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Nairaland Forum / Nairaland / General / Business / Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action (15939 Views)
Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens / Naira Depreciates Marginally Against Dollar / CBN Meets BDCs As Naira Depreciates To N466/$ (2) (3) (4)
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Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by Truth234(m): 5:53am On Feb 21, 2017 |
The Naira plunged to N520 against the U.S. dollar at the parallel market on Monday, after the CBN announced its readiness to sell dollar at N375 for school fees payment and personal travel allowance on Friday. The Naira which had closed at N516 to a dollar on Friday, following a record low of N510 on Thursday remained weak despite the rising oil prices and national foreign reserves. A Reuters report, attributed the fall in Naira value to retail currency trader’s reservation on the new forex policy as they tried to price in its possible impact on the market current rate and commercial banks approach to the announced policy. Experts have said the announcement has increased the demand for dollar for school fees payment as well as personal travel allowance by intending travelers, leading to forex scarcity as demand currently outweighs supply. "The CBN needs to do more on the intervention side to manage the situation since the apex bank has insisted on forex flexibility policy," said Samed Olukoya, a foreign exchange research analyst at Investors King Limited. "Intermittent intervention and speedy disbursement of the $20 million announced on Friday and commercial banks adherence to the new policy are strong determinants to how well the new policy will alleviate parents and travelers suffering," he added. Currently, market illiquidity has forced Bureau De Change operators to source dollars from private sources and resell at a much higher price, pushing the black market rate even higher as retail currency traders depend on Bureau De Change for supplies. http://investorsking.com/naira-depreciates-to-n520-against-u-s-dollar-as-retailers-examine-cbn-action/ 2 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by sinistermind(m): 5:58am On Feb 21, 2017 |
I laugh when people keep accusing the previous administration of the continuous crashing of the naira. I ask, for close to two years of dis government in power, have they made any move to stop d free fall of the naira. At this point, by December the naira would just be as Ghana cedes back then 77 Likes 3 Shares |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by SamuelAnyawu(m): 6:01am On Feb 21, 2017 |
![]() ![]() ![]() ![]() Lord Have Mercy ![]() I'll surely buy at 520 Naira today at Barewa exchange here in Maiduguri because I'm sure $1 will exchange for a N1000 Naira before Easter Celebrations ![]() 50 Likes 1 Share
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Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by DoyenExchange: 6:25am On Feb 21, 2017 |
We are in a fix! 8 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by Nobody: 6:27am On Feb 21, 2017 |
Nawa o, the best thing is to just leave this country. 18 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by ritababe(f): 7:00am On Feb 21, 2017 |
kukuma kill us. 5 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by Nobody: 7:00am On Feb 21, 2017 |
Someone told me Buhari is not sick. He technically ran away when the situation has gone out of his control. Watch him come back when Osinbajo fixes things 61 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by DuBLINGreenb(m): 7:01am On Feb 21, 2017 |
Wait na by June it will reach 650 |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by Barmmyshoes(f): 7:01am On Feb 21, 2017 |
Hmmmmmmmmm.... |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by Nobody: 7:01am On Feb 21, 2017 |
I told you. 15 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by DrayZee: 7:01am On Feb 21, 2017 |
And some ediots will come here to tell us that the government is working. So what is the evidence of all the 'massive savings', 'increase in foreign reserves', and 'increase in oil prices'? 49 Likes 2 Shares |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by Clone2020(m): 7:01am On Feb 21, 2017 |
If you are in the US or have relatives in the US trying to send money to naija, I will exchange the funds at 430/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. Don't bother with western Union and co, they exchange at 375/$ with fees and the exchange rate drops to around 345/$. See my contact below. 3 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by matrix199(m): 7:02am On Feb 21, 2017 |
Naira keeps losing value. People shouldn't leave money in banks lying idly with a meagre interest. A N1million savings would lose its value at the end of the year with the way naira depreciates. The wise would head to his bank, get his savings out and invest with it, or buy appreciable assets. 15 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by Pavore9: 7:02am On Feb 21, 2017 |
I feel for the Naira. 3 Likes 1 Share |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by ayusco85(m): 7:02am On Feb 21, 2017 |
Please how can the CBN governor and the minister of finance be fired? because u can't expect Nigeria's economy to bounce back with these two clowns still calling the shots. 9 Likes 1 Share |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by NokiaN8(m): 7:03am On Feb 21, 2017 |
FAYOSE vs SARAKI..who is more relevant in politics... let
discuss, |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by rifasenate11(m): 7:03am On Feb 21, 2017 |
the way Nigeria is going down I am very scared oooo 1 Like |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by madridguy(m): 7:03am On Feb 21, 2017 |
Very sad news. 1 Like |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by money121(m): 7:03am On Feb 21, 2017 |
Ok |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by ZombieKilla: 7:03am On Feb 21, 2017 |
God punish Buhari and APC 15 Likes
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Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by ibkgab001: 7:04am On Feb 21, 2017 |
I know Donlekan will be somewhere crying out APC chainnnnnnnnnnnnnn 6 Likes 1 Share |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by Anthony0094(m): 7:04am On Feb 21, 2017 |
I wonder what makes this adminstration think they will be voted for second term 5 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by idris4r83(m): 7:04am On Feb 21, 2017 |
Emefiele n kemi adeosun are incompetent am missing Ngozi Okonjo Iweala 9 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by Nobody: 7:06am On Feb 21, 2017 |
It's so disheartening Nigeria is depreciating to this extent after all the juicy promises APC made to us. it's already in our mind to vote them out 2019 is getting closer! 9 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by ayusco85(m): 7:06am On Feb 21, 2017 |
rifasenate11: They will soon discover oil ni 2 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by ZombieKilla: 7:07am On Feb 21, 2017 |
Omoakinsuyi:Like president like deputy They are all confused One dollar to one thousand naira loading .... 5 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by sanandreas(m): 7:07am On Feb 21, 2017 |
It is finished. 2 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by sotall(m): 7:07am On Feb 21, 2017 |
The pace at which the naira is crashing/tumbling/falling against the dollar is really frightening. The path to 1000 per dollar is getting shorter and shorter and I guess before our UK-based president handover power to the next president, naira would have been 2000 naira to a dollar. 6 Likes
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Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by EmekaBlue(m): 7:07am On Feb 21, 2017 |
y i no save my dollars o 1 Like |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by SamuelAnyawu(m): 7:08am On Feb 21, 2017 |
2 Likes |
Re: Naira Depreciates To N520 Against U.S. Dollar As Retailers Examine CBN Action by Afritop(m): 7:09am On Feb 21, 2017 |
THE CURRENT CBN GOVERNOR AND MINISTER OF FINANCE ARE JUST TOO CLUELESS. THEY ARE DOING NOTHING TANGIBLE 1 Like |
We’re Going To Need More Cash, Banks Tell CBN / Beware Of ATM Card Cloning / Recession: Investment Inflow Shrinks By N642bn Under Buhari
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