Stella Dimoko Korkus.com: Naira Slumps Further - N340 To Dollar At Parallel Market

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Monday, February 15, 2016

Naira Slumps Further - N340 To Dollar At Parallel Market

The Naira on Monday slumped further at the parallel market as the greenback remained scarce.



The News Agency of Nigeria (NAN) reports that the naira lost N5 to exchange at N340 to the dollar, a depreciation of 1.5 per cent.

Over the weekend, the nation’s currency closed at N335 to the dollar.

Meanwhile, the official Central Bank of Nigeria (CBN) rate remained at N197 to the dollar.
Traders at the market decried the increasing fall of the nation’s currency, pointing out that the market had remained dull as the scarcity of the dollar stifles economic activities.

culled:guardian



So let me get this straight...The naira is dropping because dollar is scare or what? Also,i thought Buhari put restrictions to the dollar because he wanted the naira to rise? As the Dollar is rising monstrously now,wont it be wise to pull down all restrictions?I really dont understand all this ...ISNT THERE SOMETHING (ANYTHING) THAT CAN BE DONE?


79 comments:

  1. Replies
    1. Buhari is starting to irritate me(i really hate to admit this). No measures have. Been put in place but you stopped bereau de change? Please let the mallams start selling and buying again so it can go back to how it was, when you've put measures in place then you can stop it. This is just crazy

      Delete
    2. The sexiest aka Linda Ezeh,you can't stop change.

      Delete
    3. Useless change.....stella u must enjoy me

      Delete
    4. CBN, ministry of Finance and Federal Govt shd do the needful and fix things up Asap. Inflation is gradually coming, the price of everything now is increasing everywhere, rice, bread, provision, sachet water, fish etc.

      But I still believe that the children of God shall live in plenty even in the midst of famine.

      Delete
    5. I hope the money they are paying you will be enough to buy a house on Solomon Island?

      Delete
  2. Replies
    1. This is really not funny.. I made a payment last night in dollars.. it's equivalent in naira was #140,000.. I was shocked wen I received alert.. meanwhile the equivalent used to be #85,000 jst last year.. this is crazy... Nigeria which way?..

      Delete
  3. This country is not fit for humans again. When buhari is through with this country tissue paper will be worth more than naira.

    ReplyDelete
  4. I heart bleeds for Nigeria

    294 comment 2016

    ReplyDelete
  5. Bimfem hair care products for Natural hair, edges and healthy hair. whatsapp (07032378915)bbm (2B0AB08B) bbm chanel (C0039356C)15 February 2016 at 20:38

    God please grant our leaders more wisdom to rule this country.
    It's not funny. Salary earners are Seriously enjoying eh.

    ReplyDelete
  6. It's just crazy

    ReplyDelete
  7. And it gets worse by the tick of the clock... ndi change, unu afugo nu change unu cho?

    ReplyDelete
    Replies
    1. Madam ISIS, can you please stop this your igbotic behaviour? Btw you forgot to say a good night shout out to Doppel, TGW and others. Miss I must belong by fire by force.

      Delete
  8. Business men and women are in soup

    ReplyDelete
  9. U never see anything Stella. The country is sinking. But nothing shall by any means hurt the children of God.

    ReplyDelete
  10. With the way things are going,it will rise to 500 naira...
    Buhari is keeping quiet so he can frustrate Igbo importers!..
    Wicked old thing!...

    ReplyDelete
    Replies
    1. Linda Ezeh aka sexiest mother, so it is only igbos the thing dey affect.

      Delete
    2. Thank u queen of the blog, ur so on point. Just Negodu..... He is doing this just to frustrate the igbos in importation biz, nothing else. Cos ndi ofe mmanu and ndi ugwu awusa are not into dat field. So he I punishing ndi igbo, but my God pass am.

      Delete
    3. Actually that was his initial plan, but his people are mostly into money exchange business, they are crying profusely about the whole thing. Not funny at all.

      Delete
  11. something need to be done sonnest.

    ReplyDelete
  12. Buhari is helpless. He knows nothing about ecomomics. He is too old to rule any country at all. This is 2016 not 1984.

    ReplyDelete
    Replies
    1. And you know? It's simple economics. Nigeria is an import dependant country with oil as it's major source of income. Oil falls, Naira falls.

