The Naira on Thursday continued its steady decline, a trend Alhaji Aminu Gwadabe, attributed to speculation, hoarding and growing zero confidence of international investors in the economy.

The chief of Association of Bureau De Change also stated that the existence of a Non-Derivable Forward (NDF) market in London that enjoyed the patronage of Nigerian companies and foreign investors contributed to dollar liquidity challenge.

According to him, the NDF market rate hovers around N430 to a dollar.

At the parallel market, the Naira exchanged at N483 to a dollar (against N480 recorded on Wednesday), while the pounds and Euro closed the day at N585 and N507 respectively.

At the BDC window, the local currency closed at N399, N585 and N506 to the dollars, pounds sterling and Euro respectively.

Travelex has cut its weekly dollar supply to 8000 from the initial 15,000 sales figure following acute dollar shortage.

The recent oil price increase that was triggered by production cut by OPEC dominant members should see the CBN generate some cash reserve.

Source: http://oilandnairanews.com/naira-spike-n483-speculation-hoarding-low-remittance/

Thank you Buhari...........

Weldone.......