As at on Thursday 12 January 2017 Information reaching us indicates that all is
not well with the Nigerian currency as it has continue to depreciate more often
at the parallel market popularly known as the black market, this is due forex
insufficiency to The Naira, the News Agency of Nigeria reports.
News Agency of Nigeria gossip that at the dawn of 2016,
speculators forecasted that the Naira would trade at N500 to a dollar.
The Nigerian exchange lost N3 to trade at N495 to the dollar
at the parallel market, from N492 posted on Wednesday, while the Pound Sterling
and the Euro closed at N597 and N515 correspondingly.
But so far all seam steady at the official interbank window,
the Naira closed at N305 to a dollar.
Trading at Bureau De Change window saw the Naira close at
N399 to a dollar, while the Pound Sterling and the Euro exchanged at N600 and
So far Traders believe that it is due to the acute forex scarcity
that led to the spike in the exchange rate.
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