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See What May Happen To Naira/dollar Beacuse Of Christmas(famenews) by zicoflex(m): 6:29pm On Dec 24, 2016 |
- The naira is seen
depreciating further
and may hit the 500
mark to the dollar at
the parallel market
- This is because the
greenback scarcity
persists
- The Central Bank of
Nigeria (CBN) cuts
supply to foreign
exchange operators
A report by Reuters
indicates that the naira
may hit the 500 mark to
the dollar at the parallel
market.
CBN governor, Godwin
Emefiele and his team are
yet to find a solution to
Nigeria's economic
problems
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The naira was trading
around N495 to the dollar
on the black market on
Thursday, December 22
compared to 485 per
dollar last week due to
dollar shortages, traders
quoted in the report said.
The naira was quoted at
310.5 to the dollar on the
official interbank window
on that same day by
commercial lenders.
A trader quoted in the
report said: “There is an
acute shortage of dollars
in the market because of
supply being slashed by
half to Bureau de Change
operators from
international money
transfer agents, pushing
the naira down.”
The BDC operators are
now getting $8,000 each
per week from Travelex
against the usual $15,000
each per week.
The naira had tumbled
against the dollar to 490
on Monday, December 18
from 487 last Friday,
December 15 as acute
shortage of the greenback
continued to batter the
Nigerian economy and the
country’s foreign
exchange markets.
Before last Friday, the
naira had consecutively
closed flat at 485 for four
days in the previous
week.
The severe shortage of
the dollar has put the naira
under persistent pressure
at both the official and
parallel forex markets.
Meanwhile, economic and
financial experts have
predicted that the naira
will weaken further
against the dollar as
yuletide celebrations kicks
off. They also argued that the crackdown on the black market forex traders and the persistent scarcity of the greenback would make further weakening of the local currency inevitable. In a related development, dollar shortages have caused many companies to halt operations and lay off workers, compounding the economic recession. For more news log on to www.famenews.mobie.in |
Re: See What May Happen To Naira/dollar Beacuse Of Christmas(famenews) by GMBuhari: 6:46pm On Dec 24, 2016 |
Why is dollar scarce? My guess is some people have billions or trillions of it buried in Thier farms |
Re: See What May Happen To Naira/dollar Beacuse Of Christmas(famenews) by kettykin: 6:52pm On Dec 24, 2016 |
Naira would have appreciated this holiday season as Nigerians in diaspora fly in for Xmas with plenty dollars to spend. But guess what most people who would flown in decided not to because of misplaced operation python dance in the east. Nigeria's case will be worsend by 2017 when the time to pay school fees comes . |
Re: See What May Happen To Naira/dollar Beacuse Of Christmas(famenews) by Nobody: 7:01pm On Dec 24, 2016 |
GMBuhari: Looll na so. I guess you mean Zimbabwe dollar? |
Re: See What May Happen To Naira/dollar Beacuse Of Christmas(famenews) by Heffalump(m): 7:13pm On Dec 24, 2016 |
It looks like some people are bent on wrecking havoc on the Nigerian economy by constantly mopping up dollars in circulation. What sense does it make if an individual continues to store up dollars by converting local currency at the slightest opportunity, and without any business motive attached- just greed? We must all support FG policies for our economy to grow. Policies that work in other countries failed to work in Nigeria, but why |
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