As at yesterday night, the situation was dire. I can verify that the Naira was N366:£1 and that was the official bank rate….bear in mind, this time last year, the Naira was around N260:£1…What has gone wrong? #NotgoodAtAll
The black-market rate, used by exchange bureaus in Africa’s largest economy, depreciated 5.8 percent to 260 per dollar compared with its level on Monday, according to Aminu Gwadabe, president of the Lagos-based Association of Bureau de Change Operators of Nigeria. That’s 24 percent weaker than the official rate of 198.52 per dollar as of 12:56 a.m. in Lagos.
Only about 1,200 of 3,000 currency-exchange operators received the amount of dollars they requested from the central bank last week, Gwadabe said by phone from Lagos. “From what we see, the central bank is still unable to meet majority demand,” he said.
A spokesman for the bank, Ibrahim Mu’azu, couldn’t immediately be reached for comment as two calls to his mobile phone didn’t connect.
Policy makers are under pressure to devalue the naira after this year’s 32 percent plunge in oil, which accounts for about 70 percent of government revenue, contributed to the 14 percent slide in Nigeria’s reserves in 2015 to $29.6 billion. The nation’s official exchange rate has been kept at 198-199 per dollar since March after the central bank restricted the ability of lenders to buy foreign currency.
In June, the monetary authority stopped importers of about 40 items, including wheelbarrows and glass, from obtaining dollars.
Money changers met with the central bank on Dec. 8 to “discuss the difficulties in ensuring availability of dollars,” Gwadabe said. While policy makers “agreed to make more dollars available” to reduce tension, they have yet to do so, he said. For more scintillating and juicy stories, follow the official Naijapals accounts On Twitter - https://twitter.com/Naijapals and Facebook - www.facebook.com/naijapals
I have been reporting on latest news from Nigeria for almost 10 years now. I report on every possible news area I come across, but always ensure my reports are compiled with dignity and fact to uphold my personal values and duty as a journalist
Posted: at 11-12-2015 08:12 PM (8 years ago) | Addicted Hero
whylex4show at 11-12-2015 08:41 PM (8 years ago) (m)
It will be so since our economic is poor(inflation)in standard of living and our money is value less talkless of comparing to other foreign currency.
Posted: at 11-12-2015 08:41 PM (8 years ago) | Upcoming
freethinker at 11-12-2015 09:00 PM (8 years ago) (m)
U VOTED FOR CHANGE RIGHT? HE PROMISED TO MAKE NAIRA EQUAL TO DOLLAR NIGERIA DON ENTER ONE CHANCE. BUHARI AND APC ARE NOISE MAKERS., THEY TALK TALK, AND TALK, NO ACTION NOW NIGERIANS WILL KNOW THE IMPORTANCE OF DR. NGOZI OKONJO-IWEALA
Posted: at 11-12-2015 09:00 PM (8 years ago) | Gistmaniac
freethinker at 11-12-2015 09:04 PM (8 years ago) (m)
OBASANJO IMPOSE HIS MISTRESS KEMI ADEOSUN WITHOUT EXPRINCE AS MINISTER OF FIANCE. TELL ME THE EXPERIENCE THIS YOUNG LADY HAS? WHAT DO U EXPECT FROM CONFUSED GOVT?
Posted: at 11-12-2015 09:04 PM (8 years ago) | Gistmaniac
OBASANJO IMPOSE HIS MISTRESS KEMI ADEOSUN WITHOUT EXPRINCE AS MINISTER OF FIANCE. TELL ME THE EXPERIENCE THIS YOUNG LADY HAS? WHAT DO U EXPECT FROM CONFUSED GOVT?
RADIO BIAFRA, KEMI WEYJUST ENTER OFFICE NA SHE DON DEY SPOIL ECONOMY ABI... U NO SERIOUS FROM DAY ONE U THIS FREELOADER GUY
Posted: at 11-12-2015 10:48 PM (8 years ago) | Grande Master
youngrashy at 12-12-2015 08:14 AM (8 years ago) (m)
@Elchymo..Guy u stupid ooo,ur so called Jonaathief wey go school na wetin him do rather steal billions of dollars b4 hin comot 4 office?Jonathan and hin cohort don finish nigeria and should be sentence to death by hanging..
Posted: at 12-12-2015 08:14 AM (8 years ago) | Gistmaniac
DAMILARE100 at 12-12-2015 09:16 AM (8 years ago) (m)
Quote from: John Kay on 11-12-2015 09:04 PM
OBASANJO IMPOSE HIS MISTRESS KEMI ADEOSUN WITHOUT EXPRINCE AS MINISTER OF FIANCE. TELL ME THE EXPERIENCE THIS YOUNG LADY HAS? WHAT DO U EXPECT FROM CONFUSED GOVT?
...Thank God you said Minister of Fiance and not Finance....... You are truly a Freethinker, wondering how you refer to a married woman as Mistress.
Posted: at 12-12-2015 09:16 AM (8 years ago) | Gistmaniac
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