      Delete
  13. Shey na like this we go dey?
    Which way nigeria?

    ReplyDelete
  14. Sai Baba! At least baba has brought some "change"(s). Enjoy it.

    ReplyDelete
  15. Buhari is a stupid ass bitch nigga (pardon my french). Thats what u get when u leave an illiterate to be making economic decisions. Dumbass. Took 345k to collect 1 wretched thousand dollars?! How? Im sooo pissed, if i see tht fool, hes getting stabbed.

    ReplyDelete
    Replies
    1. The anonymity of the Internet makes us say what we would never say in person. How can your language be so uncouth? I'm sure you are a bricklayer. Idiot.

      Delete
    2. Hehehehe, someone is vexed. Pele. Take heart. Ur fellow country men voted him in.

      Delete
    3. At anonymous 23:00. Send me ur phone number and ill say worse to ur stupid face. If u dont like a comment keep moving. And for ur information, second year PhD law UCL. 'Anonymity of the internet' my foot.

      Delete
  16. This wasn't the change we asked for... #Successful

    ReplyDelete
  17. This is me, still optimistic that it has to get worse, before it gets better.

    Yeah,despite the fact that I don't understand why the tiniest jar of Mayonnaise is now #450, or that a bottle of Fayrouz is now #150, plus others I can't remember right now.

    But, I believe that Bubu knows what he's doing. And I can't give up on my country na, circus or not.

    Though this is scary.

    Well, GEJ allowed them use him to run this country to the ground.
    There's nothing in the government coffers, so maybe it's understandable for now.

    I don't know about later o.

    #WhiteDiamondOut

    ReplyDelete
    Replies
    1. What's understandable whity? Mgbo? That buhari has wasted almost one year doing what? Nchughari? Witch hunting? When he should be doing what needs to be done first... abeg you understand nothing nne... biko espikilekwe

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    2. You are insane

      Delete
    3. @ white diamond, can you please shut up your pussy for once. Educated stupid senseless illitrate. So you are blaming Jonathan for Buhari's cluelessness. Old single cow I know you have cotton wools in ur cranium.

      Delete
    4. Spot on Whitey!

      My respect for you tripled @ this comment

      Delete
    5. Fayrouz is now 150 and u still won't give up? Ok o

      Delete
    6. Up until last week,I used to buy a bag of pure water for #80 its now #120.its crazy out here!

      Delete
    7. We can only blame Jonathan for a while but at some point we have to drop the blame game and look for solutions

      That's what a good leader does. Oil price won't be rising anytime soon. So it's better for us to look inwardly and see how we can steer this sinking boat out of all this mess.


      Some restrictions should be removed. People are shouting we should stop importing like importing can ever stop.. There is no made in Nigeria products that doesn't buy raw materials abroad. Even innoson gets raw materials abroad to make things happen.

      Secondly with the kind of light issues we have here manufacturing can't work, so we have to tackle that first.

      Thirdly we don't even have good ways of disposing refuge, how then are we going good to deal with the refuge, pollution that come from manufacturing company. Visit China and see that the pollution from noise, air, dirt and all isn't a small something but they have a good waste management scheme .


      For us to start manufacturing things properly it would take years to happen and even with that we won't still be manufacturing everything. USA and other countries still import certain things.. But while we are waiting for all this to happen the cbn government should either tell all bdc sellers to submit their license and get the refund of their 35m

      Or make dollar available for them, then tell them if any of them sells past 200 a dollar, the will be dealt with and they will loose their 35m.

      This will make the price of dollar better. Because for now, this bdc sellers are left to sort for dollars on their own. They go as far as travelling to neighboring countries to buy it and come back to sell at their own rate. Those neighboring countries because of how they see people sorting for it, they are also increasing their prices.


      So cbn should look into this matter very well.

      At the end of the day if business is going well, the economy would be better but at this rate the economy wouldn't be

      If importers are able to see dollar at a cheap rate, they will buy things, bring in and sell and raise money for the economy

      BTW I hope people know USA goes to China to make things because of cheap Labour but they ask them to make it of high quality and write mad eke USA.. Most of the designers have their factory in China. And then other things they use. Just so some people know.. Travel to China and you would see all the countries there trying to import things into their country.

