Naira Improves Dramatically at the Parallel Market...See Latest Value

The Nigerian naira in a dramatic turn of events has rallied to improve at the parallel market late Tuesday.

*Photo used for illustrative purpose*

 

The Naira on Tuesday extended its gains against the dollar across the Forex market.

 

The nation's currency gained N4.06 at the interbank market to close at N304.75, from N308.81 posted on Monday.

 

At the Bureau De Change window, the naira was sold at N385 to a dollar, CBN controlled rate, while Pound Sterling and Euro traded at N565 and N504 respectively.

 

Naira gained three points at the parallel market to close at N465 to a dollar against N468 posted on Monday.

 

Also, Pound Sterling and Euro closed at N560 and N510 respectively.

 

Traders at the market said that liquidity at the market was being boosted by the weekly sale of Forex by Travelex and First Bank of Nigeria.

 

Travelex, a licensed International Money Transfer Operator, had been selling the proceeds of diaspora remittances to BDCs for over a month.

 

Travelex and FBN have been working hard to ensure that liquidity challenges in the North and some other South-South states was reduced by selling Forex in these areas.

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See the Value of the Naira Today at the Black Market

The Nigerian local currency, naira has remained stagnant in exchange for the U.S dollars at the parallel market likewise at the interbank rate.

These are the currency exchange rates for today, October 20, 2016, powered by Zenith Bank. The naira has halted its recovery streak today at the black market as Nigerians hope for a future improvement.

 

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OMG!!! N500 is worth 5 Ghanaian Cedis now?

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#DollarSaga: Naira crashes further against dollar

The naira fell to a new low of 414 against the United States dollar on Sunday amid the continued scarcity of foreign exchange in the country, with economic experts predicting further pressure in the forex market this week.

The development came five days after the Central Bank of Nigeria had banned nine commercial banks from the forex market for failing to remit the Nigerian National Petroleum Corporation’s $2.334bn into the Treasury Single Account in line with President Muhammadu Buhari’s directive last September.

The naira was sold for 414/dollar across some black market segments in Lagos and Abuja on Sunday. It hit an all-time low of 412 against the greenback at the parallel market on Friday, after closing at 409/dollar on Thursday.

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Naira Plunges Further, Now N400 To One Dollar

The Naira on Wednesday dipped further against the dollar at the parallel market.
The Nigerian currency exchanged at about N400 on Wednesday afternoon, from N397 it closed on Tuesday; while it traded against the Pound Sterling and the Euro at N515 and N450 respectively.

At the Bureau De Change (BDC) segment of the market, the naira traded at N397, N513 and N443 against the dollar, Pound Sterling and the Euro respectively.
At the interbank segment of the market, the naira appreciated against the dollar as it closed at N315.93 from N335.25 posted on Tuesday.

Traders at the market said that the ban of nine banks from the sale of Forex by the Central Bank of Nigeria (CBN) was already deepening the scarcity of Forex at the market.

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See, High Exchange Rate Of Dollar Is Killing Nigerians, True Life Story

This is beyond sad. We also pray that Mrs Olubunmi will return home safely.

The whereabouts of a mother of three, Olubunmi Uko, said to have walked out of her Fola Agoro home in Somolu area of the state with one of her sons after leaving a suicide note, remains unknown as at press time.

She had complained to a relative that her business had gone bad due to the exchange rate and that her debts had risen beyond redemption.

Uko, a businesswoman, reportedly walked out of her home last Friday evening with her last child, identified as Seun. She reportedly woke up her other children and informed them that she was going to visit someone.

The older children, Iyiola and Toni, allegedly woke up later to find a suicide note written by their mother.

A relative, who simply gave his name as Folu, told Vanguard: “She addressed the suicide note to her children, her mother and to any other person concerned. She said nobody should bother to look for her, that she was going to jump into the river and end it all.

“She said she was tired of life. She also said that by the time the letter would be seen, she would have ended inside the belly of a shark.

“She had always complained of dwindling business due to high exchange rate. At a point, she complained that she owed people and had no means to pay back. She also said that she borrowed half a million naira to offset the loan, but decided to use it on her business with the hope to realise some gain, but that the money ended up sinking in the business.”

Vanguard gathered that prayer sessions are ongoing at different prayer centres for her safe return.

Another relative, Mimnimah Uko, who identified the missing woman as her cousin-in-law, wondered why she would allow herself to be overwhelmed by the issues of life to the extent of taking such decision as solution. The relative said: “Our prayer is for God to have mercy by ensuring her safe return and that of her son, Seun. We are imploring Nigerians to please join us to pray.”

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Naira crashes more against dollar

The Naira on Monday depreciated against the dollar at the parallel market, the News Agency of Nigeria (NAN), reports.
The Nigerian currency lost N3 to exchange at N393, from N390 posted on Friday; while it traded at N505 and N435 against the Pound Sterling and the Euro respectively.
At the Bureau De Change (BDC) segment of the market, the naira closed at N385, N505 and N420 against the dollar, Pound Sterling and the Euro, respectively.
The naira appreciated at the official interbank market to close at N317.34, from N320.25 posted on Friday.
Traders at the market said that the demand for the greenback was still on the high side.
NAN reports that the market was eagerly awaiting the sale of forex by banks to BDCs during the week.

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