The Naira yesterday weakened to N490 to a dollar at the parallel market after appreciating to N485 to a dollar during the Christmas break.
The News Agency of Nigeria (NAN) reports that the Naira lost five points, representing a depreciation of 1.03 per cent, while the Pound Sterling and the Euro closed at N590 and 502, respectively.
At the Bureau De Change (BDC) Window, the Naira traded at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N602 and N510, respectively.
The Naira traded at N305.25 to a dollar at the official interbank market. Traders at the market said that the scarcity of forex was still exerting pressures on the Naira.
Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) said the pressure on the Naira was disturbing and dangerous to investment, output and employment.
Gwadabe called for harmony between the fiscal and monetary policies in addressing the woes of the Naira. “There is the need for concerted collaboration among both the fiscal, monetary policy makers and the operators in the economy to address this monster facing the economy. “I must confess that I am disturbed and worried,’’ Gwadabe said.
Fans are ecstatic when Afrobeat musician Kizz Daniel joins his senior colleague, 2Baba, for a musical collaboration. Remember, Kizz Daniel… Read More
The Federal Government of Nigeria has declared May 1st as a holiday holiday. According to the ministry's Permanent Secretary Aishetu Ndayako, Minister… Read More
Popular comedian OGB Recent takes a jab at Wizkid, claiming that the last time he had a hit song petrol… Read More
DJ Obi, a disc jockey, received a $10,000 present from Afrobeat musician Burna Boy, who attended his birthday party at… Read More
As things stand, it doesn't appear like the feud between Wizkid and Davido will come to an end anytime soon.… Read More
Nigerians were concerned about the next generation after witnessing several young guys fiercely debating about the Wizkid and Davido saga… Read More
This website uses cookies.