By Dipo Olowookere

The Nigerian Naira has finally crossed the N700 to a Dollar mark as the country continues to suffer a shortage in the supply of the American currency in the foreign exchange (FX) market.

Data obtained from forex dealers in different parts of Lagos, the nation’s commercial hub, showed that the Naira was exchanged for the greenback on Wednesday at N705/$1, while the hard currency was bought from holders between N697/$1 and N700/$1.

When our reporter visited the Yaba area of Lagos State at about midday today, the local currency was sold for N705/$1.

In Ikeja, the domestic currency was exchanged with the Dollar at N703/$1 and at the Olugbede Model Market in the Egbeda area of the metropolis, it was traded at N700/$1.

In the black market yesterday, the exchange rate of the Naira to the Dollar was N671/$1 but in less than 24 hours, the value has depleted by N34 or 5.07 per cent.

Business Post reports that some investors are in panic mode, liquidating their Naira investments to Dollar as a result of the recent statements by the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.

“What we are experiencing at the moment is the triggering of the panic button by the central bank governor last week,” a financial analyst based in Lagos, Mr Ademola Bankole, told this reporter.

“Investors are only trying to play safe as the electioneering is getting closer and inflation could erode return on investments (RoIs) in Naira,” another financial expert, Mr Chukwu Edozie said.

https://businesspost.ng/economy/breaking-naira-worsens-to-n705-1-at-parallel-market/

Omoh

I think we should be using dowries, it wil save us alot from heartbreaks. Wen our forefathers were using it, nothing like depreciation or appreciation. Infact, nothing like Forex.
Go to farm, uproot ur three tubers of yam and collect ur three pieces of dowries, wahala no dey.



But for all the people or that particular party destroying our dear country, and the supporters both online and offline..these and many more will befall u.

1) una no go reap the fruit of una labor
2) ur life will deteriorate the way apc deteriorated our country
3) gbogbo yin maa ku akurun
4) talale bani kodara fun yin, alaaro onije
5) ibanuje ni yo ma je tiyin
6)ur generation upon generation will never know peace.




My fellow nigerians, our dear country is gone....it is finished

Chisos

You can imagine the cluelessness of a man to contest election three times and fail only to win and destroy the country.

This administration has stolen the country blind to the point where the monies in the Excess Crude Account is less than half a million dollars.

The height of cluelessness and underperformance in every department of governance is astonishing.

Based on Buhari's performance on economy and security, APC has no moral justification to field any candidate. Let alone the bullion van drug lord.

APC

Is 216 naira a dollar ok for you?.......

Now 705 and counting non of their deceptive questions coming

#Bring back the dollar @216

And emefiele still has his job

The worst has happened

Some of these rate are not official and greedy people have collabo to destroy th county.

Anyone see a link between revenue and expenditure?


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