The unofficial exchange rate between the Naira and the Dollar hit an all time low of N409/$1 as scarcity swept through the retail end of the black market.
The exchange rate sold for as high as N410/$1 in some markets outside Lagos according to an independent survey by our research team. Sellers quoted for higher prices, with the knowledge that the scarcity was rife and unlikely to end soon. Meanwhile the official inter-bank rate closed at N316/$1.
Traders confirmed Nairametrics fears that the recent suspension of 9 banks by the CBN is the major reason for the depreciation of the Naira.
“The suspension of some banks from transaction in the forex market has really increased pressure on the market,” said Aminu Gwadabe, President of the Bureaux de Change Association.
As explained in earlier articles, the pattern we have noticed since January is that the rate at the parallel market began its unabated rise when the CBN came up with brash policies. From banning BDC operators from the interbank market to limiting the amount of dollars that can be withdrawn and more recently banning 9 banks…these decisions, more than anything else, jolted the forex market.
Ironically, the fall in oil prices, which has remained stable lately and even the increase in pipeline bombings has not impacted on the value of the Naira as much as the actions of the CBN.
A rash of policy directives, rhetorics and inactions have caused more harm to the country’s exchange rate, making it nearly impossible for it to recover to pre-January 2016 levels. The Naira is now officially the world worst currency and the Apex bank has a lot to do with that.
As ordinary Nigerians wallow in financial distress, actions and inactions of those saddled with the responsibility of managing our currency are gradually chipping off the value of the naira making it nearly impossible to recover without a re-donomination.
To be or not in Nigeria,tentative,unsure,does not know their job,uneasy.i means the cbn lies the crown,i do not envy any Nigerian president or head of state,and heaven forbid he will make me one.st Augustine2 God make holy but not now* I want to indulge myself.i want to be happy.i want to be in the companion of the most beautiful woman in our planet.
Nigerians in London are most located in Brixton,hackney,abbey wood,totenham,peckham,and they built business,they establishes African restaurant, and sells African food,inthose shop,they do remmitance to Nigeria through their shops,some of them are independent,also other immigrant do their remmitance some vietamese,chinese,philiphines,thailand,Ghanaian,there are Nigerian banks with branches in the city of London.
Why are the cbn is denoting foreigners as the only official company allowed to remit fund to Nigeria.can the cbn tell us Nigerians why ?Those Nigerian banks can be use to remit fund to Nigeria through those Nigerian owned shops.some Nigerians could get rich through this process.
Before 2000 Ad,some americans were edging that American will loses in this coming century,this happen in history,some proposes some srategic aim that America will not loses and be relevant in the coming century,but they are losing power and they do not knows it come ,2001 9/11 happened ,instead of looking for bin laden,they decided to invade Iraq,with it’s result,if president trump win the American presidential,as an an African man I want mr trump to winnow they got bogged down with it,to withdraw or stay,they cannot decide,according to the Chinese Military strategic Sun Tzu.war can drain a country,and any war can destroy a nation
Me I want understand why president Buhari grant audience to Mr John Kerry,they have not solved their problems they created in agfanistan and Iraq.we have nothing to talk about,there about 1 billion moslems in our planet,will president trump make an exception with president Buhari,who is of moslem faith