Thursday 4 August 2016

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

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.

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