THE Naira on Tuesday depreciated against the dollar few hours after the CBN maintained its benchmark interest rate and endorsed the crackdown on parallel market traders by security operatives.




It lost N5 to exchange at N470 to the dollar at the parallel market from N465 it traded on Monday, while the Pound Sterling and the Euro closed at N565 and N495, respectively.

At the Bureau De Change (BDC) window, the naira was sold at N390, CBN controlled rate, while the Pound Sterling and the Euro closed at N562 and N500, respectively.

Trading at the interbank market showed that the naira remained stable at N305.00 to a dollar.

The CBN rose from its bi-monthly Monetary Policy Committee (MPC) meeting, retaining the Monetary Policy Ratio (MPR) at 14 per cent alongside other policy parameters.

The apex bank also charged security agents to sustain their checks on the activities of illegal foreign exchange operators in order to bring sanity to that segment of the market.

“The Committee reiterates that the extant foreign exchange regulation outlaws the trafficking of currency on the streets as some unlicensed operators currently do,’’ the CBN said.

Meanwhile, a currency trader, who spoke on condition of anonymity, told NAN that the raid on the market by security agents had forced them to go underground.


He noted that they still enjoy the patronage of their customers who understand their modus operandi.

[NAN]

http://www.socialtimesng.com/2016/11/naira-depreciates-against-dollar-as-cbn-maintains-benchmark-rate/

Lalasticlala

@OP, d picture of d man counting money there, do u think its rili necessary?
by d way, look at d dark edges of his red fingenails ....u think d whole thing is healthy?

This is why Nigeria was created by whites, so that some African nations locked in the zoo can suffer while the banks of the Western World and their children can thrive. That's why we worship La Liga and EPL, while our leagues are not taken serious, why we fly Air France and british Airways, while our people pay premium prices to come home compared to Oyibo, why we pay premium to give birth abroad, and get treated for ear infection in London like Buhari-giving our peanuts back to Oyibo, while our continent remains rubbish.

Imagine a currency called Naira, representing a land of milk and honey is worthless even to the Italian currency that has no oil or resource to really back it.

Sorry Ghadaffi we blacks were too greedy and cowardly to follow your currency attempt to free us from bondage.

If we are not saved from Buharieconomics it will be N1000 to a dollar by 2017

mensdept:
This is why Nigeria was created by whites, so that some African nations locked in the zoo can suffer while the banks of the Western World and their children can thrive. That's why we worship La Liga and EPL, while our leagues are not taken serious, why we fly Air France and british Airways, while our people pay premium prices to come home compared to Oyibo, why we pay premium to give birth abroad, and get treated for ear infection in London like Buhari-giving our peanuts back to Oyibo, while our continent remains rubbish.

Imagine a currency called Naira, representing a land of milk and honey is worthless even to the Italian currency that has no oil or resource to really back it.

Sorry Ghadaffi we blacks were too greedy and cowardly to follow your currency attempt to free us from bondage.

wonderful
but just like NK said
" the worst punishment God can ever give anybody, is to be trapped in d same country with hausa/fulani + yoruba"

Hopefully it continues falling. Those that understand understand

Pidgin2:
If we are not saved from Buharieconomics it will be N1000 to a dollar by 2017

if not for the buhari policy, it would be 1000naira to a dollars.
By next year with less importation and less demand for dollars, it will come down to 200 naira to a dollar

Dulla,r,dinho. He thinks forex is same as rearing cattle

Jesusloveyou:
if not for the buhari policy, it would be 1000naira to a dollars.
By next year with less importation and less demand for dollars, it will come down to 200 naira to a dollar

As prophet Elijah wey you be na...yeye.

Jesusloveyou:
if not for the buhari policy, it would be 1000naira to a dollars.
By next year with less importation and less demand for dollars, it will come down to 200 naira to a dollar

wait... so let me get this straight, you are saying that we should be happy that our currency has gone up by more that 100% in under 2 years of the Buhari administration

are you sure you are not a dullard as well

[size=14pt]BUHARI THE DULLARD IS WORKING!

BY THE TIME THIS MAN HAS REACHED 2019,
NOTHING GO REMAIN FOR NIGERIA![/size]