FALLEN ANGEL! Naira Drops To 251/Dollar

The naira crashed further against the dollar from 247 last Thursday to 251 on Saturday at the parallel market.

This came barely one week after the Central Bank of Nigeria cut foreign exchange supply to Bureau De Change operators.

The central bank had during its weekly forex sale to the BDCs last Wednesday refused to sell forex to operators that failed to render returns on the utilisation of previous forex bought at the official window.

The dollar was selling for between N241 and N243 before Wednesday’s decision. The local currency was still sells for 197 against the dollar at the official market.

Meanwhile, the nation’s foreign currency reserves dropped to $29.7bn on December 3, 2015, data from the CBN’s website showed on Sunday.

This is expected to put more pressure on the CBN’s bid to defend the naira and avoid a devaluation of the local currency.
The gross foreign exchange reserves had dropped to $29.92bn on November 30, the first time they fell below $30bn since July 13.

The reserves have fallen by 20 per cent since the end of June 2014, when Brent crude prices began a more than 60 per cent plunge, hammering the finances of Africa’s largest economy and biggest oil producer.

The naira has been fixed at 197-199 per dollar since early March after the CBN Governor, Mr. Godwin Emefiele, restricted banks’ access to foreign exchange.

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Posted: at 8-12-2015 08:48 PM (9 years ago) | Addicted Hero

mmmm my DOMI account don go up be that nice one buhari lol

Posted: at 8-12-2015 09:13 PM (9 years ago) | Grande Master

Hahaha,we dey kampe,"Teacher-what is the name of nigeria president??? Akpos-The name of nigeria president is,is,em, em,The name of nigeria president is "Mama mmadu bu garri".Up change!.

Posted: at 8-12-2015 10:22 PM (9 years ago) | Hero

It's only natural....

Posted: at 8-12-2015 10:45 PM (9 years ago) | Hero

Hahahahahahahahahahaahahaha am loving dis.  una never see anything.

Posted: at 8-12-2015 10:59 PM (9 years ago) | Addicted Hero

I wonder why he government doesn't want to do some research and find a solution to this our currency problem. Naira will soon become what we will use as toilet paper.

Posted: at 9-12-2015 12:01 AM (9 years ago) | Hero

They said buhari would turn 1dollar to 1naira we are still waiting.. Change!

Posted: at 9-12-2015 01:27 AM (9 years ago) | Hero

It's just like saying they will restore electricity in Nigeria 24/7.

Posted: at 9-12-2015 02:49 AM (9 years ago) | Upcoming

Seriously this country going down. buhari please do sumthn before every crashed. this is getting worse everyday. This stupid jonathan and his guy has destroyd this country to these level. I knw for sure that una go suffer for these thing, i no fit do anythn becz of doller nw.

this boy no get respect to his father Jonathan pray so that you will reach that age

Posted: at 9-12-2015 07:50 AM (9 years ago) | Gistmaniac

Buhari welldone oo. This your change agenda is on course and going on as planned.

Posted: at 9-12-2015 08:37 AM (9 years ago) | Hero