The Naira, Wednesday, depreciated further to N305 per dollar as scarcity of dollars intensified in the parallel market.
From an average of N287 per dollar, Tuesday, the parallel market exchange rate rose to an average of N305 per dollar across the country.
Since Monday when the Central Bank of Nigeria (CBN) stopped the weekly dollar sales to Bureaux De Change (BDCs), the naira has been depreciating against the dollar.
BDC sources who confirmed the development to Vanguard however said that the exchange rate situation is uncertain as the rate changes from time to time.
Vanguard investigation revealed that though the exchange rate touched N305 in major cities like Lagos, Abuja and Kano, it dropped slightly to between N295 and N300 per dollar in Lagos and Abuja at the close of business, while it closed at N305 in Kano.
Chief Executive Officer, H.J Trust BDC, Mr. Harrison Owoh, told Vanguard that the market is fluid. “You cannot quote rate for anybody now because the rate is changing every time.”
An Abuja based BDC Operator who spoke to Vanguard on condition of anonymity said that the rate closed in Abuja at N298 but was above N300 during the day. He however said that it was difficult to quote any specific rate now as the situation is unpredictable. He opined that the rate would stabilised by next week, when the market would have absorbed the impact of the new CBN policy.
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$1 = #1. Campaign promise. "Why should I devalue naira?", says Mr Perfect.
ReplyDeleteOne naira to one dollar. Mugus don fall mallam don collect.
ReplyDeleteBuhari is a fool
ReplyDeleteThe worst govt so far. Mallam!
ReplyDeleteEnter your comment... A real Big fool busy probin.
ReplyDeleteWho is a fool? The people who messed up the economy? The sit down look masses? A clueless Phd holder? A wiser O/L holder? The thieving PDP? A born again APC?
ReplyDeleteWho are the people who messed up the economy? How did they mess up the economy. If they messed up the economy why is the present administration messing it up further. The economy during the person you called a fool is better than that you call wise. THIS PROVES THAT YOU ARE THE ACTUAL FOOL. APC should stop giving foolish excuses of PDP messing up the economy. They suppose to maintain the economy at that messed up state without letting it deteriorate. WE ARE NOT FOOLS. The bitter truth is that Nigeria mess up started far beyond the administration of GEJ. Let us assume your biological father failed to take you to school, will you keep on blaming him for your situation. I am sure you will fight your way out of the problem. However if you continue giving useless excuse then you will never develop. PLEASE STOP PROPAGATING USELESS EXCUSES. NIGERIAN ECONOMY HAVE BEING DESTROYED BEYOND REPAIR BEFORE YAR ADUA CAME TO POWER, THIS GOVERNMENT WILL BE BLAMED IF IT GET WORST
DeleteYeah right... And GEJ is the wise man that threw away 6 years of the greatest surplus Nigeria ever had, and put us in the deepest debt (over $60B) during the same period. Now we are seeing the effects , compounded by the oil price fall and you cannot see it? The ignorance and delusion in the land is amazing.
ReplyDeleteWhat this govts needs is prayers and positive suggestions and support, not cheap abuse from the ignorant who are themselves going to bear the brunt of the past years of misgovernance.
Thanks for this sensible comment. If not for APC & PMB, Nigeria would have been short down by now. All we need is patience to enable this present administration clear up the mess left behind by PDP.
DeleteOga patience....hope u will not wait till thy kingdom come...
DeleteANYWAY, I DO NOT AGREE WITH YOU. How can you prove that naira depreciated further in GMB administration is caused by errors in GEJ administration. Complete nonsense.
DeleteI laugh because everything fell apart immediately Gej came down....7 months latter fools re still blaming him for there hopelessness and some dunce are still defending the fool.
ReplyDeleteThank you @ 9:05. Tell these bunch of ignorants, like Buhari is the one controlling oil prices that has further put pressure on the economy, even if your wise PhD holder was still in power,we would be in a more deer situation cause Jona and his so called team of experts would have continued to give false hope of nothing being wrong with the economy
ReplyDeleteNigeria wats the problem things are becoming worse and worse everyday!.. May God help us......
ReplyDeleteThese people make me laugh. 7 months after hand over they are clueless on how to handle the economy and they are blaming GEJ.I dey laugh HA Ha HA
ReplyDelete#305 per dollar? Is this change positive or negative?
ReplyDeleteVote for change and this is part of the change you promised us Mallam
ReplyDelete