Friday, 10 July 2015

Naira drops to 235 against dollar


CBN Governor, Mr. Godwin Emefiele
The naira fell further to a new record low of 235
to the dollar at the parallel market on Thursday,
as dollar shortages persisted, foreign exchange
dealers said.
The President, Association of Bureau De Change
Operators, Aminu Gwadabe, said people were
holding dollars to protect themselves against
further naira weakness.
The naira, however, ended at 196.95 on the
official interbank market on Thursday.


The local currency had fallen to 233.5 earlier in
the week.
The naira has been on the ropes on the parallel
market since the Central Bank of Nigeria
introduced new measures two weeks ago
restricting importers from sourcing the greenback
from the interbank market, shifting dollar
demand to the black market.
The naira, which was selling at 218 before the
new forex rule, had been dropping steadily
against the dollar since then.
Analysts had predicted that the naira might fall
to 250 against the dollar if the current demand
pressure persisted.
The Governor, Central Bank of Nigeria, Mr.
Godwin Emefiele, had on Wednesday said the
central bank’s forex rules were yielding results
as the external reserves had started to recover
grafually. , Mr. Godwin Emefiele
The naira fell further to a new record low of 235
to the dollar at the parallel market on Thursday,
as dollar shortages persisted, foreign exchange
dealers said.
The President, Association of Bureau De Change
Operators, Aminu Gwadabe, said people were
holding dollars to protect themselves against
further naira weakness.
The naira, however, ended at 196.95 on the
official interbank market on Thursday.
The local currency had fallen to 233.5 earlier in
the week.
The naira has been on the ropes on the parallel
market since the Central Bank of Nigeria
introduced new measures two weeks ago
restricting importers from sourcing the greenback
from the interbank market, shifting dollar
demand to the black market.
The naira, which was selling at 218 before the
new forex rule, had been dropping steadily
against the dollar since then.
Analysts had predicted that the naira might fall
to 250 against the dollar if the current demand
pressure persisted.
The Governor, Central Bank of Nigeria, Mr.
Godwin Emefiele, had on Wednesday said the
central bank’s forex rules were yielding results
as the external reserves had started to recover
grafually.


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