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Friday, 19 February 2016

MONEY/EXCHANGE

Naira depreciates further to N385/$ in parallel market
 Femi Ajasa /Babajide Komolafe

LAGOS- The naira, yesterday, depreciated further to N385 per dollar in the parallel market as demand for foreign exchange intensified.


This implies the naira has depreciated by N60 against the dollar this week in the parallel market, when compared with the closing exchange rate of N325 per dollar last Friday.

The currency, however, remained stable at the official interbank foreign exchange market as the interbank rate closed N199.34, yesterday.

Thus, the gap between the interbank and parallel market rates widened to N185.66 per dollar from N127.53 last Friday.

Vanguard investigation also reveals that the naira depreciated against the British pounds to N505 per pounds in the parallel market, yesterday, implying N65 depreciation when compared with the closing rate of N440 last Friday.

Investigations revealed that the sharp depreciation of the naira in the parallel market this week is driven by increasing demand by importers sourcing dollars to pay for imports from China.

According to a BDC operator, who spoke on condition of anonymity, "you know China had been on its one month annual holidays. But they resumed work on Monday, and people have to complete payment for goods ordered before the holidays.

“They had made 30 per cent down payment to order the goods and they now have to pay the 70 per cent balance otherwise they will lose the 30 per cent. That is why they are desperate and ready to buy dollars at any rate. Meanwhile, supply is scarce and those who have dollars are not willing to sell because they might also need the currency soon."

The naira has been on steady decline since Tuesday, January 12, 2016, when the Central Bank of Nigeria (CBN) stopped weekly dollar sale to BDCs. Prior to this action, the naira traded at N265 per dollar in the parallel market. Consequently, the naira has depreciated by N80 in the parallel market since the CBN took the action.


The steady depreciation was also aggravated by inability of the CBN to meet foreign exchange demand. Vanguard investigations reveal that the parallel market is being bedevilled with demand for foreign exchange from importers of the 41 items excluded from the official market by CBN last year as well as importers of items not excluded from the official market.

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Love the article on Gaddafi
We must rise above tribalism & divide & rule of the colonialist who stole & looted our treasure & planted their puppets to lord it over us..they alone can decide on whosoever is performing & the one that is corrupt..but the most corrupt nations are the western countries that plunder the resources of other nations & make them poorer & aid the rulers to steal & keep such ill gotten wealth in their country..yemen,syria etc have killed more than gadhafi but its not A̷̷̴ good investment for the west(this is laughable)because oil is not in these countries..when obasanjo annihilated the odi people in rivers state, they looked away because its in their favour & interest..one day! Samosa Iyoha

Hello from
Johannesburg
I was amazed to find a website for Africans in Hungary.
Looks like you have quite a community there. Here in SA we have some three million Zimbabweans living in exile and not much sign of going home ... but in Hungary??? Hope to meet you on one of my trips to Europe; was in Steirmark Austria near the Hungarian border earlier this month. Every good wish for 2011. Geoff in Jo'burg

I'm impressed by
ANH work but...
Interesting interview...
I think from what have been said, the Nigerian embassy here seem to be more concern about its nationals than we are for ourselves. Our complete disregard for the laws of Hungary isn't going to help Nigeria's image or going to promote what the Embassy is trying to showcase. So if the journalists could zoom-in more focus on Nigerians living, working and studying here in Hungary than scrutinizing the embassy and its every move, i think it would be of tremendous help to the embassy serving its nationals better and create more awareness about where we live . Taking the issues of illicit drugs and forged documents as typical examples.. there are so many cases of Nigerians been involved. But i am yet to read of it in e.news. So i think if only you and your journalists could write more about it and follow up on the stories i think it will make our nationals more aware of what to expect. I wouldn't say i am not impressed with your work but you need to be more of a two way street rather than a one way street . Keep up the good work... Sylvia

My comment to the interview with his excellency Mr. Adedotun Adenrele Adepoju CDA a.i--

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