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

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Friday, 23 September 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:

Anonymous said...

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

The best amongst the cuties said...

It is well. God will not forsake His own.

School Life said...

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.

Default Smile said...

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

amanda favour said...

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

It's well

cakes by Bella's, Abuja. 58DA8ADF, 07080305132, instagram @cakes_by_bellas ,twitter @CBellaabuja said...

It is well.

James' hater said...

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

Odigie Omofoma said...

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

Anonymous said...

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.

One trillion said...

End time currency

Eka Joy said...

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

Stella Igbokei said...

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

Ehlarh said...

Baba God help us biko.

Anonymous said...

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.

Anonymous said...

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

Francis ezekwonna said...

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.

Roseflower said...

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.

redbotafly said...

God ve mercy

Anonymous said...

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

Joefirst Joshua said...

Our Naira needs Jesus in his life
#JOeFIRSt

Joefirst Joshua said...

Our Naira need Jesus in its life
#JOeFIRST

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

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

Rob said...

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

Rob said...

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

Princess Scheherazade said...

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

Anonymous said...

Thank you odigie tell the hunger stricken retards

Anonymous said...

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!

Anonymous said...

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

Komimi Solomon said...

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

Anonymous said...

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

Anonymous said...

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

Anonymous said...

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

Anonymous said...

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!!

Anonymous said...

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

HOUSE OF LAWOF said...

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

BARNY !!! said...

The Recession is real!

Anonymous said...

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.

Anonymous said...

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.

Anonymous said...

Its well....

Anonymous said...

Keep blaming Jonathan inugo

sisi eko said...

Hmmmmmm

Anonymous said...

Come and collect

Anonymous said...

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 ...

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