Fidelity bank banner Bayelsa State banner
Naira crashes to all-time low of N436/$ as dollar scarcity worsens

By News Express on 23/09/2016

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 891


The naira fell to an all-time low of N436 to the dollar on the parallel market yesterday, as against N428 to the dollar from the previous day, as the perennial scarcity of the greenback in the market took a turn for the worse.

The effect of the dollar shortage was also felt on the interbank FX market where the spot rate of the naira also depreciated to N313.07 to the dollar yesterday, from N310.08 to a dollar the previous day.
This is just as Nigeria’s external reserves fell further to $24.759 billion as of September 21, 2016.
The situation on the parallel market was attributed to the refusal by banks to sell dollars to Bureau de Change (BDC) operators.
The President, Association of Bureau de Change Operators of Nigeria (ABCON), Mr. Aminu Gwadabe, said none of his members were able to access dollars from banks as directed by the Central Bank of Nigeria (CBN).
“As I speak to you, no BDC has been able to access FX since Monday. It is very unfortunate that the liquidity in the market has dried up. That is too bad for the market,” the ABCON boss said in a phone chat.
The CBN had directed agent banks to approve international money transfer operators to sell foreign currency accruing from inward money remittances to licensed BDCs.
Gwadabe, however, was optimistic that a yet-to-be-announced initiative between his association and Travelex would in the medium term help bridge the liquidity gap in the market.
The initiative may see Travelex, a licensed forex dealer, sell dollars directly to BDCs in the country.
The CBN Governor, Mr. Godwin Emefiele, on Tuesday expressed regrets that BDCs were not getting enough dollars and said the central bank would revisit the existing mechanism to ensure that dollars flowed directly to the currency dealers.
Excerpted from a THISDAY report.

Source News Express

Posted 23/09/2016 1:17:17 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Treat Fulani herdsmen as terrorists, Ijaw Youths charge...

Igbo professionals opt for division of Nigeria into...

Saraki calls for efficient, productive tax system

Obasanjo announces Segun Osoba’s death

Stop killing mosquitoes; they are our friends —...

FG won’t stifle press freedom — Minister

Minister congratulates new GOCOP executives

Yuletide: Family Club calls for caution, admonishes politicians...

Tension in Taraba as Suntai returns to reclaim...

NSCDC trainees allege maltreatment

Group knocks Fayemi, says he is a wicked...

Kanye West’s music label dumps D’banj

 

Latest News APC Convention: Panic over Okorocha’s minority report Police warns troublemakers as APC Convention holds in Abuja •Deploys 5,000 personnel, armoured personnel carrier Bandits launch fresh attack on Birnin-Gwari, kill more persons Pastor, 2 others nabbed over ritual killing of 19-year-old girl APC holding national convention with looted funds – PDP Buhari championing jihad in Nigeria: Christian Elders APC Convention: Oshiomhole will delete PDP from Nigeria’s political history — Senate Deputy Chief Whip NAFDAC DG sacks consultants over anomalies, irregularities Police dismisses 19 officers in Ogun, demotes 9 2018 Budget: Why we included new projects — NASS PDP queries DSS over Abaribe’s arrest World Cup: Rohr reveals secret of Super Eagles’ victory over Iceland

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (352,749 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (352,424 views) Shameless Genevieve Nnaji exposes breasts in public (280,694 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,437 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,300 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (209,138 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (182,086 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (164,259 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (154,063 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,875 views) Lagos plane crash: Journalist releases victims’ names (144,063 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,824 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,264) Business Verdict (44) Columnists (871) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (506) Features (607) Global Business Monitor (284) International (2,047) Interview (155) Live Commentary (28) Love Matters (124) News (36,418) Opinion (1,005) Pidgin (10) Politics (5,313) Religion (772) Sports (1,558) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Argentina vs Croatia Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement