In what is increasingly clearer, a cocktail of bad choices, incoherent policies made worse by instability in the markets, as well as a fastidious clinging to antiquated ideas, the fate of the Naira hang in the balance as it continues its downward slide.

The Nigerian Naira continued to fall in value against the American Dollar on February 17th 2016. Naira now sells at 391 Naira per Dollar at the black market.

Meanwhile, the currency remained stable at the formal interbank foreign exchange market as the exchange rate is #199.34.
The currency has also depreciated against the British Pound to #505 per Pound on the black market.

The C.B.N had however intervened with supplies of the foreign currencies on Thursday at the interbank market where banks buy foreign currencies at the official rate of #199/$1.00.

Unfortunately, market dealers lamented that the volume supplied was too small to meet the demands presented by the banks on behalf of their customers.

According to Sunday Vanguard the development prompted frenzied recourse to the parallel market by some dealers and their customers, crashing the fragile Naira further.
According to Saturday Punch, this current trend has made parents who have children schooling abroad to take their frustration to banks, with some of them weeping openly.
Furthermore, the Yoruba Unity Forum has also warned the president that if the falling rate of the currency is not checked urgently, millions of Nigerians are likely to lose their jobs.
This unfavorable situation has made so many people to advocate for the devaluation of Naira.
Albeit all these negative impacts of the scarcity of Dollars, The Punch reported some positive impacts stating that the scarcity of dollars in the country has left traders and it no option than to be thronging some commercial cities in the country to buy goods in order to remain in business.

Some of the traders, who are majorly importers of textiles and other materials, resorted to thronging Aba, Onitsha, Lagos and Kano markets.

Thus positive impact will help revamp the manufacturing sector, create more jobs, make Nigerians to patronize Nigerian made products and ultimately improve the economy which is what most Nigerians want.
GOD BLESS NIGERIA

Both

Cc Lalasticlala, please forward this topic to front page to let Nairalanders have their say.

Blessing to some and a big problem for others, and yet, to some others, none of the above.

Some awaey brothers East of the South at a time like this are being thankful. Throwing the dollar massively into that region, making investments and buying properties. May God bless their legit hustle.

Pls brotherly, don't spend time precious time blaming one polithifcian or the other, rather look for a way to make gains out of this economic mess. Look inwards, think and pray to God for wisdom.