Stella Dimoko Korkus.com: Naira Weakens Further To N352 On Black Market

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Wednesday, February 17, 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:

  1. 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.

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

      Delete
    2. Make e dey weaken dey go, God is my insurance

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    3. Is increasing every hour.
      May God save us.

      Delete
  2. Replies
    1. It will get to 500.someday soon..

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    2. It will get to 500.someday soon..

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

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

      Delete
  3. Sai Baba. Thank you for the CHANGE you brought.

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

    ReplyDelete
  5. na them sabi , man must survive.

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

    ReplyDelete
    Replies
    1. 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.

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

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

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

    ReplyDelete
  9. 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

    ReplyDelete
  10. God abeg ooo.
    What is happening naa.

    ReplyDelete
  11. 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?

    ReplyDelete
    Replies
    1. 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

      Delete
  12. It's now N276 to $1

    ReplyDelete
  13. 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..

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

    ReplyDelete

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