by gentyolu(m): 7:18am On Feb 17, 2017 |
Dz country's economy will crash if we continue like dz.. 10 Likes 1 Share |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by ednut1(m): 7:18am On Feb 17, 2017 |
SamuelAnyawu:be careful. no be under this man dem loot the fx reserves. 3 Likes 1 Share
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Re: Naira Crashes To 516 As Dollar Scarcity Widens by hucienda: 7:18am On Feb 17, 2017 |
516?? Oh dear! Blessed are those earning in USD. The masses had better brace themselves. The armageddon approacheth. 8 Likes 1 Share |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by EddyNumerouno(m): 7:18am On Feb 17, 2017 |
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. 10 Likes 1 Share
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Re: Naira Crashes To 516 As Dollar Scarcity Widens by Flexherbal(m): 7:19am On Feb 17, 2017 |
Na so so crash e go dey crash! 2 Likes |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by sorextee(m): 7:19am On Feb 17, 2017 |
We shall overcome.... At least this stomach will not feed itself.. |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by WILLYBABS(m): 7:19am On Feb 17, 2017 |
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. 8 Likes |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by fuckboys: 7:19am On Feb 17, 2017 |
buahahahahah ![]() Wetin concern me 3 Likes
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Re: Naira Crashes To 516 As Dollar Scarcity Widens by tete7000(m): 7:20am On Feb 17, 2017 |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by Lusola15: 7:20am On Feb 17, 2017 |
going |
Re: Naira Crashes To 516 As Dollar Scarcity Widens by jhydebaba(m): 7:20am On Feb 17, 2017 |
Chai!!! Dollar don wear puma trainers, just dey jump anyhow. 2 Likes |
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