The naira continued its slide on Wednesday, dropping to 390 against the United States dollar at the parallel market as foreign exchange scarcity persisted.

The naira, which dropped to 382 against the United States dollar on Monday down from the 380 on Friday, had been little-changed on Tuesday, hovering between 381 and 382.

A bureau de change operator told The PUNCH that Wednesday’s drop was due to increased demand despite the scarcity of the dollar.

“We don’t think it will rise to N400 today, but I don’t know of tomorrow,” he said.


The naira has been under a persistent pressure as dollar scarcity continues to weigh on the local currency at both the parallel and interbank forex markets.

Economic and financial experts said inadequate forex liquidity at the interbank market was taking a toll on the parallel market.

Analysts had predicted that the naira would weaken further against the dollar this week owing to limited dollar supply as foreign portfolio investors continued to stay on the sidelines until the Nigerian economy showed signs of recovering from the impact of currency controls.

E remain N110

So it will actually touch N400 very soon?

Wonder what will happen after. On to N500 perhaps?

400 naira goin goin goin ......

Exporters smiling.

Pavore9:
Exporters smiling.

What and what are they exporting please?

Sesame seeds and moringa leaves?

Fiverr skills too perhaps?

EnterPRO:


What and what are they exporting please?

Sesame seeds and moringa leaves?

Fiverr skills too perhaps?

Non-agro export. I facilitated a relative breaking into the East African market though it was hard work going by my very tight schedule but today the school supplies products that is locally produced and packaged in Iju Shaga, Lagos and of international standard now wows Schools in the region. Make sales and converts to currency of choice while some are wired to Nigeria others wired to China for purchase of raw material...escaping the fluctuation of dollar in the Nigerian market.

Is it true that PMB scored F9 in Economics?

lanruma001:
The naira continued its slide on Wednesday, dropping to 390 against the United States dollar at the parallel market as foreign exchange scarcity persisted.

The naira, which dropped to 382 against the United States dollar on Monday down from the 380 on Friday, had been little-changed on Tuesday, hovering between 381 and 382.

A bureau de change operator told The PUNCH that Wednesday’s drop was due to increased demand despite the scarcity of the dollar.

“We don’t think it will rise to N400 today, but I don’t know of tomorrow,” he said.


The naira has been under a persistent pressure as dollar scarcity continues to weigh on the local currency at both the parallel and interbank forex markets.

Economic and financial experts said inadequate forex liquidity at the interbank market was taking a toll on the parallel market.

Analysts had predicted that the naira would weaken further against the dollar this week owing to limited dollar supply as foreign portfolio investors continued to stay on the sidelines until the Nigerian economy showed signs of recovering from the impact of currency controls.

surce