Fidelity bank banner UBA banner
Naira hits record low of 412 to dollar on black market

By News Express on 27/08/2016

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

Views: 1,320


Nigeria’s naira was quoted at an all-time low of 412 per dollar on the parallel market on Friday.

This comes after the suspension of some banks from forex trading leading to dollar shortages.

Traders said some bureaux de change operators have been finding it difficult to access their forex account and get dollar supply.

The central bank suspended nine commercial banks from forex transactions on Tuesday for failing to pay money owed to the government– although one was readmitted after making a payment.

This has put further pressure on the local currency.

On Thursday the naira closed at 409 per dollar on the parallel market. On the interbank market it traded at 315 compared with 305 the previous day.

Shares in some of the banks hit dropped by up to 7.8 percent.

Bank executives have been meeting central bank officials to resolve the forex issue as investors continued to dump their shares second day.

On the interbank market, the currency gained 0.2 percent to close at 305 naira to the greenback with traders attributing the rise to central bank dollar sale to prop up the unit. The bank has been selling dollars almost daily to boost liquidity.

However, currency forwards put the naira at 344.50 to the dollar in one months’ time.

On Thursday, the central bank settled $152.48 million of naira futures contracts it sold in June at an exchange rate of 279 naira per dollar, further draining its reserves, which is at its lowest in more than 11-years.

In June, the central bank abandoned its currency peg to the dollar, allowing the naira to weaken by 40 percent in a bid to attract more foreign investment.

But so far trading in the official foreign exchange market has been limited as those with dollars prefer to sell them for a higher rate on the black market. (TV360 Nigeria)

 

 

Source News Express

Posted 27/08/2016 05:55:58 AM

 

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


 

CLASSIFIED ADS

 

You may also like...
HURIWA faults Nigeria’s Supreme Court, says: “DON’T TRY...

Today’s weather outlook, as forecast by NiMET

Akeredolu to deliver 2nd SAFFGLIA African Leadership Lecture...

I’m being persecuted because I refused to surrender...

Ojukwu unfolds strategy to fight crime and criminality...

Yobe Governor blames military for abduction of Dapchi...

NiMET forecasts rains today in Asaba, Ikom, Ogoja,...

Cristiano Ronaldo denies rape accusations on social media...

Minister expresses shock, sadness over RATTAWU Scribe’s death...

Navy steps up training ahead of deadline to...

Imo Deputy Governor, Aku Obidinma (Abdul) and the...

Igbo elders, students, women give conditions to support...

 

Latest News UK investigator probes murder of Ex-Finance Minister’s daughter Nnamdi Kanu to make live radio broadcast on Sunday evening Shehu Sani dumps APC 2019: ‘America has no preferred candidate’ Customs intercepts container with imported soup from China WhatsApp bans more than 100,000 accounts Why we sponsor The Nigeria Prize for Science and The Nigeria Prize for Literature — NLNG MD, Tony Attah Rivers Guber: Tonye Cole will defeat Wike in 2019 — Tatua Type-2 polio virus discovered in Bauchi 2019 elections: NYCN to hold nationwide town hall meetings Minimum Wage: ‘Nigeria still a third world country’, Ngige reacts to US comparison Adeniyi challenges online publishers to help Nigerians rediscover their voices

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (407,988 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (383,090 views) Shameless Genevieve Nnaji exposes breasts in public (315,470 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (258,374 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (237,974 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (224,719 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (204,509 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (185,936 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (170,733 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (166,124 views) Lagos plane crash: Journalist releases victims’ names (161,792 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (149,538 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (69) Business & Economy (3,699) Business Verdict (52) Columnists (949) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (559) Features (660) Global Business Monitor (304) International (2,552) Interview (165) Live Commentary (28) Love Matters (145) News (39,772) Opinion (1,125) Pidgin (13) Politics (7,315) Religion (881) Sports (1,735) Stock Watch (35) AMA & Al Jazeera Global Update

 

NLNG Prize for Literature 2018

Zenith Zero Balance

CBN banner

Firstmobile banner

 

 

 

NEWS EXPRESS TV

LIBYA vs NIGERIA 2-3 Goals Highlights

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement