– The Naira is continuing to dive against the US Dollar. – Parallel market traders
are now selling at N352 –
USD1. – President Buhari
continues to maintain that
he will not devalue the
currency. The Nigerian Naira has
continued its unprecedented
freefall in value against the US
Dollar. Our national currency is now
valued at N352 to USD1 on
the parallel market, falling in
value from N347 to the dollar
yesterday. While some market operators
did sell at N352 – USD1
yesterday, the market rate
appears to have been in
flux between N347 – N352. READ ALSO: Ondo state man arrested for
decapitating niece Foreign exchange dealers
have said that the increasing
pressure on the Naira is
caused by high demand for
the dollar by importers and
speculators. The Central Bank of Nigeria
remains doggedly determined
to maintain its policy of
pegging the Naira to N197 –
USD1. Market analysts and CEO of
Economic Associates Dr. Ayo
Teriba, said the Nigerian
economy should not have
been allowed to deteriorate to
its current point. READ ALSO: Twenty-five children die from mystery
disease in Lagos “This is 2016 and not 1986, 1992 or 1995; the conditions are not the same. The global environment has liquidity now that Nigeria can attract,” he said. “The situation is not like 1986 when the global environment was tight.” Despite the economic turmoil caused by the Naira’s slump in
value, President Muhammadu Buhari has reiterated that he will not consider devaluing the national currency. The president believes that devaluing the Naira will only cause disaster for Nigeria’s poorest people and will in fact increase inflation. READ ALSO: Experts debate merit, demerit of Naira devaluation If you want to keep track of
the issues and events that will
effect the economy and the
strength of the Naira, you
can read our updates on the price of oil and the Naira – US
Dollar exchange rate on the
parallel market. If you want a sneak peak,
here’s one of our fantastic
infographics on the naira and
crude oil prices.

lalasticlala. fp and politics tinz https://www.naij.com/733645-naira-continues-massive-freefall-us-dollar.html

It is well.