One Dollar - One Naira: After Buhari's Election Naira Extremely Falls

After the inauguration of President Muhammadu Buhari about a month ago, the naira demonstrates a strong fall against the dollar from 180 to 222.

According to analysts, the future of the naira looked bleak because  increasing business activities have made importers and investors move their foreign exchange demands to the parallel market, putting pressureon the naira at the segment.

The source notes that the Central Bank of Nigeria has been depleting the external reserves in a bid to defend the local currency.

Punch reports that the external reserves fell to $29.03bn on June 22, from$29.8bn on May 18, data from the CBN website showed.

Experts also add that the latest movements in the external reserves meant that the naira was beginning to come under some fresh pressure.

Bloomberg says that for naira stabilization central bank banned importers from using the foreign-exchange market for some goods.

“Forty categories of goods ranging from private jets to rice, wheelbarrows and Indian incense are covered by the edict, according to a statement on the Central Bank of Nigeria's website.

It also stopped Nigerians from using the interbank market to buy Eurobonds and foreignshares.

Importers or investors purchasing the listed items “shall do so using their own funds,”it notes.

Director of the central bank’s trade and exchange department said: “The implementation of the policy will help conserve foreign reserves as well as facilitate the resuscitation of domestic industries and improve employment generation”.

On March 23, 2015  Buhari said he would ensure that the Naira was equal to the dollar in value, if voted into office.

For those asking for#Empirical_evidencethat@NGRPresidentpromised to equate N1 to $1 if voted into power, look-uphttp://t.co/CvAI4lz2dX— The Reporter Times (@ReporterTimes)June 27, 2015

And Nigerians remember this fact.  “@femiaribisala: We are now waiting for Buhari to make the naira equal to the dollar.”— GOLDEN RULE (@Honitayo1)June 25, 2015

http://t.co/g0uurdMMqK“@Omojuwa: People who say Buhari promised to make N1 = $1 are intentionally retarded.”— Adewole (@hadeywhorley)June 25, 2015

Did you expect the Naira to equate the dollar in Buhari’s first month ? Or the Refinery working to full capacity in the first month ?— Lord Pap. (@Ntiana_)June 25, 2015

Buhari who promised to equal Naira to Dollar must wake up now. – Naira Crashes Again! $1 now N222 |http://t.co/Vy935SF97F— PDP Youth Frontier (@PDPNYF)June 24, 2015

Idiots be like, ‘Buhari said he would make Naira equal Dollar’. Continue inyour willful idiosyncrasy. Ask Thisday what happened to the post— Adebayo Odofin (@adebayoodofin)June 24, 2015

@vanguardngrnewsBuhari promisesto make One Naira to one dollar – just don’t worry, it will soon par each other.#OneDollar 2 # One Naira— Kallys Albert Sr (@KallysAlbertSr)June 23, 2015

@JoyceOdukoyalike joke, do u knowmany people in d north are still waiting for buhari to make naira equal dollar, u will laugh eh…— Farry Mivanyi (@farryisreal)June 22, 2015

Dear President Buhari, I’m not beefing u oh. Bt I’d like to know when1 Naira will finally be equivalent to 1 Dollar. I’ve been waiting Sir!— Adaobi Amadi (@I_am_BossMom)June 18, 2015

It is one Week after Pa Buhari,s Inauguration and Dollar is still about#200 Naira Wen will one dollar become. One Naira? Anxiously waiting— OchinanWata 1 (@mr_ochonogor)June 5, 2015