At a parallel market, the Naira and dollar are trading at N800.

-


On Monday, the Naira had yet another significant decline at the unapproved window but only managed a little gain at the spot market.
On Monday's unofficial parallel market, the naira experienced a sharp decline against the dollar, increasing the local unit depreciation to N800 at the conclusion of business.
This indicates a 2.83 percent decrease from the exchange rate of N778.00 for $1 last Friday.
Following the Central Bank of Nigeria's announcement that it will be replacing naira notes, the naira's ongoing devaluation versus the dollar on the black market has gotten worse during the last three working days.
The decision was made, according to the apex bank, to lessen the amount of extra cash in circulation and stop counterfeiting.
Analysts attribute the CBN action to the increasing depreciation of the Naira in the black market, as people with access to illicit funds are vying to exchange dollars for cash that is piled up outside of banks, further boosting the exchange rate.
The dollar was reportedly exchanged for N800.00 and sold for N803.00 and N805.00, respectively, on Monday, according to currency dealers in Abuja and Uyo.
On the official market, the naira did, however, modestly strengthen versus the US dollar during this time.
The naira closed at N443.00 per dollar on Monday, according to information posted on FMDQ websites, where foreign exchange is legally exchanged.
This represents a 0.39 per cent appreciation from the N444.75 rate it traded on Friday last week, with $40.05 million posted as forex turnover for the day.

By Lasisi Isa omoniyi

Published by SHODOLAMU OLAWALE QUADRI 

Comments

Post a Comment

Popular posts from this blog

MSME LAMENTS OVER FLOOD DISASTER

-
Image
By Cyril Endurance Favour October 29, 2022   A large number of Micro, Small and Medium Enterprises (MSME) are grieving over the loss of their businesses in the rampaging flood disaster The 2022 flooding which began in June, affecting over 32 states has not only claimed lives, displaced over 2.1 million people and destroyed properties, it has also submerged a staggering amount of farmlands and investments Small and Medium Scale businesses like Farming, Logistics, Processing and Trading in Anambra, Bayelsa, Delta , Cross River and Rivers which amounts for 96% of businesses in Nigeria has experienced greater impact of the flood as over one million farmers looses their farmland to the menacing flood According to the Minister for humanitarian affairs, Umar Farouq, over 140,000 hectares of farmland has been damaged. While Ade Adefeko, Vice President of external relation and stakeholder management at Olam Agri disclosed that over   $140 million worth of investment has been submerged ...
Read more

High level of Inflation.

-
Image
Sabo Market is a place where goods such as cabbage, tomatoes, cucumber, onions are sold with buyers coming from different parts of the country. According to our report a basket of tomatoes is sold between N7,000 to N8,000. But the story is different with onions whose price rose from N17,000 to N35,000, adding that onion was the only perishable goods so far that its price had risen up in the market. Malam Musa Saleh, a popular tomato seller in sabo market, He said that the price of the products is often determined by their availability in the market and the number of buyers in the market.The prices change from time to time depending on the Market days and its availability in the market. If you go to other states, the price is different. Malam Musa explain that the pepper harvested in the northern part of the country is now out of season while the Yoruba pepper presently in the market is short in supply since it is just coming out, which has led to the increase in the price...
Read more

NIGERIAN CURRENCY REDESIGNED

-
Image
  Published by Arikawe Aminat  The Governor, Central Bank of Nigeria, Godwin Emefiele, has announced that the bank would release re-designed Naira notes by December 15, 2022. He also said that existing notes would seize to be regarded as legal tender by January 31, 2023. Emefiele disclosed this during a press briefing in Abuja on Wednesday. The CBN said that it is worrisome that 85 per cent of the currency in circulation is being hoarded by Nigerians. He further urged Nigerians to proceed to their banks to deposit their Naira notes, adding that the deposit fee would be waived for transactions below N150,000. Emefiele added that the redesigning of Naira notes would help to curb counterfeit notes, as well as hamper ramson payment to terrorists and kidnappers.
Read more