Stella Dimoko Korkus.com: Naira Crashes Further Against Dollar,Pound Sterling

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Friday, September 23, 2016

Naira Crashes Further Against Dollar,Pound Sterling

The Naira on Thursday crashed further against the major currencies in all the segments of the market.



At the interbank market, the naira fell by 2.99 points to close at N313.07 from N310. 08 recorded on Wednesday.
At the Bureau De Change segment of the market, the naira traded at N424, N549 and N468 to the dollar, Pound Sterling and the Euro respectively.

Trading at the parallel market showed that the naira lost 8 points to close at N436, from N428 posted on Wednesday while it traded at N555 and N472 against the Pound Sterling and the Euro respectively.

Traders at the market said that the scarcity of the greenback was still hunting the market.
Meanwhile, Alhaji Aminu Gwadabe, the President Association of Bureau De Change Operators of Nigeria said that he foresees the naira on the path of recovery by Monday.

Gwadabe, “The naira will begin to recover by Monday when Travelex begins to sell forex to BDCs.”

Gwadabe said that with the coming onboard of Travelex, a licensed forex dealer, efficiency, transparency and equitable distribution of forex would be restored in the market.
Since the implementation of the flexible exchange rate by the Central Bank of Nigeria, the gap between the official interbank rate and the parallel market continued to soar.

The naira, which had opened at N285 at the launch of the policy, had depreciated by 10 per cent while it continued to crash further at the parallel market.

(NAN)


Somebody do something,this is Scary!....WHAT!!!


43 comments:

  1. There is nobody to do anything. Buhari is clue less. I hope the people that voted Buhari into power are happy with all these.

    ReplyDelete
    Replies
    1. How do they want us to do business? this is so heartbreaking.

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    2. No be only Buhari,I hope you all realise that Jonathan left Nigerians pockets empty,he made sure he drained all our money with his counterparts before they left the Govt.now Buhari has to start all over again and yet there are some polluted politicians trying so add to frustrate all his efforts to make our country a better place.its not easy ooo.i just pray things gets better cos people are suffering in Nigeria.

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    3. Keep blaming Jonathan inugo

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  2. This is way to crazy. Can't bubu be sacked already? Is this how everyone will get to endure until 2019 which doesn't even seem like a yr that will come in the next 5yrs?

    Lawless country.

    ReplyDelete
  3. Stella some one sold GBP yesterday 620....this i know. This is change!


    #I am a fruitful vine, I am a joyful mother of covenant children

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  4. Dear lord,into your hands we commit our naira and economy

    It's well

    ReplyDelete
    Replies
    1. You are fool. God cannot do anything for you until you make an effort to question your government and stage protest.

      Delete
    2. Still does not qualify you Mr Rob to call him a Fool.
      Being online shouldn't suddenly make us lose our discretion.

      Delete
  5. Someone should come and give me dollar and pound, God save us from this. Na farming things o o

    ReplyDelete
  6. Traders at the market said that the scarcity of the greenback was still hunting the market...This is understandable.
    The source of more than 90% of foreign exchange is down. Until the price of crude oil rises tremendously l do not expect any miracle. You can keep insulting yourselves with the hope that you are insulting a man old enough to be your grandfather and be expecting him to fix the damage that was done to our nation for 16 years in less than 18 months. There are no quick fixes to the recession....Blast

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    Replies
    1. U r a fool cos if Gej were still in power this won't happen never,they knew how to handle the economy not this clueless government

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    2. Odigie don't be a fool. Buhari travelling with 108people to a summit that he wouldn't be missed if he didn't attend. Read about Tanzania's new president now that's someone fighting corruption. Fake ass people. Nigeria is dead to me

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    3. Thank you odigie tell the hunger stricken retards

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    4. Anon 8:50,you are the fool! Just because Gej used thefts to cover fraud doesn't mean things would have been better it would be worse! Anuofia stupid goat!

      Delete
  7. Under Obasanjo, YarAdua and Jonathan CBN sold 66 billion dollars to bureau De change operators. Who does that. No other nation has ever done that. We had dollars in abundance and government didn't know what to do, confusion became the order of the day. sensible people save in the time of surplus. Excessive corruption was encouraged.

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  8. I changed euros at 369.9 naira. Yesterday. Felt gooooooooood. Made d small change I collected feel like huge money. Dollar, never fall abeg.

    ReplyDelete
    Replies
    1. They have chopped you Mugu!,.
      Go back there and collect your balance!.,

      Delete
    2. Oh shut up. You have classes to teach by 9oclock. Nitwit

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    3. Lol.
      Did it occur to you that the "huge sum" you collected in naira now has a diminished value as to what it can purchase for you?
      SMH

      Delete
  9. it's more than scary, we don't know how high it will go by December. Everything is going up in price including toothpicks and matches box. companies are either laying off or cutting salaries, no more bonus and allowances. on top of it one person doing 3 persons functions. Even power dist. company #IKEDC are sending high bills for light and they refused to distribute prepaid meters so that they can exploit.
    they should do something FAST

    ReplyDelete
    Replies
    1. Recession is everywhere even in UK same thing one person be shop assistant,security,cleaner its everywhere

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    2. Yimu@ anon 10.39, which recession dey UK? You better change your social circle if all the people you mingle with are cleaners and security guards.
      Your mates (yes, Nigerians o) are in the City making six figures and balling hard, travelling around the world. Dey there dey play suffer head!!

      Delete
  10. Please people, I know this doesnt relate to the post, but I need urgent answer. Is N-power holding online exams tomorrow? I have been trying to log into my account and it has not been going thru. Can anybody tell me what to do? Thank you.

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  11. when a foolish child inherits his father's wealth, he will squander the wealth and blame people around him. that's what Buhari APC govt has done to Nigeria.

    ReplyDelete
  12. Ordinarily I would have laughed but this is no longer funny. Meanwhile, this is a good time to make investments back home. When I convert just 1000euro to naira I can't just help but smile but after thinking of the people back home my heart starts bleeding. It is well as long as the Lord is still on the throne.

    ReplyDelete
  13. Our Naira needs Jesus in his life
    #JOeFIRSt

    ReplyDelete
  14. Our Naira need Jesus in its life
    #JOeFIRST

    ReplyDelete
  15. God have mercy on our country Nigeria. Market people are increasing cost of food and other basic needs. Things are just getting harder.

    ReplyDelete
  16. Lord see us through in this difficult moment and remove every evil tormenting this country

    ReplyDelete
  17. Lord see us through in this difficult moment and remove every evil tormenting this country

    ReplyDelete
  18. Lord see us through in this difficult moment and remove every evil tormenting this country

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  19. But come to think of it...when have Nigerians ever been happy? It's from one bad news to another..its always 'God pls see us through in these hard times' or 'God take control' when will this country of ours ever be better????? Odiegwu.

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  20. Wettin concern me? I earn my paycheck every Friday in dollars. Waiting for it to be 500N/$ so that I can come and credit my Nigerian bank Acct ...

    ReplyDelete

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