news

Dollar Tumbles Against Naira At Parallel Market

Dollar Tumbles Against Naira At Parallel Market

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That The naira sustained its appreciation against the United States dollar at the parallel market as it appreciated on Friday, from N1,160 to N1,155.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This represents 0.43 percent (N5) gain than N1,160 exchanged on Thursday at the parallel market.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

It could be recalled that the naira had steadied in the parallel market on Wednesday and Thursday as it sells for N1,160 respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

However, the forex turnover, on Thursday, hit $105.50million according to data from NAFEM, the Nigerian Autonomous Foreign Exchange Market, the market trading segment for Investors, Exporters and End-users.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The turnover represents the amount of dollars traded at a particular trading day.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Although the rate is still unpalatable to the business community and Nigerians at large but a management consultant, Babatunde Adeniji, said the naira crisis is being largely driven by speculation following the country’s liquidity challenge.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“In terms of price, for the short time it is speculation that drives things. If you are a trader and you want to take a bet, with the level of distrust of the government, with no clear visible assurance of where the dollar is coming from to stabilise the naira, which position would you take? You are bound to take the position skewed towards the dollar,” he stated.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

He said the country would begin to heave a sigh of relief when the authorities can pay up all the backlog of foreign exchange forwards with sufficient liquidity to meet pending obligations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

“Nigeria as a country does not have enough dollars to meet its promise. If we don’t do things that are substantial and visible, all that grammar would not help.

Sahara Weekly

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

Recent Posts

Professor Fidelis Oditah is Wrong about the EFCC By Dele Oyewale

Professor Fidelis Oditah is Wrong about the EFCC By Dele Oyewale Professor Fidelis Oditah’s recent…

3 hours ago

Ijebu Man of The Year Awards: Prince Segun Kaka Set to be Honored for Outstanding Legislative Contributions*

**Ijebu Man of The Year Awards: Prince Segun Kaka Set to be Honored for Outstanding…

3 hours ago

Kingmaker of Muguland: Dr. Banwo Releases Leaked Preview of Highly Anticipated Thriller

Kingmaker of Muguland: Dr. Banwo Releases Leaked Preview of Highly Anticipated Thriller   Dr. Ope…

5 hours ago

The Power of Building Resilience” By Prudent Ludidi

"The Power of Building Resilience" By Prudent Ludidi   Ladies and gentlemen, Life is unpredictable.…

9 hours ago

Oil marketers counter Dangote

Oil marketers counter Dangote over allegation of substandard product importation   The Depots and Petroleum…

10 hours ago

Dr. Dolapo Badru Distributes Food Items, Cash Gift, Clothing Materials To Elderly Constituents

  • Provides Free Medical Care Service • Lagos GAC Chairman, Prince Olusi Lauds Social…

10 hours ago