Naira hits record low of 400 against the dollar

The fall in the value of the naira is yet to abate as the Nigerian currency exchanged for N400 to a dollar Thursday at the parallel market.

Fresh pressure on the naira since last week Thursday has seen the currency fall further from N318 to N400 to a dollar.

Financial experts linked the persistent fall of the naira to panic buying of the dollar and other major hard currencies by importers, individuals and businessmen.

What do you guys think of CBN prohibiting foreign currency cash deposits into bank accounts?

I suspect Nigeria might be the only country in the world that's doing this...because it makes no sense to me. In their bid to check fraud, The Central Bank of Nigeria placed a ban on foreign currency cash deposits in banks. It was officially announced yesterday by CBN. Read a circular they released yesterday and tell us if you think it's a step in the right direction. I don't!

"The Central Bank of Nigeria has considered the recent statements by Deposit Money Banks (DMBs) concerning the large volume of foreign currencies in their vaults and the decision to stop accepting foreign currency cash deposits into customers’ domiciliary accounts as a welcome development.

Naira to rise further as banks reject dollars

The United States dollar will further tumble against the naira at the parallel market this week as Deposit Money Banks continue to reject cash deposit of foreign currencies into customers’ domiciliary accounts.

The naira had appreciated against the dollar from 245 to 220 at the parallel market last week after banks started denying their customers opportunity to make cash deposits of dollar, pound and euro into their domiciliary accounts.

Foreign exchange dealers told our correspondent on Sunday that the naira would likely appreciate further against the dollar at the black market this week.

A forex trader, who chose to speak under the condition of anonymity said, “We expect the naira to

appreciate further this week at the parallel market.

“Banks have flooded the market with dollars and other foreign currencies. This is making the naira to appreciate. There is still a huge stock of dollars out there that the banks will be pushing into the parallel market this week.”

Naira rebounds, now N208 to dollar as CBN moves against illicit financial flows

 The Naira at the weekend appreciated against major currencies, especially the dollar, which exchanged for between N206 and N210 at the parallel market on Sunday.

 The currency, which had lost up to 20 per cent of its value recently when a dollar exchanged for N245, responded to series of policies churned out by the Central Bank of Nigeria (CBN).

 As part of efforts to further strengthen the naira, the apex bank, at the weekend, vowed to move against illicit financial flows.

 The CBN policies which have seen Naira firm up have, however, brought untold hardship on Nigerians on vacation abroad as they find it difficult to make withdrawals from their domiciliary accounts from outside the country.

 In its plan to properly price the Naira, the apex bank had been tweaking its foreign exchange policies.

Naira Falls Across Markets As CBN Adjust Clearing Rate To N197

The nation’s currency, naira on Wednesday depreciated in valued against the US dollar, across all market segments as the Central Bank of Nigeria (CBN) adjusted its clearing rates to N197/$ from N196.65k/$.

Naira weakened against dollar by N1 or 0.42 percent at the Bureau De Change segment and N1.50k/$ or 0.62 percent at the parallel market.

Consequently, after trading on Wednesday, the local currency closed at N241/$ compared to N240/$ the previous day at the BDC segment and N242.50k/$ as against N241/$ on Tuesday at the parallel market.

At the inter-bank market, naira slide by N0.36k or 0.18 percent against the dollar as it closed at N198.04k/$ compared to N197.68k/$ the previous day according to data obtained from Financial Markets dealers Quotations (FMDQ).

Naira Drops To N241 Against The Dollar

The naira hit another record low of 241 against the dollar at the parallel market on Monday as the Central Bank of Nigeria’s restrictions on foreign exchange sale fuelled unofficial trade in dollars, Reuters reported.

The ban on importers from accessing the Nigerian foreign exchange markets for the importation of 41 items had led to the volatility of the naira-dollar exchange rate at the black market.

Since June 23 when the new forex rule became operational, the naira has fallen by 10.5 per cent from 218 to 241 against the greenback.

Foreign exchange dealers said the artificial scarcity of the United States currency still pervaded the market.

The new forex rule had led to huge demand at the parallel market, causing dealers to hoard the dollar in anticipation of further fall in the naira

Naira Faces Fresh Pressure, Falls To 222 Per Dollar

The naira, which rose to 180 against the dollar shortly after the inauguration of President Muhammadu Buhari about a month ago, has fallen to 222 at the parallel market due to a huge demand for dollars by importers and investors.

Increasing business activities have made importers and investors to move their foreign exchange demands to the parallel market, putting pressure on the naira at the segment, it was learnt on Tuesday.

The dollar was sold for between 220 and 222 on the streets of Lagos, Abuja and Kano on Tuesday, while the pounds and euro were sold for 350 and 249, respectively.