The Fall Of Naira Continues, UK Pounds Is Now N505 and US Dollars Is N385; Which Way ?!

Date: 18-02-2016 9:30 am (5 years ago) | Author: Daniel Bosai
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- at 18-02-2016 09:30 AM (5 years ago)
Online (m)
The Nigerian Naira is on a free fall in the parallel market, while official interbank rates remain stable.



According to Vanguard, the demand for dollars to pay for Chinese goods is part of the reason for the latest decline.

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According to a BDC operator who spoke on condition of anonymity,“You know China had been on its one month annual holidays. But they resumed work on Monday, and people have to complete payment for goods ordered before the holidays.

They had made 30% down payment to order the goods and they now have to pay the 70% balance otherwise they will lose the 30%.

That is why they are desperate and ready to buy dollars at any rate. Meanwhile supply is scarce and those who have dollars are not willing to sell because they might also need the currency soon”.

The newspaper traces the beginning of the rapid fall of the Nigerian Naira to when the Central Bank of Nigeria stopped the weekly sale to Bureau de Changes with dollars on January 12th, 2016.

The USD rate was 265 Naira then. Now it’s ₦385, 60 Naira down from ₦325 last week, and ₦505 to the British Pound, 65 Naira down from ₦440 last week.

The interbank rates remain the same at ₦199.34 for Dollars.


With school fees and medical bills suspended from the list of official forex last week, the demand on the dollars and pounds in the parallel market is undoubtedly set to increase.


Posted: at 18-02-2016 09:30 AM (5 years ago) | Hero
- Ennyolalekan at 18-02-2016 09:40 AM (5 years ago)
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hmmmm! end time is near. Bad government, Bad people dem.
Posted: at 18-02-2016 09:40 AM (5 years ago) | Gistmaniac
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- ujmaria at 18-02-2016 10:37 AM (5 years ago)
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No be small bad government
Posted: at 18-02-2016 10:37 AM (5 years ago) | Gistmaniac
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- Mykie010 at 18-02-2016 10:43 AM (5 years ago)
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Has na wah oooooooo
Posted: at 18-02-2016 10:43 AM (5 years ago) | Gistmaniac
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- lilchuks28 at 18-02-2016 10:47 AM (5 years ago)
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Yet our president keep on travelling without giving a damn ...... wen he come back now, u go hear am say nah GEJ nah cos am.... Clueless government..... Que Sera Sera
Posted: at 18-02-2016 10:47 AM (5 years ago) | Upcoming
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- gogoman at 18-02-2016 10:47 AM (5 years ago)
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omo good news for us, make i dey rush money send to niaja asap lol
Posted: at 18-02-2016 10:47 AM (5 years ago) | Addicted Hero
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- zeigbo at 18-02-2016 10:56 AM (5 years ago)
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dump ass president

Posted: at 18-02-2016 10:56 AM (5 years ago) | Addicted Hero
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- emma4love3 at 18-02-2016 11:03 AM (5 years ago)
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na waoooo....is bad oooh....is Nigeria falling or
what....is really bitting harder....
Posted: at 18-02-2016 11:03 AM (5 years ago) | Hero
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- zezprincess at 18-02-2016 11:07 AM (5 years ago)
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Nawaoo,I be like say I go enter thisexchange abi bureau de change business,make I make my own cool money,de buy dollar,dey sell."Ala adighi mma,Uru ndi nze",hahaha.
Posted: at 18-02-2016 11:07 AM (5 years ago) | Hero
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- 419BigBoy at 18-02-2016 11:29 AM (5 years ago)
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jesus will return to deal with the money changers


Matthew 21:12

Jesus entered the temple courts and drove out all who were buying and selling there. He overturned the tables of the money changers and the benches of those selling doves.

John 2:13-16
Since the Passover of the Jews was near,
Jesus went up to Jerusalem.
He found in the temple area those who sold oxen, sheep, and doves,
as well as the money-changers seated there.
He made a whip out of cords
and drove them all out of the temple area, with the sheep and oxen,
and spilled the coins of the money-changers
and overturned their tables,

and to those who sold doves he said,
“Take these out of here,
and stop making my Father’s house a marketplace.”


Posted: at 18-02-2016 11:29 AM (5 years ago) | Gistmaniac
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- princedafe at 18-02-2016 12:02 PM (5 years ago)
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Nawa
Posted: at 18-02-2016 12:02 PM (5 years ago) | Gistmaniac
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- Fazob at 18-02-2016 12:16 PM (5 years ago)
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Yesterday, our  National Assembly specifically the Senate was able to turn down the voracious and selfish request or demand by the NERC to increase the rate per consumption of electricity. All Nigerians especially the common people applauded to this as coming from a well meaning and patriotic policy makers.    
Posted: at 18-02-2016 12:16 PM (5 years ago) | Gistmaniac
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- kp45 at 18-02-2016 12:53 PM (5 years ago)
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Fools have tried.
Posted: at 18-02-2016 12:53 PM (5 years ago) | Hero
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- sucobi at 18-02-2016 12:57 PM (5 years ago)
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By this time last year, we were all talking about "change"!!
Here is the change!!!!.
So bad, the change will last for three more years .
Austerity measures  was last heard in EARLY 1980s during Buhari's administration.
Here comes austerity measures----CHANGE!!! CHANGE!!! CHANGE!!!
Who is still complaining ?
Posted: at 18-02-2016 12:57 PM (5 years ago) | Newbie
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- Anny01 at 18-02-2016 01:21 PM (5 years ago)
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Just the begining of the Change you clamoured for. What a world of lies?
Posted: at 18-02-2016 01:21 PM (5 years ago) | Gistmaniac
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- nwaafoigbo at 18-02-2016 01:58 PM (5 years ago)
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the end of the road for de zoo Grin Grin Grin.i see biafra coming
Posted: at 18-02-2016 01:58 PM (5 years ago) | Gistmaniac
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- BournIdentity at 18-02-2016 02:31 PM (5 years ago)
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Quote from: christian eze on 18-02-2016 01:58 PM
the end of the road for de zoo Grin Grin Grin.i see biafra coming
N u forget say dem cage u n ur monkey family 4 d zoo, run go brush ur igbo-teeth ur mouth odour don take ova ur body odour, chronic moronic moron
Posted: at 18-02-2016 02:31 PM (5 years ago) | Addicted Hero
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- suomifinest at 18-02-2016 02:36 PM (5 years ago)
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Hope the best for the less fortune. coz trust me the rich ain't feelin the heat of this crises the masses are constantly fasing day in day out. Oneness my people for things will get better soonest! Smiley
Posted: at 18-02-2016 02:36 PM (5 years ago) | Newbie
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- BournIdentity at 18-02-2016 02:41 PM (5 years ago)
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Good tins no fit explode like dat. E go 1st bite una wella sote some mad idiots go dey talk rubbish. Una neva c anythg. Na d beginning b dis Grin
BT if una turn d cos to prayer, e go beta 4 una
Naija like prayer BT dem no no wen dem need am most Grin
Posted: at 18-02-2016 02:41 PM (5 years ago) | Addicted Hero
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- osarobo62 at 18-02-2016 04:14 PM (5 years ago)
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some people wey neva take eye see dollar,...na dem dey complain pass.
Posted: at 18-02-2016 04:14 PM (5 years ago) | Hero
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