Newsexpress banner Camano banner
Naira tumbles on black market, hits 420 per dollar

By News Express on 31/08/2016

Views: 1,532

Nigeria’s naira was quoted at an all-time low of 420 to the dollar on the unofficial market on Wednesday.

This comes the same day Africa’s biggest economy officially slid into recession.
The currency traded at 418 to the dollar on Tuesday and has been under constant pressure on the black market for months.
The naira was quoted at 317.09 to the dollar on the interbank market by 1224 GMT, against a 305.5 close on Tuesday.
Dollar scarcity has gripped Nigeria’s official market for several months now.
The naira, which hit fresh record low since the central bank floated the currency on the official interbank market in June, first touched 400 on the black market this month.
The central bank has been selling dollars almost daily to boost liquidity and support the naira.
Nigeria, in June, ditched its 16-month-old peg of 197 naira to the dollar to lure back foreign investors who fled both the equities and bond markets in the wake of the plunge in crude prices.
Investors have welcomed the removal of currency controls but many are still steering clear until Africa’s biggest economy shows signs of a concrete recovery.
CBN has also been mopping up naira liquidity to shore up debt yields.
But the lack of dollar liquidity has curbed interbank activity, leaving the central bank as the main supplier of dollars.
Currency traders have continued to wait for offshore flows to return.
The Central Bank of Nigeria (CBN) on Tuesday issued license to 11 new International Money Transfer Operators (IMTOs).
The new entrants are joining Western Union, MoneyGram and Ria, which had been cleared by the CBN.
The new operators are Trans-Fast Remittance LLC; WorldRemit Limited, UAE Exchange Centre LLC; Wari Limited, Homesend S.C.R.L, Small World Financial Services Group Limited and Weblink International Limited. Others are Cash Pot Limited, DT&T Corporation Limited, Fiem Group LLC DBA Ping Express and CP Express Limited. According to the CBN, the new entrants were licensed as part of efforts to liberalise the Foreign Exchange Market, ensure liquidity and make foreign exchange more readily available to low end users.
Nigeria is battling severe forex shortages following a drastic reduction in its earnings from oil, which account for the bulk of source of the country’s foreign exchange. (TV360 Nigeria)

Source News Express

Posted 31/08/2016 8:41:08 PM





You may also like...
Bishop Okpaleke’s resignation not good for the Church,...

Floods kill 66 in Mozambique, 45 in Malawi...

2019: Under my watch, dirt won’t take over...

Real Madrid sets up Champions League final showdown...

Students narrowly escape death from chemical leak during...

FEC approves full implementation of Confab Report

Transcorp Ughelli Power releases 2014 Annual Report, holds...

Dokubo attacks Buhari, says he is “a rotten...

Ugwuanyi appoints Ajah SSG, Abugu and Amoke media...

Ogun pays N1.7bn gratuity to another batch of...

EFCC arrests 2 military officers, 4 others for...

Resign now, West African Catholic priests tell Buhari...


Latest News INEC withdraws 25 Certificates-of-Return from election winners Bus driver found dead hanging from tree after surviving accident 3 Nigerians bag 40 years jail terms in the UK over drugs, illegal arms deal 2nd term: Kogi APC Aspirants’ Forum rejects Gov. Yahaya Bello My wife denies me sex over my micro penis — Pastor tells court National Assembly shocks media houses, rolls out stringent accreditation guidelines Harvest of arrests in Anambra: 75 cult suspects, robbers, others in police net Rape Saga: Judge disqualifies self from trial of Ex-Bayelsa Gov's aide over petition to NJC Reps Speakership: 156 members-elect endorse Bago for Speaker FG unfolds details of 29 May, 12 June celebrations Floods hit parts of Lagos after heavy rains Suspected kidnapper lynched in Kaduna


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (480,423 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (419,551 views) Shameless Genevieve Nnaji exposes breasts in public (358,049 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (306,142 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (270,456 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (241,370 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (229,294 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (211,038 views) 10 cars more expensive than Jets (202,534 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (200,333 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (181,352 views) Lagos plane crash: Journalist releases victims’ names (181,313 views)


UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (91) Business & Economy (4,269) Business Verdict (71) Columnists (1,031) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (614) Features (752) Global Business Monitor (362) ICT Monitor (43) International (3,465) Interview (179) Live Commentary (29) Love Matters (161) Maggie's Blog (268) News (46,348) Opinion (1,242) Pidgin (17) Politics (10,799) Religion (1,004) Sports (2,010) Stock Watch (39) AMA & Al Jazeera Global Update






APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera