Naira Watch: Tracking Nigeria's Currency [Day 67]

Nigerian naira depreciated by 1.49% against United States Dollar to close at N312.98 at the Inter-bank foreign exchange market.

At the parallel market, the currency down to N452.00 to the dollar as shortages on the official market persist, funneling importers to the unofficial market, amidst declining currency reserves in Africa’s biggest economy.

The President, Association of Bureau De Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, argued that the current rate of the naira on the parallel market was not a true reflection of the value of the currency.

He also attributed the development to the activities of speculators.

nairadollar.jpe

Naira Watch: Tracking Nigeria's Currency [Day 66]

Monday Closed: 308.37

Today Open: N315.25

High Rate: N315.25

Low: N312.25

Comments

Post a Comment

Trending

Business Radio Continental Goes Off Air Today, Changes To Max Radio

Image
Radio Continental, one of Continental Broadcasting Service, CBS station is going off air today. Recall that  C ontinental Broadcasting Service, CBS, owners of Television Continental (TVC), Radio Continental, had in June 2017 relieved 145 workers from its workforce. The CEO has explained that the mass retrench of workers became imperative because the stations are not commercially viable. It is also believed in some quarters that the station is shutting down programming and others due to political tension arising from its alleged owner, Asiwaju Bola Tinubu. Speculations, which the station, said it is not true.   “Hi Everyone, Radio Continental is not shutting down...wait for the big news!”, the official twitter handle of the station tweeted on Thursday night. Nigerian Bulletin , however, gathered that the station is set to re-brand and change it focus of programming as well as change to Radio Max. The station will be also be coming up with the official unveiling of his new logo,...
Read more » Next

Politics Fayose Is Right In Calling For Buhari's Resignation - Ozekhome

Image
Human rights lawyer, Mike Ozekhome, has spoken in support of Governor Ayo Fayose's call for President Muhammadu Buhari's resignation.    Speaking in an interview with Channels TV, Ozekhome said, "We have seen a situation where what Dora Akunyili famously referred to as the cabal. The cabal has consistently flown the kite of Mr President, lurking behind and in front of the corridors of power which was why they gave us a voice some few days ago, whether genuine or stimulated, that it was President Muhammadu Buhari addressing Nigerians with much profanity, in his own native language of Hausa which is not the recognized lingual franca.  ''The point they tried to make is that whether we like it or not, Mr President is hovering around here, he is right here with us. That has not given the acting president who has assumed full powers of the President, Professor Yemi Osinbajo SAN, the capacity, the ability, the space to act because he continues to look behind his shoulders...
Read more » Next

Metro Adeboye, Oyedepo Tell Buhari to Remove Nigeria From Int'l Islamic Organizations

Prominent Christian leaders in Nigeria including General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adejare Adeboye and the Presiding Bishop, Living Faith Church Worldwide, Bishop David Oyedepo, have urged the Nigerian government to exit all international Islamic organisations it was part of. The leaders, in conjunction with the Christian Association of Nigeria, CAN, made the call at the Shepherdhill Baptist Church, Obanikoro, Lagos state on Tuesday. “CAN Calls on the National Assembly to compile the list of all organizations Nigeria belongs to and all the treaties signed with a view to dropping all the religious ones. “That we declare the inability of the State Governments to pay worker’s salaries and allowances as at when due as unacceptable and call on the Federal and State Governments to work together to do this. “CAN Calls of the National Assemblies to prevail on the States in the North of the country try to henceforth be issuing Certificate of Occupancy to th...
Read more » Next