December 02, 2016

Naira Faces Further Pressure From Dollar

The naira is seen weakening further against the United States dollar amid a crackdown in the parallel market currency traders and the persistent scarcity of the greenback.

Reuters reported that foreign exchange demand by small businesses was set to surge ahead of holiday season sales.

The local currency fell 2.08 percent week-on-week on Thursday to 480 to the dollar on the parallel market against 470 a dollar last week, while it was quoted by commercial lenders at 314.80 a dollar on the interbank market.

“The consistent clampdown on black market operators by security agents has driven some currency retailers underground, putting more pressure on available hard currency,” one dealer said.

I just hope the dollar/naira saga won't get worse this festive period.

12 comments:

olisayemk said...

I pray it gets better.

keka newton said...

hmmm i even thot the naira was begining to bounce back

Dantob said...

may God help us in this country

Iliyasu sulaiman sani said...

seriously CBN need to come out with good master plan

Afoke Maleke said...

Naira don tear ...by next week e fit reach #500 to $1...will it ever get better ..#PRAY4NAIJA#

Chioma Ujo said...

Jeez! This is not nice at all.

Ay360 said...

Its ok ooooo, I sha knw say we will survive dis

Anslem Caesar said...

they should continue fighting black market with Dss, soon one dollar will be 1000. All their policies are not favoring our economy

Olamide Samuel said...

That my pray too, the dollar shouldn't go beyond it present level.

ope alliu said...

It will get worse during festive period Infact it's worse already

Austine Gabriel said...

my dollar business is suffering becouse of this oooo

Rosemary Ezeji said...

Only God can save nigeria and our economy

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