Stacks of US fifty and one hundred dollar bills in money bag

Naira fell to a record low at the black market on Tuesday, due to dollars scarce and speculation that the Central Bank of Nigeria, CBN, would soon stop foreign currency sales to pay for health and education abroad, traders said.
However, despite rebuttal from the apex bank that it is not contemplating this policy direction, the naira was quoted in a range of 347 to 352 against the dollar at the parallel market, as demand for dollars surged, weakening from 345 on Monday, traders said.
The central bank left its official rate unchanged at 197 naira to the dollar on its interbank window.
“Most individuals who sell to us are no longer willing, but demand is piling up,” said Aminu Gwadabe, head of an association of bureau de change operators.
Last month, the central bank banned dollar sales to retail bureaux de change, sending the naira to record lows on the black market, and later stopped daily sales to the interbank market, in an effort to conserve reserves, now at their lowest in more than 11 years.
Some retail currency operators have few dollars in their vault and depend on other members to fill orders when they have excess demand, fuelling the weakness in the currency, traders say.
Nigeria earns around 90 percent of its foreign exchange earnings from crude oil exports, but mismanagement of its refineries means it must also import expensive refined fuel, eating deep into its reserves.
Reserves have fallen to $27.83 billion as of Feb. 12.


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  • vic

    CBN GOVERNOR’S FOREX POLICIES HAVE WOEFULLY FAILED. ONE WONDERS, WHY BUHARI CONTINUES TO EMPLOY THIS ECONOMIC REDUNDANT AND ILLITERATE CORRUPT BANKER IN THE JOB???? IS IT THAT BUHARI FINDS IT EASY TO MANIPULATE WITH THE CBN GOVERNOR FOR HIS SELFISH REASONS AS CLUELESS JONATHAN DID WHO BROUGHT IN THIS ILLITERATE BANKER AS CBN GOVERNOR THROUGH THE BACK DOOR FOR RELEASING BILLIONS OF DOLLARS TO JONATHAN LEADING TO THE CURRENT DASUKI GATE???????? WHEN IT COMES TO SELFISHNESS THIS SELF-CENTERED DAURA DUFFER BUHARI DOES NOT HESITATE TO LOOT THE CBN WITH IMPUNITY INCLUDING MILLIONS OF DOLLARS FOR HIS USELESS FOREIGN TOURS. BUHARI HIMSELF HAS A TWISTED MIND AND UNCLEAR THINKING WHEN IT COMES TO LOOTING THE CBN IN A “LEGITIMATE” MANNER IN THE NAME OF ESTA CODE AND OTHER LAME EXPENSES, IN ADDITION TO THEIR INFLATED HOTEL BILLS WHILE IN FOREIGN LANDS. ONLY A WEEK AGO, THIS SELFISH BUHARI, VERY QUICKLY, DISAPPEARED TO THE UK FOR MEDICAL TREATMENT FOR A WEEK THEN ONE ASKS, WHAT INCENTIVE SUCH A PRESIDENT WILL HAVE TO IMPROVE HEALTH SERVICES IN NIGERIA??? IT IS CLEAR, BUHARI IS A FLIP-FLOP UNPRINCIPLED VILLAGER WHO BENDS RULES ANYHOW FOR HIS SELFISH REASONS. WITH ALL HIS ENEMIES LOOKING FOR HIS BLOOD, WE SHALL ONLY KNOW HOW MUCH THIS DAURA DUFFER AND HIS LIKE-MINDED SYCOPHANTS HAVE LOOTED FROM THE NATIONAL TREASURY WHEN HE IS GONE WHICH WILL BE SOONER THAN LATER. AS THEY SAY, EVEN A DOG HAS HIS DAYS SO WE SHALL SEES HOW MANY DAYS BUHARI HAS. SO FAR, THE CONTINUED BEATING OF DRUM OF CORRUPTION BY BUHARI HAS NOT BENEFITED A SINGLE PERSON AMONG GRASS ROOT MASSES OF NIGERIA. ONE ASKS, FOR WHOSE BENEFIT IS BUHARI FIGHTING THE SO-CALLED WAR AGAINST CORRUPTION 9 MONTHS INTO HIS LOUSY ADMINISTRATION. NIGERIANS ALSO BELIEVE THAT THE RECOVERED LOOT WILL BE RE-LOOTED ONCE AGAIN BY BUHARI AND HIS CORRUPT CRONIES WAITING UNDER HIS NOT-SO-UNCORRUPT WINGS.

    CLEARLY, BUHARI HAS TURNED OUT TO A FALSE HOPE AND AN ILLUSION FOR POOR MASSES OF NIGERIA. UNDER THE CIRCUMSTANCE, IN 2019, APC WILL BE DEAD AND BURIED WITH BUHARI AS ITS LEADER.

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