The naira fell against the United States dollar from 485 to 490 at the parallel market on Wednesday, reversing part of the gain it had recorded against the greenback last week.
The local currency, which had fallen to 495/dollar last Thursday, recorded some gains and closed at 485/dollar on Friday.
Since Friday when the Christmas holiday was announced, the naira closed at 485/dollar at the parallel market.
On Tuesday, three days to the end of the year, the naira traded flat and was sold for 485 per dollar on the streets of Lagos and Abuja,
Currency experts have predicted the naira will weaken against the greenback as the New Year approaches.
Specifically, they said the naira might fall to 500/dollar this week.
Last Monday and Tuesday, the naira traded flat at 490 after closing at 487/dollar the previous Friday.
The naira has been under severe and continuous pressure as the scarcity of the US currency continues to create ripples in the financial markets and economy.
The naira plunged to 470/dollar, down from 455/dollar on the back of dollar shortage at the official and parallel forex markets some weeks ago.
The naira has, however, consistently closed around 305.5 a dollar level since August via the official window.
A Director at Union Capital Markets, Mr. Egie Akpata, said it was really difficult to predict the direction of the naira currently because part of the currency market had shut down for the year.
You can’t really predict the market now because part of the market has shut down for the year. Things will really take shape next week. Currently, it could swing anywhere.”
Currency dealers said the consistent clampdown on black market operators by security agents had compounded the naira problem, putting more pressure on available dollars.
The CBN had on June 20 lifted its 16-month-old naira peg, following overwhelming dollar demand from companies and calls for a free floating of the naira by industry experts.
Experts, however, argued that the central bank had yet to fully allow the naira to float freely.
The CBN has struggled to support the naira as the country’s external reserves continue to fall.
Dollar shortages have caused many companies to halt operations and lay off workers, compounding an economic crisis exacerbated by the fall in global prices of oil, which accounts for over 70 per cent of Nigeria’s budget revenue.
Meanwhile, the Bureau De Change operators are now getting $8,000 each per week against the usual $15,000 each per week.
Economic and financial experts said unless the lingering dollar supply problem was abated, the volatility in the exchange rate and the consequent economic challenges might continue.
However, the currencies of Uganda, Kenya and Zambia are seen trading sideways this week as most investors closed positions ahead of the end of the year, according to a Reuters report.

http://punchng.com/naira-reverses-gain-drops-490dollar/

It's no longer a news since we're yet to record a positive news from this Govt.



Continue!!!

We are on top of the situation. Don't despair.

Well 2019 is just 2yrs ahead

President Buhari, what have they done to you? Why do you feel stuck and rigid with Kemi, Udoma and Emefiele? Don't you know you can sack and replace? Nigeria has some of the best and brightest globally in economics mainly domiciled in the US. Why are you not reaching out to them? Why are you stuck with clueless unintelligent people?

PMB stop being a slow spoke and do something, you'be lost the mandate you had. I feel bad because it is estimated that I gathered over 1 million votes for you just by online campaigning. Do something PMB time is running out!

-CramJones

Quoting OBJ " Buhari is clueless on economic matters but highly skilled in military warfare". The capture of Sambisa has confirmed that maybe a new president will tackle the naira-dollar crisis

how this one take be drop..??


I taught we had a mathematician saying
1naira = 1 dollar

Change Doolee

k

the dollar issue don tire person jare

Sombori sai baba

Best way to enter the New Year.

These naira self na prick? Why e day rise day drop everyday na. Na waooo!

Please until this # come back to 150, don't send any news that has to do with it biko

Meanwhile step back and think - Who does this system (five different exchange rates) profit most? Is it you or me?

Who in the world is going to do legitimate business with a country with 5 different exchange rates?

And so we knw all dis so...

Buhari seems confused

We need to master the factors responsible for the rise and fall of our exchange rate and manage them closely

supporter of APC Government..........
Just 2 years to Watch Nigerians decide again.
Ndi ara
Enjoy your CHANGE, While it lasts.
EOP= Enemies Of Progress.
Am out of here.

thank God!
we bitcoins followers are gaining!



don't forget to click my signature on how to earn free bitcoins.

Naira don turn Alternating Current ni, always fluctuating.

cramjones:
President Buhari, what have they done to you? Why do you feel stuck and rigid with Kemi, Udoma and Emefiele? Don't you know you can sack and replace? Nigeria has some of the best and brightest globally in economics mainly domiciled in the US. Why are you not reaching out to them? Why are you stuck with clueless unintelligent people?

PMB stop being a slow spoke and do something, you'be lost the mandate you had. I feel bad because it is estimated that I gathered over 1 million votes for you just by online campaigning. Do something PMB time is running out!

-CramJones

Are you stylishly wailing?

goingape:
thank God!

we bitcoins followers are gaining!




don't forget to click my signature on how to earn free bitcoins.

yinmu for you

500 before 2017. Sai bubu

Araoluwa005:
yinmu for you

yeah

omolizzy:
Are you stylishly wailing?

he is wailing seriously

cramjones:
President Buhari, what have they done to you? Why do you feel stuck and rigid with Kemi, Udoma and Emefiele? Don't you know you can sack and replace? Nigeria has some of the best and brightest globally in economics mainly domiciled in the US. Why are you not reaching out to them? Why are you stuck with clueless unintelligent people?

PMB stop being a slow spoke and do something, you'be lost the mandate you had. I feel bad because it is estimated that I gathered over 1 million votes for you just by online campaigning. Do something PMB time is running out!

-CramJones

Haha! Some eyes are beginning to open. Better late than never.

Make e just enter the #500 make everybody rest joor

It is cat walking to N500.