The Nigerian currency, the Naira, on Monday depreciated further, trading at N225 to the dollar at the parallel market.
Similarly, the currency was traded at N341 to a pound sterling while one Euro was traded for N243.
The News Agency of Nigeria (NAN), however, learnt that the poor showing of
naira at the parallel market did not affect its official N197 price to a dollar at the Central Bank of Nigeria (CBN).
Commenting on naira’s drop in value, Dr Evans Osabuohien, an economist, told NAN that the recovery of the American economy was responsible for the appreciation of the dollar against other currencies in the world.
Osabuohien, who teaches at the Department of Economics and Development, Covenant University, Ota, Ogun, noted that like Nigeria, the global economic challenges also affected currencies of most African countries.
He specifically identified Kenyan and Ugandan Shillings among the worst in currencies’ depreciation in the continent.
NAN
It is well
ReplyDeleteAren't they silly!
DeleteAfter making us rush to change our dollars,now it's value has risen.mtcheeew
Had i known i wldnt have fret cos I know our banking system can't keep to policies
The value of the naira has been on a free fall since the coming of the new govt.Is this the sign of what to expect in the coming months and years ?
ReplyDeletea.k.a EDWIN CHINEDU AZUBUKO said..
ReplyDelete.
Nna this is nothing but destruction i swear.....
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***CURRENTLY IN JUPITER***
1$=1naira how close are we to achieve this?pmb which way
ReplyDelete#GODWIN™
What?
ReplyDeleteBaba promised us something about this!
ReplyDeleteWhich way Nigeria?
ReplyDeleteIf only we produced 1/3 of the things we use in this country,dollar rise won't seem so bad.
Everything is virtually imported,even upto our workforce (so called expatriates).
So help us God!
CBN what is going on. I am waiting for dollars to go back to N140. I know Daura Dullard cannot make it N1.00
ReplyDeleteEven 1€=248 naira. I was woah. God.
ReplyDeletewe are still waiting for N1 = $1
ReplyDeleteHmmm I just dey observe
ReplyDeleteWhat is this?
ReplyDeleteBuhari, this is your fault... Afterall you promised to equate N1 with $1 or were you referring to Zimbabwean dollars?
Abeg this is of serious priority, it should be looked into ASAP. Before it becomes the norm.
Sorry for those that voted for buhari. Instead of you to vote youths for a better future, u decided to vote a dull brain for the future. I am not a fan of pdp, all I need is for the youths to know their place.
ReplyDeleteEven if I don't live in Nigeria, the dollars still affects me cos I do business also.
Dangote and the biggest boys are not exempted. .....
Lol
DeleteHmmmmmm
ReplyDeleteI feel like everything its on standstill
ReplyDeleteIt is well
ReplyDeleteCurrency devaluation for most economies is like touching the third rail. You just don't because it is instant death. Ever since the devaluation of the naira by Babangida and company (IMF's structural adjustment policy) the naija economy has been in shambles and the naira in a pepetual free fall. This means, generations of naija youths will be in servitude to the world powers/conglomerates; how does naija even begin to compete on the world stage when she is still importing toothpick, rice, flour and eggs? Nawa...when does naija get serious about manufacturing given abundant raw materials? To do otherwise, is: goodcause4trouble
ReplyDelete