Nigeria in QUAGMIRE as Naira sinks further into the swamp of oblivion.Exchanges 377 to Dollar. Adeosun and Emefiele's jobs on the line

Nigeria in quagmire as Naira sinks further into the swamp of oblivion.Exchanges 377 to Dollar. Adeosun and Emefiele's jobs on the line.

The naira yesterday exchanged at N377 to dollar in the parallel market, weaker than N373 on Wednesday after the Central Bank of Nigeria (CBN) failed to intervene in the market, Signal reports.

At the interbank rate, the currency traded at N309 to dollar at noon, but later recovered to close at 292.40 on thin trades. The interbank market traded a total of $7.27 million.

Shocker!!! Buhari expresses disappointment with currency 'floating' as Naira begins final descent to its resting place

Buhari expresses disappointment with currency 'floating'  as Naira begins final descent to its resting place

Nigeria's President Muhammadu Buhari on Monday told a gathering of business leaders that he did not see the benefit of the naira's currency peg against the U.S. dollar being removed.

Nigeria's central bank abandoned the naira's 16-month old exchange rate peg, of 197 naira to a dollar, a week ago in an effort to alleviate the chronic foreign currency shortages that have choked growth in Africa's biggest economy.

Float it or sink it, Naira is DEAD! And Buhari KILLED it as he is killing Nigeria

Float it or sink it, Naira is DEAD! And Buhari KILLED it as he is killing Nigeria

Nigeria has finally bowed to the inevitable.

Battered by the oil plunge, starved of foreign currency and with the economy headed into recession, Africa’s second-biggest crude producer said Wednesday it will allow the naira to float, setting the stage for the currency to weaken. Free trade in the naira, set for Monday, will mark the end of more than a year of resistance by President Muhammadu Buhari, who reiterated his opposition to devaluation as recently as two weeks ago.

Naira is now WORTHLESS! We will bring back Biafran Pounds - Raph Uwazuruike (BIM leader)

Naira is now WORTHLESS! We will bring back Biafran Pounds - Uwazuruike

The Biafran Independent Movement (BIM) led by Raph Uwazurike says it is set to reintroduced the Biafran currency throughout Biafraland since the value of the naira has depreciated.

BIM Anambra North Director of Finance, Martins Ezeaka, stated this in Onitsha, Anambra State. He said the group has no option but to reintroduce it as it did in 2011.

N370/$ as Naira continues free fall

N370/$ as Naira continues free fall  

The sharp depreciation of the naira in the parallel market triggered by the deregulation of petrol importation continued yesterday, with the naira depreciating to N370 per dollar. 

Floundering Naira: Nigerians to face additional pain as airlines conclude plans to sell tickets only in dollars

Floundering Naira: Nigerians to face additional pain as Airlines conclude plans for tickets to be sold only in dollars

A fresh crisis looms in the aviation industry as some foreign airlines have concluded plans to quote and receive payment for tickets only in the United States dollars. The situation is as a result of their inability to repatriate funds out of the country due to scarcity of the US currency.

FACTSHEET: Buhari secures China deals but Naira woes linger

FACTSHEET: Buhari secures China deals but Naira woes linger

Nigerian President Muhammadu Buhari last week assembled one of the biggest ministerial delegations of his presidency and boarded a plane to China. Welcomed by President Xi Jinping with a 21-gun salute, Buhari embarked on a five-day tour that saw him return to Nigeria smiling after securing a $6 billion (5.3 billion euro) loan and a currency swap deal. 

How General Buhari killed the Naira

Many Nigerians failed to appreciate the level of sophistication that Former Minister of Finance, Mrs Ngozi Okonjo-Iweala and her team of economic reformers including Professor Chukwuma Soludo, Nasir el rufai, Oby Ezekwesili etc had introduced into Nigeria's economy since 2004.

Naira in tatters! ‘Buhari must act now or lose control completely’

Nigeria is slowly but surely approaching a situation where there are no good options left. Even now, the options have been reduced to few. But, another delay will spell doom. The Federal Government must act now – or hand Nigerians to unpredictable fate.

