Naira Slips Further Against US Dollar

Date: 19-02-2024 9:57 pm (1 month ago) | Author: Olusanya Akinrinola
- at 19-02-2024 09:57 PM (1 month ago)
(m)

The naira crashed to an all-time low against the US dollar, at the official and parallel foreign exchange markets, worsening the nation’s FX crisis.

Data from FMDQ showed that the naira depreciated from N1,574.62 per US dollar on Monday to N1,537.96 on Friday last week.

This represents a N36.66 or 2.3 per cent loss compared to the N1,537.96 recorded at the close of trading on Friday.

Similarly, at the parallel market, the naira dropped to N1,660 per US dollar on Monday from N1,590 on Friday.

Dayyabu Mistila, a Bureau De Change operator, confirmed the development to DAILY POST on Monday.

The development comes amid a clampdown on illegal Bureau De Change operators by officers of the Economic and Financial Crime Commission, EFCC, and the arrest of 50 in Wuse Zone 4 Abuja on Monday.

Meanwhile, the depreciation of the FX markets came despite the Central Bank of Nigeria’s introduction of new guidelines on Wednesday last week, stopping the payout of Personal Travel Allowance, PTA, and Business Travel Allowance, BTA, in cash.

At the same time, the apex bank stopped international oil companies, IOCs, operating in Nigeria from repatriating 100 per cent of their forex revenue.

It was learnt that the efforts by the CBN and the Nigerian government are yet to stem the continued fluctuations and free fall of the naira against the US dollar and other foreign currencies at the forex market.


Posted: at 19-02-2024 09:57 PM (1 month ago) | Hero
- gogoman at 19-02-2024 10:03 PM (1 month ago)
Online (m)
it will soon come down!!!  e just dey be like prick wey see honeypoto  Roll Eyes Roll Eyes Roll Eyes
Posted: at 19-02-2024 10:03 PM (1 month ago) | Grande Master
Reply
- Benti247 at 19-02-2024 10:35 PM (1 month ago)
(m)
Even if naira hit 2,000 to a dollar Ibos WILL NEVER JOIN THE PROTESTS. Ask me why. Because we are Ibos (Hebrews)
Posted: at 19-02-2024 10:35 PM (1 month ago) | Gistmaniac
Reply
- gogoman at 19-02-2024 11:07 PM (1 month ago)
Online (m)
Quote from: Benti247 on 19-02-2024 10:35 PM
Even if naira hit 2,000 to a dollar Ibos WILL NEVER JOIN THE PROTESTS. Ask me why. Because we are Ibos (Hebrews)


Hebrews me ass  Roll Eyes Roll Eyes Roll Eyes
Posted: at 19-02-2024 11:07 PM (1 month ago) | Grande Master
Reply
- kp45 at 19-02-2024 11:34 PM (1 month ago)
(m)
Ok
Posted: at 19-02-2024 11:34 PM (1 month ago) | Addicted Hero
Reply
- ficull at 19-02-2024 11:49 PM (1 month ago)
Online (m)
Thiefnubu working
Posted: at 19-02-2024 11:49 PM (1 month ago) | Gistmaniac
Reply
- Holopid at 20-02-2024 12:31 AM (1 month ago)
Online (f)
Alhaji naira Roll Eyes
Posted: at 20-02-2024 12:31 AM (1 month ago) | Gistmaniac
Reply
- fineboy77 at 20-02-2024 12:41 AM (1 month ago)
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Master strategist at work

Posted: at 20-02-2024 12:41 AM (1 month ago) | Addicted Hero
Reply

fire TRENDING GISTS fire

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