NewStats: 3,265,496 , 8,186,962 topics. Date: Sunday, 15 June 2025 at 10:37 AM 2a1t1q

Monday’s stoppage of foreign exchange sales to Bureau De Change operators by the Central Bank of Nigeria failed to lift the naira on Tuesday as the currency exchanged for 300 against the United States dollar in Kano, 290 in Lagos and 292 in Abuja.

Financial experts said the naira would decline further, while private sector operators described the move as a welcome development.

The ban was announced on Monday, when naira trading at 285 against the dollar at the parallel market from 278 on Friday.

The Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, told one of correspondents in a telephone interview that the currency traded against the greenback at 300, 290 and 292 in Kano, Lagos and Abuja a day after the CBN announcement.

“There is cut of (dollar) supply to the market. The BDC sub-sector has been murdered. We are not coping. The naira is going to head northwards. There is no solution in sight,” Gwadabe lamented.

The Head of Investment Research, Afrinvest West Africa Limited, Mr. Ayodeji Ebo, said the stoppage of forex sale to the BDCs meant that the CBN wanted everybody to apply to the banks for dollars.

He stated, “But we feel the pressure now will move from the BDCs to the parallel market. We will see significant spike in the value of the naira at the parallel market because the little supply to the BDCs have also helped to cushion the demand at the parallel market.

“It will further compound or increase the spread between the parallel market and the interbank market. So, it will also increase round-tripping and unethical practices within the financial system.”

On the lifting of the ban on cash deposits into domiciliary s, Ebo said, “I am still sceptical about how this will work except they are also assuring us that if you deposit it, you can consummate business with it.”

A professor of financial economics at the University of Uyo, Akwa Ibom State, Leo Ukpong, said, “I don’t think the stoppage of dollar sale to the BDCs will solve the problem. The currency will depreciate some more.

“This move will make the naira to weaken more as demand for dollar will skyrocket because of the short supply.”

of the organised private sector, however, applauded the CBN for the stopping the sale of dollars to the BDCs and lifting the ban on cash deposits into domiciliary s.

The President, Manufacturers Association of Nigeria, Dr. Frank Jacobs, said industrialists had earlier kicked against the funding of the BDCs by the central bank, adding that with the development, the forex could be channelled towards funding the real sector in of importation of raw materials.

On the removal of the restriction of cash deposits into domiciliary s, Jacobs said manufacturers were still waiting for more clarification as to how the money deposited could be utilised by the customers.

The Director-General, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Mr. Emmanuel Cobham, said the forex sale ban was a welcome development.

According to him, although the BDCs are necessary in the economy, they are licensed entities and should, therefore, source for their own funds.

Also speaking on the matter, the Director-General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf, lauded the forex policy review, noting that it had addressed the concerns of economic operators.

According to him, it is a source of worry that the CBN continues to maintain its official exchange rate at N199 to the dollar at a time of dwindling forex inflow.

“The pressure on the official window will persist. The risk of round-tripping and distortions in the foreign exchange market will consequently remain high,” he said.

www.punchng.com/naira-crashes-to-300-against-dollar/

300? that's too much. I the One Naira for One Dollar promise... Politics is 'the more you look game'

Waitooo, so this is what it feels like to be the FTC... This is orgasmic mehn

Buhariiiiiiiiiiiiiiiiiiiiiii. Wake up.
Economy on fire.

No need to panic.

This will only discourage imports.

FG is still maintaining fuel price N86 per litre.

No shaking !!

ZKOSOSO:
Buhariiiiiiiiiiiiiiiiiiiiiii. Wake up.
Economy on fire.

So...what do you want him to do?

What do you think that GEJ would have done if he was still in charge.?

What the CBN has done is the best of two bad choices. The other one.....straight devaluation....would have crashed our naira further.

We are paying the price for an oil dependent economy. And it is going to take more than seven months and lots of hard work to get off the oil dependency.

The combined effect of not diversifying the economy before now and gross mismanagement of what was accrued from oil over the decades.

Kikero112:


So...what do you want him to do?

What do you think that GEJ would have done if he was still in charge.?

What the CBN has done is the best of two bad choices. The other one.....straight devaluation....would have crashed our naira further.

We are paying the price for an oil dependent economy. And it is going to take more than seven months and lots of hard work to get off the oil dependency.

anu mpama

Good news. Inform me when it get to 500, let me go and sale my 2$.

All the posters above me are ignoramus. The spike is due to the economic shock which always accompanies monetary policies such as these, its just a short term reaction. No need to panic, the naira will rebound in no distant time. Wailers this one no be food for una so just chill and keep sipping your cup of burukutu

The fg is playing reactionary games and so they are always behind the curve. Government shouldn't have waited for oil to hit $30 before stopping the sale of forex to bdc's. This should have been done a long time ago.

Government needs to drastically reduce its recurrent expenditure and at the same time listen to the advice by both Soludo and Sanusi, and devalue the naira moderately.

ZZ22:
anu mpama

And in response.....

You want to avoid problems like the one we are in?

We have to become an industrial nation producing good quality industrial goods.....WHICH can then be exported for large amounts of forex.

Devaluing our currency under those circumstances would be beneficial to us...because it makes our exports cheaper.....and imports expensive....reducing our dependency on imports.

We cannot do that now...because our industries are dependent on imported goods.

Judge the present govt on how it does in that area.

bamite:
All the posters above me are ignoramus. The spike is due to the economic shock which always accompanies monetary policies such as these, its just a short term reaction. No need to panic, the naira will rebound in no distant time. Wailers this one no be food for una so just chill and keep sipping your cup of burukutu

Well....you also have to that oil prices are dropping too....which means no forex to buffer up the Naira....which can lead to the CBN holding even tighter to the dollars it does have....which makes things harder.

Fact is....Nigeria should have built an industrial economy based on raw materials ages ago. While GEJ should have saved....saving cash would have delayed this issue till next year.

All we need at the helms of affairs is a whizkid with a midas touch, at times like this we don't need any trial and error approach.
When you operate an economy that is oil dependent and there is a glut of course there is a way out its not a dead end and nobody should sell that crap to us.

When they were campaigning to take over power they were aware and I am sure were strategising on what to do if they weren't and busy planning how to form parallel govt or how to unleash baboon and monkey soaked in blood that's their headache. They should fix the economy or gerraway let the technocrats do their work.
We have always had economic challenges from the time of IBB to GEJ none gave up or was busy accusing any past govt of causing any problem they faced the challenge frontally and Nigeria did not crash. It shouldn't be different now. All we hear day and night in this govt is blame game and I wonder if that is what this govt will tell us when the tenure is over.

They should roll up their sleeves get the right people to do the job of revamping the economy and get to work. It can be done and it must be done by this govt we demand it of them it is our right. They cannot distract us with all this playing this Dasuki show let them hit the ground running. Enough time wasted achieving nothing. Electricity supply is still poor, Fuel is still poor, unemployment is very high,companies are laying off plenty staff daily, security of lives and property poor, education , health all in comatoes, social vices like prostitution and armed robbery has reached all time high level. Govt must work and be seen to work enough gallivanting.

If this is true, I pity my country

Kikero112:


And in response.....

You want to avoid problems like the one we are in?

We have to become an industrial nation producing good quality industrial goods.....WHICH can then be exported for large amounts of forex.

Devaluing our currency under those circumstances would be beneficial to us...because it makes our exports cheaper.....and imports expensive....reducing our dependency on imports.

We cannot do that now...because our industries are dependent on imported goods.

Judge the present govt on how it does in that area.

Your post is correct in a situation where a country is stable and trying to grow and diversify its economy. Nigeria is not in a stable state. Our economy is being torn to pieces and we are at the brink of collapse. $10 dollars per barrel is a possibility, and at this point in time, we must prepare for such an occurrence.


To fail to plan is to plan to fail. I am very pro-buhari by the way.

Finally, we have hit the 300 mark... 400 here we come... Nonsense..





Check my signature for your breathtaking wallpapers and 3D wall s, floors, ceilings and wooden blinds & floors..

trillville:


Your post is correct in a situation where a country is stable and trying to grow and diversify its economy. Nigeria is not in a stable state. Our economy is being torn to pieces and we are at the brink of collapse. $10 dollars per barrel is a possibility, and at this point in time, we must prepare for such an occurrence.


To fail to plan is to plan to fail. I am very pro-buhari by the way.

Yes.....and our only route out of this is by diversifying.

Into industries....not by selling raw materials whose price we do not control.

Industrial development , however , is not attractive to most Nigerians because it means they have to work for their money. Under our resource dependency.....we just earn money and share the resources.

What the government is doing now is just steadying the ship.I wait for them to start focusing on getting our power situation improved...while raising taxes removing subsides, and ending corruption to increase our treasury's size.

Haaahaaa...Gullible Nigerians and APC election propaganda...

ichidodo:
Haaahaaa...Gullible Nigerians and APC election propaganda...