      Delete
    8. Am with you White Diamond
      It usually gets ugly before it gets better but I pray we all don't loose our minds before it does..

      Delete
    9. Fab Mum, i'm not blaming GEJ.
      I'm just stating a fact, especially, for those that think that there's money raining and pouring in this country right now, and wondering why things are hard.

      Gifty darling, how're you doing?
      Hope your baby is fine. :D

      Anon 04:54, I pray so too...lol...

      Northie, it's still #100 in my area. I guess they'll increase it soon. They're still aslumber.

      Jasmine dear, what will you achieve by giving up? And again, winners never give up. Just keep hoping, and put your country in prayers. It'll get better, you'll see.

      #WhiteDiamondOut

      Delete
    10. Whity, no p. I'm hopeful too. Joining in the hope train.

      Delete
  18. Let it 'kuku' reach #500 na, cos the change in front of the 3 is boring. Mtcheww. What a country!

    ReplyDelete
    Replies
    1. Hahahahahahahahajahahahahaha cynthia haff kee me

      Delete
  19. Wow, she I no go find way enta Ghana lik dis, dis na bad change ooo

    ReplyDelete
  20. It's 345 this evening here in ABJ ,was 338 as at 11am this morning,at this rate it will get to 400 by Wednesday! Clueless CBN governor and PMB. Both knows nothing abt economy,a govt that can not put together a simple budget.Change indeed!

    ReplyDelete
  21. I wonder what happened to d old body language of the president,propaganda govt.

    ReplyDelete
  22. I wonder what happened to d old body language of the president,propaganda govt.

    ReplyDelete
  23. The vice president ,why is he silent ,i thought that man got brains

    ReplyDelete
  24. It will get worse before it gets better. Even Canadian Dollar is getting weaker against US Dollar.

    The CBN Gov is not doing enough, though

    ReplyDelete
  25. Which way nigeria.

    ReplyDelete
  26. Really sad!
    Which way Naija?
    Change is here...say no to negative change

    ReplyDelete
  27. It will get worse but things will surely get better.

    #mindofanoptimist

    ReplyDelete
    Replies
    1. @ LaFresh aka XoxoNotMiserable, how far? I hope you will not use your second id to write something different as usual

      Delete
  28. It is just for a little while and there is going to be relieve. Its unfortunate that some people here can still tribalize the situation as if only a tribe is in to business in the nation.

    ReplyDelete
  29. The ban on Nigerian cards been used abroad resulted from dwindling foreign reserves and banks’ inability to settle dollar transactions arising from the use of naira cards abroad.

    Banks settle all transactions you and I make with our cards online or abroad with their corresponding banks in foreign currency so imagine what happens to our foreign reserve daily.

    ReplyDelete
  30. Very soon naira will plummet into hell

    ReplyDelete
  31. If you want to understand what's happening, spend a little time on YouTube watching materials on currency crisis and artificial scarcity. Naira is experiencing crisis because there's a very low demand for naira compared to the outrageously huge demand for vehicle currencies.

    The shortage of forex supply (due to declining export revenue) has become an opportunity for rent seekers to create artificial scarcity and price inflation, as presently experienced in the Nigerian forex market.

    It has nothing to do with Buhari's policy or a lack of it, instead it is closely related to the greed and wickedness of an average Nigerian business man, who would rather unscrupulously amass profit than see his nation prosper.

    I and other Nigerians with a reasonable, or some,
    knowledge of international economics, understand that devaluing our precious naira would sink an average Nigerian into more hardship, and at the same time discourage local industries dependent on imported intermediate goods.

    On the other hand, importers would become overnight billionaires as they greedily inflate the price of imported goods, which account for over 50% of consumer goods in Nigeria.

    Devaluation works only when your balance of trade is consistently in surplus. It doesn't promote export for an import dependent country like ours. Nigerians should be patient with Buhari, pray for his government (for those who believe that prayers will solve our problem), and the smart ones should sell their fixed assets and become Agro entrepreneurs.

    ReplyDelete
  32. If you want to understand what's happening, spend a little time on YouTube watching materials on currency crisis and artificial scarcity. Naira is experiencing crisis because there's a very low demand for naira compared to the outrageously huge demand for vehicle currencies.

