Uncategories Naira Tumbles Woefully to Exchange for N400 to a $1 for the First Time in 43 Years

Thursday 4 August 2016



Naira Tumbles Woefully to Exchange for N400 to a $1 for the First Time in 43 Years

August 04, 2016
The Nigerian naira has continued on its shambolic run as it depreciates to an all time low plunging many into more difficulty. 

 
The naira has broken a 43-year record as it tumbles woefully exchanging at N400 to a dollar on Thursday at the parallel market.
 
Earlier today, the naira exchanged at N390 to a dollar after it had exchanged N382 to a dollar on Wednesday. The naira has continued to depreciate over 91 percent at the parallel market in the past one year.
 
Over the period of one year, the naira has seen a number of policy changes and plunge in oil prices, the mainstay of the economy, causing a summersault for the 42-year-old currency.
 
The naira, which was introduced by the Central Bank of Nigeria (CBN) on January 1,1973, fell to a 42-year low on December 11, 2015, trading at 260 to the greenback on the parallel market.
 
Since then, the local currency has been on a free fall, sinking to 400 against the dollar on Thursday.
 
In an interview with TheCable, Baba Ibrahim, a bureau de change (BDC) operator, said the local currency has been taking a downward swing on the black market, in the nation’s capital.
 
Ibrahim disclosed that the naira was selling at 505 to the British pound, while the Euro went for N415. In Lagos, a single dollar was trading as high as 400, while the British pound is going for 510.
 
The CBN quote for the official side of the market stood at N310, N414 and N347 to the dollar, pound and Euro respectively.


Are You On youtube? subscribe to Hot GIST Channel Latest Updates - @Hot Gist

Are You On youtube? subscribe to Gospel World (which is also owned by Tony Gists) youtube Channel Latest Updates - @Gospel world

Are you on audio mack? Follow Tonygists on audio mack to listen and download to the latest Mfm sermons Latest Updates - @Tonygists

Follow Tonygists on LinkedIn to get more jobs opportunities Latest Updates - @Tonygists

Are You On youtube? subscribe to Honest Ose Channel Latest Updates - @Honest Ose

Are You On youtube? subscribe to Honest Web Solutions Channel Latest Updates - @Honest Web Solutions

Are You On youtube? subscribe to Xtremely Honest Channel Latest Updates - @Xtremely Honest

Are You On Twitter? Follow Us Now For Latest Updates - @tonygists

Are You On FACEBOOK? Like Our Page For Latest Updates - tonygists

Are You On FACEBOOK? Join Our Group For Latest Updates And Interactions - TonyGists


© 2024 Tonygists | Portions are © 2024 Associated Press. All rights reserved. This material may be published, broadcast, rewritten, or distributed.
Tony Odijie

Share This Post Via

Related Posts

Next
« Prev Post
Previous
Next Post »

Subscribe to: Post Comments (Atom)

Reliance Training and Management Consulting, a dynamic, fast growing indigenous entity, was established and duly registered with the aim to nurture, develop and innovate people and organisations through customized training, development and management consulting services, with excellent performance, deep sense of commitment, transparency, honesty and responsibility, to demonstrate the highest standard of technical and operational expertise.
 


 
Reliance is competently positioned to provide technical knowledge and skills relevant to practical management and business problems, to stimulate the creativity and innovation necessary to build a better community, a better nation and a better world with a committed mind set to contributing our best to the maximization of personal potentials and skills toward optimizing productivity and achieving organisational goals.
 
for more information click RELIANCE TRAINING AND MANAGEMENT CONSULTING

Ads