The naira came under further pressure yesterday after hitting a new low of N177.65 to the dollar though it recovered to close at N176.25 after the Central Bank of Nigeria (CBN’s) intervention.
Traders said the naira is being depressed by concerns that the CBN might devalue it on the back of persistent pressure from offshore investors leaving local debt and equity markets.

The selloff came as investors weighed potential outcomes of an Organisation of Petroleum Exporting Countries’ (OPEC) meeting next week, with Morgan Stanley saying a production cut looks increasingly likely. Nigeria is an OPEC member and crude oil exports account for about 70 per cent of government’s revenue.

Foreign reserves dropped two per cent this month as the CBN sold dollars to lenders to stem the naira’s slide. The regulator may increase its key rate from 12 per cent next week to support the currency, according to analytics.

“Expectations are rising that the bank will throw in the towel and hike policy rates given the seeming futility of trying to keep the naira from depreciating,” Gareth Brickman, a Johannesburg-based Africa analyst at ETM told Bloomberg.

The currency has continued to depreciate against the dollar since November 2008. From N118 per dollar in November 2008 to yesterday’s closing rate, the naira has, no doubt, fallen from its Olympic heights. It has weakened 11.2 per cent this year on concerns over the falling price of oil, triggering a broad sell-off.

Currencies Analyst at Ecobank Nigeria, Olakunle Ezun said recent developments suggest that an implicit devaluation has taken place but this needs to be confirmed.

He explained that due to the bearish outlook for oil prices, the CBN is under pressure to continue supplying dollar to support the plus or minus three per cent N155 exchange rate band.

Across Africa, central banks in Kenya and Nigeria are likely to keep supporting the shilling and the naira next week, while Tanzania, Ghana and Zambia’s units are seen steady, dealers and analysts said.

http://oyiidoma..com/2014/11/naira-hits-new-low-of-n176-to-dollar.html?m=1

God will help this government to look away from oil and focus on other areas, Agriculture, Tourism, Entertainment and Manufacturing

₦ 180.1 this afternoon

189.26 gtb as at this morning