Nigerian Naira Sinks, Lower Now 300 Against a Dollar

Date: 13-01-2016 10:44 am (8 years ago) | Author: Bayo Nelson
- at 13-01-2016 10:44 AM (8 years ago)
(m)

Monday’s stoppage of foreign exchange sales to Bureau De Change operators by the Central Bank of Nigeria failed to lift the naira on Tuesday as the currency exchanged for 300 against the United States dollar in Kano, 290 in Lagos and 292 in Abuja. Financial experts said the naira would decline further, while private sector operators described the move as a welcome development. The ban was announced on Monday, when naira trading at 285 against the dollar at the parallel market from 278 on Friday. The Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, told one of correspondents in a telephone interview that the currency traded against the greenback at 300, 290 and 292 in Kano, Lagos and Abuja a day after the CBN announcement.
“There is cut of (dollar) supply to the market. The BDC sub-sector has been murdered. We are not coping. The naira is going to head northwards. There is no solution in sight,” Gwadabe lamented.
The Head of Investment Research, Afrinvest West Africa Limited, Mr. Ayodeji Ebo, said the stoppage of forex sale to the BDCs meant that the CBN wanted everybody to apply to the banks for dollars. He stated, “But we feel the pressure now will move from the BDCs to the parallel market. We will see significant spike in the value of the naira at the parallel market because the little supply to the BDCs have also helped to cushion the demand at the parallel market.
“It will further compound or increase the spread between the parallel market and the interbank market. So, it will also increase round-tripping and unethical practices within the financial system.”

Posted: at 13-01-2016 10:44 AM (8 years ago) | Addicted Hero
- gogoman at 13-01-2016 10:50 AM (8 years ago)
Online (m)
i could make it great again...... i have a solution
Posted: at 13-01-2016 10:50 AM (8 years ago) | Grande Master
Reply
- Giftous1 at 13-01-2016 10:59 AM (8 years ago)
(f)
uhmmmm...that's good
Posted: at 13-01-2016 10:59 AM (8 years ago) | Gistmaniac
Reply
- kp45 at 13-01-2016 11:20 AM (8 years ago)
(m)
@gogoman I beg I need the link.
Posted: at 13-01-2016 11:20 AM (8 years ago) | Addicted Hero
Reply
- DAMILARE100 at 13-01-2016 11:32 AM (8 years ago)
(m)
That is what i call the real CHANGE. We asked for it, we wanted it and now we are having it.
Posted: at 13-01-2016 11:32 AM (8 years ago) | Gistmaniac
Reply
- DAMILARE100 at 13-01-2016 11:32 AM (8 years ago)
(m)
That is what i call the real CHANGE. We asked for it, we wanted it and now we are having it.
Posted: at 13-01-2016 11:32 AM (8 years ago) | Gistmaniac
Reply
- Wazubia at 13-01-2016 11:37 AM (8 years ago)
(m)
Na wa..oooo which way Nigeria
Posted: at 13-01-2016 11:37 AM (8 years ago) | Gistmaniac
Reply
- ngfineface at 13-01-2016 11:42 AM (8 years ago)
(f)
Kai! Sai Buhari, dis kin change no good oo
Posted: at 13-01-2016 11:42 AM (8 years ago) | Hero
Reply
- Amibomatc at 13-01-2016 12:02 PM (8 years ago)
(m)
The cluelessness and holiganism of this present government is being fully revealed. What a change!
Posted: at 13-01-2016 12:02 PM (8 years ago) | Upcoming
Reply
- akinmanchy at 13-01-2016 03:23 PM (8 years ago)
(m)
Hmm so where is the change?
Posted: at 13-01-2016 03:23 PM (8 years ago) | Hero
Reply
- zezprincess at 13-01-2016 04:41 PM (8 years ago)
(f)
Which way nigeria oh no,which way to go,just singing&laughing,Anyway we are watching.
Posted: at 13-01-2016 04:41 PM (8 years ago) | Hero
Reply
- winace at 13-01-2016 04:52 PM (8 years ago)
(f)
#Blame it on GEJ#
Posted: at 13-01-2016 04:52 PM (8 years ago) | Addicted Hero
Reply
- SweetDaddy1 at 13-01-2016 06:50 PM (8 years ago)
(m)
#300 to $1, time to ask for CHANGE....don't worry it will be #1000 to $1 very soon. Sad Sad Sad
Posted: at 13-01-2016 06:50 PM (8 years ago) | Gistmaniac
Reply
- SweetDaddy1 at 13-01-2016 06:52 PM (8 years ago)
(m)
Quote from: EDWIN GRACE on 13-01-2016 04:52 PM
#Blame it on GEJ#
Cheesy Cheesy Smiley Smiley Smiley
Posted: at 13-01-2016 06:52 PM (8 years ago) | Gistmaniac
Reply
- shaddybaby at 13-01-2016 08:02 PM (8 years ago)
(f)
This is serious, why won't people travel abroad by fire by force.
Posted: at 13-01-2016 08:02 PM (8 years ago) | Upcoming
Reply
- okatee at 13-01-2016 09:18 PM (8 years ago)
(m)
WTF!!! FROM #1 TILL E REACH #160 NW #300. MAY GOD HELP US OOO.
Posted: at 13-01-2016 09:18 PM (8 years ago) | Gistmaniac
Reply
- SOGaiya at 13-01-2016 10:15 PM (8 years ago)
(m)
Unproductive nation we xpect so
Posted: at 13-01-2016 10:15 PM (8 years ago) | Gistmaniac
Reply
- Ennyolalekan at 13-01-2016 10:21 PM (8 years ago)
(m)
how I wish
Posted: at 13-01-2016 10:21 PM (8 years ago) | Gistmaniac
Reply
- Oworen25 at 14-01-2016 01:56 PM (8 years ago)
(m)
This is never going to be my concern in anyway all am asking is that the government should not touch the price of Garri
Posted: at 14-01-2016 01:56 PM (8 years ago) | Hero
Reply
- osarobo62 at 14-01-2016 05:41 PM (8 years ago)
(m)
not surprised at all. oil price is down to $30/barrel.
 this year is going to be difficult economically all over the world.
Posted: at 14-01-2016 05:41 PM (8 years ago) | Hero
Reply
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