This is to inform all authorized dealers that in continuation of the review of developments in the foreign exchange market and to curb speculative demand in the market, both rDAS and interbank funds should henceforth be used, strictly for funding of Letters of Credits, Bills for Collection and Other invisible transactions, subject to appropriate documentation as provided by extant regulations.

Consequently, RDAS and Interbank funds no longer be sold to BDCs and other Authorised Buyers.

Meanwhile, the weekly sales of forex to BDCs will be sustained by the CBN based on the liquidity needs of the market.

In addition, the Net Foreign Exchange trading position has been reviewed upward, from 0.1% of the “shareholder's fund" unimpaired by losses, to 0.5% of the "shareholder's fund" unimpaired by losses.

Todays Rate on Black Market: BUY 193, SELL 195 and definitely set to rise higher. There is FIRE ON THE MOUNTAIN !!!


http://www.proshareng.com/news/25691

Time to stock up on Dollars before it becomes 250 to the Naira!!

it reduces..no difference...

it rises...still under the hardship...

...blowing my whistle....

let me go take dis ss3class on accounting...

copa patrick

Time for black marketers to make their money.

Everything under Jonathan is badluck.

Hey! Naira Slide a diegwu!

I tire everything geting worse

This isn't funny

Accumulation of Dollars is the way forward as Inflation will soon eat away at peoples savings!!!

http://www.dailytrust.com.ng/daily/business/44987-naira-at-record-low-trade-at-n195-dollar-at-bdc

Naira yesterday traded at record low against the United State of America’s dollar, both the interbank and street markets.

At the Bureaux De Change market, the currency traded at N195 to a dollar in Abuja and around 193 in Lagos, which is the lowest in the history.

While at the interbank, trading opened with the naira fell to a record intraday low of 191.97 to the dollar, recovering to 190.45 naira by 1220 GMT. It had closed at a record low of 189.20 the previous day, before a central bank decision on interest rates, according to Reuters.

It took the intervention of Financial Market Dealers Association (FMDA), after their meeting in Lagos yesterday to save the currency. The dealers agreed to halt trading if there is a more than 2 percent intraday slide in the naira, which is being hit by the oil price slump and is at risk of speculative attacks.

Dealers said they feared that if they did not act to curb the naira’s slide, the currency could head to 200 to the dollar, creating extreme volatility and adding to deteriorating liquidity conditions.