Tag: Naira

Naira Pegged at N680/$1 as Currency’s Depreciation Continues
Economy, Finance, News, Nigeria

Naira Pegged at N680/$1 as Currency’s Depreciation Continues

The Naira further devalues as it hits N680 per $1 at the parallel section of the foreign exchange market. According to the Bureaux De Change operators also known as ‘abokis’, the naira has depreciated by N15 or 2.3 percent trading at N680 per dollar in the parallel market. As of last week, the naira was devalued to N665 per dollar as the buying price and N680 per dollar as the selling price at the street market. See Also: Bakers on The Verge of a Nationwide Strike “Demand is high, and there is no dollar. If you tell a customer to sell a dollar to you for N650, he will tell you that he saw it online for N670 or N675. We also have to make our gain. We are buying and selling to make a profit,” a trader at the Ikeja market told The Cable. However, On the official marke...
How To Save Naira – CBN
Finance, News, Nigeria

How To Save Naira – CBN

The Central Bank of Nigeria, CBN, has urged Nigerians to avoid rumours in the foreign exchange market to ensure the naira does not dip further. This was said by the CBN corporate communications director, Osita Nwanisobi, in a statement issued on Friday. The statement follows the raiding of Wuse Zone 4, Abuja by operatives of the Economic and FInancia Crimes Commission, EFCC, over alleged mopping up of foreign currencies by some Bereaux De Change, BDC, operators. Reports say the raid was in an attempt to “dislodge currency speculators who are alleged to be massively mopping up available foreign currencies.” The naira recently dipped to around N7070 per dollar from about N580 at the parallel market. According to Nwanisobi, the dip was occasioned by “speculative tendencies...