20160829

Naira In Free Fall; Now 414 To A Ddollar

Nigeria's currency is still taking heat. The Naira fell to a new low of 414 against US dollar on Sunday amid the continued scarcity of foreign exchange in the country, with economic experts predicting further pressure in the forex market this week.

The development came days after the CBN had banned nine commercial banks from the forex market for failing to remit the NNPC's $2.334bn into the TSA in line with official directives.

The naira was sold for 414/dollar across some black market segments in Lagos and Abuja on Sunday.

6 comments:

  1. Verily, after hardship comes ease

    ReplyDelete
  2. Hassan Aderemi29 August, 2016 19:01

    How did we get here & when are we going to get out of this mess? It's not funny any longer.

    ReplyDelete
    Replies
    1. Not funny at all, yet to wake up from this dream, how really did we get here? hmmmmmm. SOS.

      Delete

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