“Love and business and family and religion and art and patriotism are nothing but shadows of words when a man is starving.”O. Henry, 1862-1910. VANGUARD BOOK OF QUOTATIONS p 232.

The Federal Government of Nigeria is doing a wonderful job fighting corruption. The last time this monster was tackled, head-on in this country, was in 1984, by the same Head of State Buhari. Then as now, the price of crude oil created the havoc. Then, as now, there were discordant views about whether or not the government should devalue the currency or not. Those on the left wing of Nigerian politics, the Nigerian Labour Congress and socialists who arrogated to themselves the love of the masses, were against devaluation of the currency.

Economic Tyranny! Buhari takes over Central Bank of Nigeria management

Economic Tyranny as Buhari takes over Central Bank Naira management 

Nigeria’s President Muhammadu Buhari erased any doubt about who is in charge of currency policy in Africa’s biggest economy — to the detriment of the central bank’s independence.

I won’t devalue Naira - Despite COMMON SENSE and International Pressure Buhari ADAMANTLY insists

I won’t devalue Naira - Despite COMMON SENSE and International Pressure Buhari ADAMANTLY insists

Despite common sense and international pressure from world experts for Nigeria to officially devalue the naira, General Muhammadu Buhari has insisted he wouldn't devalue the naira - that is until the country finally crumbles. According to the Vanguard, Buhari stated that further devaluation of Naira would kill the currency, insisting that it was one decision he was not ready to take at the moment.

Nigeria flirts with Economic DISASTER as Naira controls stay - Nigeria receives another hard knock from Bloomberg

Nigeria flirts with Economic DISASTER as Naira controls stay - Nigeria receives another hard knock from Bloomberg

• Central bank resists calls to devalue naira following oil drop
• Currency restrictions hurting businesses, curbing output

Central bank Governor Godwin Emefiele on Tuesday resisted calls -- again -- to weaken the currency despite a plunge in oil prices that’s slashed revenue in Africa’s biggest crude producer. He stuck to his foreign-exchange restrictions that have led to capital flight, curbed output in the continent’s largest economy and led to the naira dropping to a record low on the black market.

Buhari's CBN is fighting a lost battle: Naira's free fall will hit rock bottom

Buhari's CBN is fighting a lost battle: Naira's free fall will hit rock bottom 

I have watched Emefiele struggle to keep the naira on its feet, but I can assure him that he is fighting a lost battle. I pity him. This is the wrongest time to be CBN governor. There are no easy answers to the currency crisis. An import-dependent country is a dollar-dependent country. 

Buhari's Nigeria goes UNDER as crude oil price crashes

Buhari's Nigeria goes UNDER as crude oil price crashes

Nigeria under General Muhammadu Buhari is literary going under. Nigeria’s local currency, the Naira has continued to slide against the US Dollar in the parallel market. There was rapid decent mid this week as it naira exchanged at a historic N300 per dollar in Kano, N290 in Lagos and N292 in Abuja. The previous day Naira exchange for N285 per dollar.

Buhari CRASHES Nigeria's economy as Naira falls to its lowest in 42 years

Buhari CRASHES Nigeria's economy as Naira falls to its lowest in 42 years

General Muhammadu Buhari has ultimately crashed Nigeria's economy. Buhari who released a statement of result for Ordinary Level Certificate showing he failed Mathematics with the lowest available score (F9) and skipped Economics, boasted that he would make 1 Nigeria Naira equal to 1US dollar, early this year.

Deconstructing Mbaka's Naira and Kobo MENATALITY

Deconstructing Mbaka's Naira and Kobo MENATALITY

Judging from latest outburst of Rev Fr Camillus Ejike Mbaka against Biafran youths, it has become obvious that he  is one of the few set of Igbo men who believe that everything revolves around money. 

To such men, it is either money or nothing. Everything is viewed through monetary lens. To such men, dignity, integrity and values pales in the presence of money.