Wednesday, 17 February 2016

Naira Weakens Further To N352 On Black Market

The Nigerian naira fell to a record low on the black market on Tuesday, with dollars scarce and speculation rife that the central bank would soon stop foreign currency sales to pay for health and education abroad, traders said.




The naira was quoted in a range of 347 to 352 against the dollar on the black market, as demand for dollars surged, weakening from 345 on Monday, traders said.The central bank left its official rate unchanged at 197 naira to the dollar on its interbank window.

“Most individuals who sell to us are no longer willing, but demand is piling up,” said Aminu Gwadabe, head of an association of bureau de change operators.
Last month, the central bank banned dollar sales to retail bureaux de change, sending the naira to record lows on the black market, and later stopped daily sales to the interbank market, in an effort to conserve reserves, now at their lowest in more than 11 years.


Some retail currency operators have few dollars in their vault and depend on other members to fill orders when they have excess demand, fuelling the weakness in the currency, traders say.

ThenewNigeria.com reportage





28 comments:

just Amazing said...

Almighty change. Nothing is working. Aboki that cannot see beyond his prayer mat wants to sit over the affair of Nigerians that are more intelligent than him. Let's see how it goes. They will frustrate him to a point where he will quit by himself.

I am the queen and the boss of this blog said...

Mtcheeeew....

Loveme Jeje said...

Sai Baba. Thank you for the CHANGE you brought.

xxxTrinityxxx said...

This is really Change. No light. No fuel. Naira falling and falling till nothing is left of it

natt nathaniel said...

Naira weak ke?
Make dem giv am end time injection.

Pisces said...

It will get to 500.someday soon..

Pisces said...

It will get to 500.someday soon..

pax dimond said...

na them sabi , man must survive.

Linda said...

Serious, this is getting ridiculous.
Buhari is a monumental failure.

One trillion said...

End time currency

bunny said...

Buhari's change agenda na e bughari anyi frm up 2 down.

ROLEX CHICK said...

Let me go and change this my small change so now this my 300dol would get me over 100k this is sweet lol.

Baby cee said...

And somebody's pride is coming from buying expensive handbag in a country with this currency . Linda ikeji please get a life

JOSEPH ONOME said...

Change in the air... positive or negative, it's all change!


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Eldaberry said...

Change indeed...

Father Lord, bless me with a rich American bobo since the naira is depreciating against the dollar everyday. American bobo that will be sending me dollars every week. Amen

viva ciara said...

God abeg ooo.
What is happening naa.

Eka Joy said...

Change nka dikwa ezigbote egwu.


Oya nwa amaka and lafresh, come and drop ur usual line. It will get worse before it can get better ba?

momo babe said...

Make e dey weaken dey go, God is my insurance

Anonymous said...

It's now N276 to $1

POTABLE viv said...

Is increasing every hour.
May God save us.

Fab Mum said...

So I bought chicken from chicken Republic on Sunday for 850 against 700 I get it for... Hmmm


Haribos have gone from 349 to 500. Sad. I can't do without buying Haribos every week. We'll I won't stop buying either. I love my gummies


I'll just sit back and see how it gets better either any substantial efforts been put into the economy..

I am the queen and the boss of this blog said...

Shut up!...
What's your business?...

I am the queen and the boss of this blog said...

Ezigbote failure!...

I am the queen and the boss of this blog said...

Rolex chick,don't change it now...
It's still going up!...

mrs hot ice said...

God!!babe,there is notin any of us can do.buhari is already dere,all we hav to do is pray he succeeds.cos if he fails we all suffer.there is no point in insults and curses.it wont change a thing.only God can help us through those he has chosen to be his vessels of help.it is well wit nigeria

Miss Ess said...

And if they send you money now self the banks won't give you the dollar.

Anonymous said...

This queen you obviously have no respect for anyone and tribes. I wonder who your husband is! I hope your kids won't turn out like you. I have observed your comments for months and nothing good comes out of your write up.Gush! By the way if you like reply me I won't be dissapointed nor feel insulted. It's expected. C'mon sense at the end of the day ain't common.

Mimi said...

What exactly did she say that warrants this ur silly reply?