As you are laughing.... that we are in this situation because the other guys ....PDP.....forgot to save enough money in the , and forgot to diversify our economy sufficiently.

And if they were STILL in charge .....they would be doing the same thing.

The elephant in the room is AUSTERITY.....and it remains to be seen whether Nigerians and the current government are ready to make that sacrifice.

So don't laugh. Seven months is hardly enough time to reverse the mess of four years of failure to save.....and of failure to properly diversify.

Nigeria must now work for its money.

bamite:
All the posters above me are ignoramus. The spike is due to the economic shock which always accompanies monetary policies such as these, its just a short term reaction. No need to panic, the naira will rebound in no distant time. Wailers this one no be food for una so just chill and keep sipping your cup of burukutu

You missed something. It could've been in fullness of time, the naira will rebound. Not in no distant time!

Kikero112:


Yes.....and our only route out of this is by diversifying.

Into industries....not by selling raw materials whose price we do not control.

Industrial development , however , is not attractive to most Nigerians because it means they have to work for their money. Under our resource dependency.....we just earn money and share the resources.

What the government is doing now is just steadying the ship.I wait for them to start focusing on getting our power situation improved...while raising taxes removing subsides, and ending corruption to increase our treasury's size.

We can hardly pay salaries so how do you suppose we diversify the economy? Diversifying the economy can be achieved in a stable economic climate. We are in a crisis. We need to survive this crisis and then diversify the economy.

The UAE built the tallest building on earth when oil averaged over $100. Today, the UAE is saving all its money and cutting cost to survive this crisis.

Saudi Arabia renovated the Ka'aba when oil averaged over $100. They are also cutting cost and saving their money.

Nigeria looted oil its money and wasted it on foreign junketing. Nigeria needs to cut cost(job losses), moderately devalue its currency since it has no savings and survive this crisis.

Borrowing money to pay salaries will be the death of Nigeria. Buhari should cut costs as soon as possible.

Kikero112:


As you are laughing.... that we are in this situation because the other guys ....PDP.....forgot to save enough money in the , and forgot to diversify our economy sufficiently.

And if they were STILL in charge .....they would be doing the same thing.

The elephant in the room is AUSTERITY.....and it remains to be seen whether Nigerians and the current government are ready to make that sacrifice.

So don't laugh. Seven months is hardly enough time to reverse the mess of four years of failure to save.....and of failure to properly diversify.

Nigeria must now work for its money.

[b] As we recalled Ngozi Okonjo Iweala shouting herself hoarse on the need to diversify the economy and save far back as 2012. Maybe you also cast your mind back on her instituting the SWF on the backdrop of vitriolic oppositions from political elements -who,ironically,are now 'saints' in this e.g Amaechi,Saraki etc and most gullible Nigerians- Heck, we even ed the constant yearly fights btw NOI and the political class especially those of the opposition back then on what point to peg our budget about a certain oil price so as to fund it and also save for the rainy day....whilst NOI insisted on pegging way below the crude oil price so as to have excess dollars to save,amaechi and his rabid dogs insisted and pegged it higher so as to have that excess dollars to loot.At a point the Federal Government was taken to court and that was the end of it for NOI,but as bad as it is right now, NOI could have steered this economy away from this global downturn just as her policies auto piloted us away from the 2008 financial meltdown....but who are we kidding when we are stucked with janjaweede propagandists,imbecilic,illiterate tyrants from daura with zombies as their fanatic ers and wait for it......a rookie and a horribly mentally limited finance minister whose last gig was impoverishing a state into begging for bail out funds, let us leave the topic of her getting the job via tribal and regional sentiments for another day.....And you wondered why we laugh?! Thank goodness we relocated back to in time.[/b]

With all valid indications,

Recession is imminent.

GOD SAVE US











Good morning good people of Nigeria
How are u this morning

hollywater:
Good news. Inform me when it get to 500, let me go and sale my 2$.

God pls help this country.

Chei! wetin na? with all the campaign promises that they will make 1 Dollar equivalent to 1 naira. wetin dey do this naija sef? Charlie Boy, your bike no dey go China again oo. Wetin?

Importation suffers
Exportation buffers
Politicians are looters
Leaving our economy in blisters

ftp tinx....hahaha. #endtime dollar

Very gud very very gud, sai Buhari

Very scary days ahead

at this point... I won't be surprised if it gets to a ridiculing 1000 against the Dollar..


Bunch of Negligent Buhari goons! Change Indeed!

gen gem