Naira crashes to record low of N325 - USD1

 – The Naira has crashed to a record low of N325 for USD1 on the parallel market.
 – The slump comes amid concerns about the Naria’s devaluation and the global slump in crude oil prices.
 – The CBN’s office exchange rate remains fixed at N197 for USD1.
The Naira has hit a record low of 325 to the US dollar on the parallel market as desperate importers scrambled for dollars to meet their obligations overseas.
The Naira closed at 318 against the dollar on Wednesday, after hitting 313.5 and 310 on Tuesday and Monday respectively.
“The dollar is falling because importers need Forex to bring in their goods. They cannot keep on folding their arms because there is scarcity; they must keep buying; the only thing is that the quantity may reduce,” a Forex dealer said.
The Central Bank of Nigeria (CBN) has continued to fix the Naira at N197 to the dollar.
President Muhammadu Buhari believes that devaluing the Naira will hurt poor Nigerians, but the CBN’s refusal to revise the pegged exchange rate has ensured the official rate remains out of touch with reality.
Tumbling global oil prices have battered Nigeria’s oil-dependent economy, with external reserves down to an 11-year low at $27.89bn on February 9.
Last month, the central bank halted dollar sales to the BDC operators and allowed commercial banks to accept dollar deposits, in a failed effort to shore up dwindling foreign reserves.
Around 90% of Nigeria’s foreign exchange earnings come from crude oil exports, but mismanagement of refineries means the country must also import expensive refined fuel.
The Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, said it was high time the CBN came up with a forex policy that would address the forex crisis confronting the nation.
“Nigerians are perplexed at the endless slide of their currency, which is now trading at N325/$, the lowest point ever,” he said
If you want to keep track of the issues and events that will effect the economy and the strength of the Naira, you can read our updates on the price of oil and the Naira – US Dollar exchange rate on the parallel market.

Comments

Post a Comment

Popular posts from this blog

CONGRATULATION ON YOUR TURBANING CEREMONY AS MATAWALLEN HAUSA BY HIS ROYAL HIGHNESS,THE EMIR OF DAURA. ALH. UMAR FARUQ UMAR.

Image
The President Voice of the Youth, Comrd. Abdullahi Kabir Faskari, on behalf of all the members Voice of the Youth nationwide, has congratulated His Excellency, The Executive Governor Katsina State. Rt. Hon. Aminu Bello Masari, on his turbaned as the Matawallen Hausa in the Daura Emirate by His Royal Highness, Alh. Umar Faruk Umar, the Emir Daura. The Members Voice of the Youth described the Matawallen Hausa “as an outstanding nobility who is also highly respected for his wealth of knowledge and experience as well as his state’s manly disposition and commitment to the stability and greatness of the Daura Emirate and the State at large”.  Gov. Masari who is a rare breed. A man of exceptional wisdom and humility. A man with an unshaken belief in the unity and peaceful coexistence of his people. In short words, Gov. Masari is “a gift” not only to the people of Kafur Local Government Area but to Katsina State in general.  The Members Voice of the Youth congratulated the go
Read more

AN OPEN LETTER TO PRESIDENT MUHAMMADU BUHARI FROM THE LEADERS OF TODAY (YOUTH).

Image
An empowered Youth Is The Future Of Nigeria: Mr president, It deems us necessary to reach out to you through this medium as all other channels proof abortive with regards to some measure National Issues In The Youth Sector. As we are all aware of the contribution and sacrifices we have made to bring change to this country, there is need for the Government of this country to take youth development as a major priority. There is also no better time than now for the youths to be strategically positioned and developed, considering the longtime yearning of majority of Nigeria Youths to have a more reliable and responsive government, which is also expressed to our votes in the 2015 general elections. Mr President, we have engaged ourselves in building unity and peace among all tribes and religion with our words and actions even at this trying time for our dear country. We have always remain focused and drive our vision logically with great sense of responsibility, and also fo
Read more

SUPPORT ABUBAKAR BARDE DANLADI FOR APC NATIONAL YOUTH LEADER

Image
My Declaration of Intent for the Position of National Youth Leader for the All Progressives Congress (APC): The Glory Road. I Abubakar Barde, with all sense of purpose and responsibility, hereby humbly declare my intention to run for the seat of the National Youth Leader of our insurmountable party, the All Progressives Congress (APC) in the coming national congress on 23rd June, 2018. It is a new dawn in the practice and impact of democracy in Nigeria today. Our great party the APC became the amplifier of the subtle whispers of the common man from different works of life, yearnings, hope and aspirations, which into one thunderous voice that opened the deaf ears of leadership and incapacitated the oppressors of the weak and defenseless. The APC was able to make democratic history in the 2015 elections by recognizing the potency of the resilience and vibrancy of Nigerian Youths. APC faces its greatest challenge yet despite the tremendous strides the party has achieved through the
Read more