    The shortage of forex supply (due to declining export revenue) has become an opportunity for rent seekers to create artificial scarcity and price inflation, as presently experienced in the Nigerian forex market.

    It has nothing to do with Buhari's policy or a lack of it, instead it is closely related to the greed and wickedness of an average Nigerian business man, who would rather unscrupulously amass profit than see his nation prosper.

    I and other Nigerians with a reasonable, or some,
    knowledge of international economics, understand that devaluing our precious naira would sink an average Nigerian into more hardship, and at the same time discourage local industries dependent on imported intermediate goods.

    On the other hand, importers would become overnight billionaires as they greedily inflate the price of imported goods, which account for over 50% of consumer goods in Nigeria.

    Devaluation works only when your balance of trade is consistently in surplus. It doesn't promote export for an import dependent country like ours. Nigerians should be patient with Buhari, pray for his government (for those who believe that prayers will solve our problem), and the smart ones should sell their fixed assets and become Agro entrepreneurs.

    The only probably solution, therefore, is for our monetary policy to persistently discourage the increasing demand for forex, maintain the prevalent stringent control of forex access for importers, ensure that banks are not back trading forex allocated to them - some of these banks are criminals; ensure that every unit of currency sold to, and by BDCs are accounted for, create a conducive environment for reputable forex companies to thrive in Nigeria,and ensure that criminal participants are penalized - revoke the license of the greedy BDCs or fine banks trading unrealistic spreads.

    From the fiscal perspective, the government should ensure that the proposed expansionary budget is executed to the least and that every dime is well accounted for.

    More so, the government must create an accommodating environment for FDIs in the power sector (awoof foreign currency inflow), exploit the energy market in Sub Sahara Afric by playing the sweet, mean big-bros, ensuring that every non-energy producing country in Sub Sahara Africa buys up to 70% of their energy from us.

    My people, making Nigeria better is not easy but ain't impossible. We just need patience, hope, faith, enough time and the right people.

    ReplyDelete
  33. Afeee Ceee Shange!

    ReplyDelete
  34. I'm using dollar to build house in naija now so I no dey complain but they need a solution soon. Oil is going to $15 per barrel so na who prepare no go fall o

    ReplyDelete
    Replies
    1. Oga builder, it effects you also. The price of building material is not exempted from the high inflation.

      Delete
  35. Jesus!!! When will this stop nah? N340 ke? Ah am done!

    ReplyDelete
  36. It would certainly get better with time. I believe there is light at the end of the tunnel. A little bit of more patience rather than complaints here and there would be helpful..,

    ReplyDelete
  37. I do not mean any harm, but it should remain so till i've changed/banked all the Euro in my Possession. heheheheheh

    ReplyDelete
  38. Good morning fellow bloggers, The naira free falls is worrisome and the state of the economic calls for caution. I believe the govt of the day are trying their best possible to salvage the situation the country is facing, there is an adage that goes does: 'Until the rotten tooth is remove the mouth must chew with caution'. The economic state of Nigeria nation is due to our individual selfish interest in the nation treasury not minding the poor masses.

    We must know the root of our problem before we start proferring solution to it, The people @ the affair of this country has question to answer to us (i.e: right from the past governments). Let investigate the true nature of our problem which is CORRUPTION.

    We should not be sentimental in our judgements, have we able to investigate what happen to the missing budget and why some ministries budget are inflated(additional of items not inclusive @ the submission of the initial budget, all these are corruption which we must deal with.

    In all aspect of our differences in socio-cultural, ethnicity, state, religious etc no body will pray for the country not to progress but we need to exercise more patience, and demand for accountability from all govt.

    We should also put into consideration crisis here and there also affect the growth of a country, cos more money that should have been use for infrastuctural development are been used for purchase of more arms to fight the insurgents.
    Let join hands together and build our country. God bless NIGERIA

    ReplyDelete
  39. We really need to mind the way we react,talk and abuse people here seriously...Even the ones that don't know jack about the country will come and insult.. that's very wrong. Everyone must not comment...I believe it will get better... slowly but surely...

    ReplyDelete

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