The Naira depreciated further to a 43-year low at N305 per dollar as scarcity of dollars intensified in the unofficial market.
From an average of N287 per dollar on Tuesday, the parallel market exchange rate rose to an average of N305 per dollar across the country.
Similarly, the new year stock market haemorrhage entered the eighth day yesterday, with a total N1.22 trillion losses to investors, giving a year-to-date decline of 12.36 per cent in market capitalisation. The market key index, the Nigerian Stock Exchange All Share Index, NSE ASI, declined year-to-date by same margin.
The stock exchange, which opened this year at market capitalisation of N9.851 trillion began a free fall till yesterday, closing at N8.63 trillion while the NSE ASI which opened the year at 28,642.25 points closed yesterday at 25,103.05 points.
The losses were heightened in the last 48 hours with a cumulative two-day loss of N430 billion following the escalated foreign exchange management crises which came with CBN’s announcement of its decision to cease sale of foreign exchange to BDCs on account of the precarious state the operators had forced the entire economy.
Since Monday when the Central Bank of Nigeria (CBN) stopped weekly dollar sales to Bureaux De Change (BDCs), the Naira has been depreciating against the dollar.
BDC sources who confirmed the development to Vanguard , however, said that the exchange rate situation is uncertain as the rate changes from time to time.
Investigation revealed that though the exchange rate touched N305 in major cities like Lagos, Abuja and Kano, it dropped slightly to between N295 and N300 per dollar in Lagos and Abuja at the close of business, while it closed at N305 in Kano.
Chief Executive Officer, H.J Trust BDC, Mr. Harrison Owoh, told Vanguard that the market is fluid.
“You cannot quote any rate for anybody now because the rate is changing every time.”
Financial analysts believe that the CBN’s state-of-the-economy address which came with the BDCs forex ban are having immediate negative effects on the economy, causing investors to withdraw from the Nigerian bourse to safer securities on the continent.
Justifying the ban, the CBN Governor, Mr Godwin Emefiele, had said: “This fall in oil prices also implies that the CBN’s monthly foreign exchange earnings has fallen from as high as US$3.2 billion to current levels of as low as US$1 billion.
“Yet, the demand for foreign exchange by mostly domestic importers has risen significantly. For example, the last we had oil prices at about US$50 per barrel for an extended period of time was in 2005. “At that time, our average import bill was N148.3 billion per month.
‘’In stark contrast, our average import bill for the first nine months of 2015 is N917.6 billion per month, even though oil prices are now less than US$35 per barrel.
“The net effect of these combined forces unfortunately is the depletion of our foreign exchange reserves.
‘’As of June 2014, the stock of Foreign Exchange Reserves stood at about US$37.3 billion but has declined to around US$28.0 billion as of today.
“With the current economic realities in the country, the NSE, with the aim of hitting N200 trillion market cap by 2019, may well be moving away from its target.
Meanwhile, the Speaker of the House of Representatives yesterday held a closed door meeting with the leadership of the Association of Bureaux De Change Operators of Nigeria (ABCON) over the continued depreciation of the naira. The meeting was still ongoing as at the time of going to press.
Also today the Director General of the Nigerian Stock Exchange, NSE, Mr. Oscar Onyema is expected to present the market outlook where investors’ sentiment is expected to be shaped.
“Absolutely Clueless And Easily The Worst Manager I Played Under” — Mikel Obi Blasts Sunday Oliseh; Blames Him For Vincent Enyeama’s Early Retirement
He said’ “I remember the first day he came into the camp. Then we reported to the camp for International duties, then he came straight at me and Vincent Enyeama, the goalkeeper, who also was very powerful back then.”
“He came straight at us and Elderson Echiejile, and he said a few things. He said he heard there was a lot of player power with us.
“Then Enyeama was like, ‘What’s wrong with you? Where are you getting all of these from? We are a nice group, and you just come in, and the first thing is to attack us?
“He was like ‘I heard about you guys.’ And then Enyeama stood up and told him he couldn’t say that because we had been here for so many years. They started arguing, and literally, they were going to have a fight.
“He took Enyeama out of the team, and he came at us saying he was going to take us out of the team. He said he was going to take us out of the team; he said he was going to make sure we didn’t play anymore.”
“Enyeama could not take it, and despite my pleas, he left the camp angrily and never came back.”
“He (Oliseh) had absolutely no clue of how a manager is. He was a fantastic guy in his playing days, but as a coach, he was very terrible. He had no clue what he was doing.
“The players never understood anything he was doing, and he did not know what he was doing. He was just confused because he just came in and destroyed the team’s togetherness.
“His excuse when he got fired was that the people and FA did voodoo on him not to succeed. He was easily the worst manager I played under.
“He was so bitter with everybody, jealous with everybody, and had no respect for speaking to anybody, whether the physio or anybody,” he added.
“She Took Care Of My Son When I Left To UK To Give Birth To My Twins” — Kindhearted Nigerian Woman Rewards Her Housemaid With Canada Sponsorship
A Nigerian lady identified as Lioness Eze wrote: “Miracle is her name
She was a maid to me.
She’s here in Canada to do her first degree in IT innovation ( I’m her full sponsor). She’s 20
She took care of my son when I left to UK to put to bed to my twins. My son never for one day felt I wasn’t around him.
Each time my son asks of where the dad is, she’s always there for him to make sure no vacuum at all
When we relocated to Canada, I started pursuing her greener pastures.
I applied for her degree program into same university as mine in Ontario. She got the admission, I started applying for her visa, she was denied first time. But she was granted visa the second time and was given 3 years visa to study in Canada.
She has arrived😁😁 pictures bellow
She even traveled with us to UK for summer 😁
Isn’t her name speaking for her?(Miracle)
NB : she calls me mommy, ( her biological mother is late) she’s my older daughter now, anywhere U see her, tap her back and tell her she’s really a miracle to her generation
GRACE GOD has given me which is unique from others is, you can’t be around me and remain same. If you are around me and your life never changes, it means you need to change ur attitude.”
I’m still single and searching – 70-year-old virgin Cries
An elderly woman has lamented being single and still searching because she rejected many men in the name of sacrificing her life to give her siblings a good education before getting married.
“The reason I am still single is that I haven’t found the right man for me. But when I was still a young girl, several men were chasing after me. I dated several, but I refused to get married before my siblings graduated because I was the one who was taking care of them. Men would approach me for marriage and I would tell them no because I wanted to educate my siblings first, then marry later,” she said.
“If I get a husband, I would get married. I’m ready to be a wife and move in together with my husband,” Alphonsine said.
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