20161202

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:

  1. I pray it gets better.

    ReplyDelete
  2. hmmm i even thot the naira was begining to bounce back

    ReplyDelete
  3. may God help us in this country

    ReplyDelete
  4. seriously CBN need to come out with good master plan

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

    ReplyDelete
  6. Jeez! This is not nice at all.

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

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

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

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

    ReplyDelete
  11. my dollar business is suffering becouse of this oooo

    ReplyDelete
  12. Only God can save nigeria and our economy

    ReplyDelete

Please keep your comments clean always. Thank you!