Naira slumps to N340 to dollar at parallel market
15 February 2016 |
2:37 pm
The Naira on Monday slumped further at the parallel market as the greenback remained scarce. The News Agency of Nigeria (NAN) reports that the naira lost N5 to exchange at N340 to the dollar, a depreciation of 1.5 per cent. Over the weekend, the nation’s currency closed at N335 to the dollar. Meanwhile, the official…
The Nigerian currency, Naira
The Naira on Monday slumped further at the parallel market as the greenback remained scarce.
The News Agency of Nigeria (NAN) reports that the naira lost N5 to exchange at N340 to the dollar, a depreciation of 1.5 per cent.
Over the weekend, the nation’s currency closed at N335 to the dollar.
Meanwhile, the official Central Bank of Nigeria (CBN) rate remained at N197 to the dollar.
Traders at the market decried the increasing fall of the nation’s currency, pointing out that the market had remained dull as the scarcity of the dollar stifles economic activities.
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4 Comments
If they like they can sell it at 1000N to a $1. The CBN should not devalue the currency. What we should do is kill off the parallel market. It was a bad move to create the parallel market.
When Ugandans were complaining there wasn’t enough money to pay workers, Idi Amin( though more lettered than your president because he has in addition to what your president has: CBE – Conqueror of the British Empire) instructed the printing of enough currency to pay workers. “Nigeria” can take a cue from that and maybe ban trading of dollars in the country entirely so there won’t be any parallel market!
It is ‘change’, maybe chicken change!
Nigeria will never see peace and prosperity under Buhari repressive and reprehensible government. Nigeria will burn into ashes.
We will review and take appropriate action.