Naira drops to all-time low in inter-bank market

The naira weakened further against the United States dollar on Thursday as the persistent strong demand for the foreign currency only received limited supply.

After closing at N158.45 to the dollar on the inter-bank market on Wednesday, the naira fell to an all-time low of N159.75 to the dollar at the close of activities on Thursday.


This fall in the local currency persisted regardless of the Central Bank of Nigeria’s attempt to raise supply at its bi-weekly auction and after it allowed the naira to appreciate at the official window.


On Wednesday, the CBN sold $700m at 154.60 to the dollar at its bi-weekly forex auction, a figure which represented the apex bank’s highest single sale since the beginning of the year, and against the $703.05m demanded.


Reuters reported that traders were sceptical about the regulator’s intentions to defend the naira, which fell beyond a target band of N150 +/-3 per cent at the previous auction and currently sells at 0.06 per cent beyond the range as posted on the official window.

Posted: at 30-09-2011 03:29 AM (13 years ago) | Upcoming

Am no fear monger, nor do I peddle half-truths or lies. That dollar is worthless, the baits is even more worthless than dig poo. Money is on it's way to be fazed out of the illuminati system of economics you are practising. Everyone awake knows you are all controlled by a system of banking which manufactures the paper money, credit cards, loans , and shares. Very soon, no one will want your cash, inflation will be so high Zimdollars will look like pound sterling. Don't be a zombie, don't hang on to your cash/god nor shares. Wake up!

Posted: at 30-09-2011 12:18 PM (13 years ago) | Gistmaniac

Posted: at 2-10-2011 10:29 PM (13 years ago) | Newbie

hmmmmm

Posted: at 14-10-2011 01:24 AM (13 years ago) | Gistmaniac