Fidelity bank banner Bayelsa State banner
Dollar may sell for N320 this week: Report

By News Express on 18/01/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 1,898


The woes of the naira in the foreign exchange (forex) market will continue this week, with the country’s bartered currency possibly exchanging for N320 per US dollar, a report this morning in the authoritative Guardian said.

“The persistent crash of the naira on the parallel market may not have reached its climax as speculations are rife that the local unit will hit N320 to the dollar next week, if the shortage persists,” the newspaper said.

“Already, the initial response to the regulator’s announcement to end dollar intervention in the BDC’s segment has remained sharp, with demand for dollars rising,” The Guardian added.

It was referring to the announcement, late last week by the Central Bank of Nigeria (CBN) that it has discontinued its daily auction to banks and that the banks are now to begin self-sustenance by sourcing forex by themselves.

“The development may mean that the regulator will now be intervening in the foreign exchange market occasionally and will leave banks with the determination of how much of the deposited foreign currencies by the customers will be disbursed back to them,” the report said.

CBN had on Monday unveiled a new foreign exchange plan, in which bureau de change (BDG) operators were shut out of the official weekly intervention.

This led to the naira crashing to N305 to the dollar at the parallel market as at the weekend. The official interbank market, however, remained unchanged at N199.50 per dollar.

•Photo shows CBN Headquarters.

Source News Express

Posted 18/01/2016 11:41:59 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Gunmen on killing spree in 5 Adamawa villages...

PDP eyes Dasuki as 2019 presidential candidate, berates...

2019: Buhari, APC governors meet in Daura

Boko Haram attacks military base in Yobe

Land Use Charge Law: Lagos lawmakers set up...

US Police slam 9-count charge on Nigerian musician...

Why I suspended Delta Civil Service recruitment —Okowa...

Soldiers gun down 2 militants in Imo, raid...

The youth must pledge; no candidate above 45...

CBN moves to deepen financial markets, fast-track economy...

Niger Delta activists threaten Agip operations

Alumni association sponsors ultra-modern toilet at FGC Owerri...

 

Latest News 2019: Atiku shuts down Yola APC a dying party swimming in corruption — Secondus •Promises Tsunami in the weeks ahead It’s payback time for Turaki’s loyalty, says Bauchi State PDP 431 Pharmaceutical shops sealed in Imo How ex-IGP Ibrahim Coomassie ordered my arrest, imprisonment in Kirikiri Prison – Shehu Sani Fire guts main market in Jos, razes 217 shops Ekiti Election: Oshiomhole exceeded expectations in his first national assignment as APC Chairman — Senator Alimikhena Adegboruwa weighs options as Joe Igbokwe eats the humble pie Kano has over 3 million out of school children – Ganduje UK to assist INEC deliver credible, free and fair polls in 2019 We have not suspended issuance of cards — NIMC Police to support Eko Disco on debt recovery

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (363,573 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (359,193 views) Shameless Genevieve Nnaji exposes breasts in public (287,609 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (236,004 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (215,350 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (212,973 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (187,078 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (169,049 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,580 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (153,310 views) Lagos plane crash: Journalist releases victims’ names (148,092 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (139,195 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,364) Business Verdict (48) Columnists (890) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (616) Global Business Monitor (286) International (2,156) Interview (158) Live Commentary (28) Love Matters (127) News (37,333) Opinion (1,024) Pidgin (10) Politics (5,638) Religion (788) Sports (1,612) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Nigerian detainees send SOS from Osama prison

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement