see what may happen to naira tommorow

The naira is seen
depreciating further
and may hit the 500
mark to the dollar at
the parallel market
This is because the
greenback scarcity
persists
The Central Bank of
Nigeria (CBN) cuts
supply to foreign
exchange operators
A report by Reuters
indicates that the naira
may hit the 500 mark to
the dollar at the parallel
market.
CBN governor, Godwin
Emefiele and his team are
yet to find a solution to
Nigeria's economic
problems
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The naira was trading
around N495 to the dollar
on the black market on
Thursday, December 22
compared to 485 per
dollar last week due to
dollar shortages, traders
quoted in the report said.
The naira was quoted at
310.5 to the dollar on the
official interbank window
on that same day by
commercial lenders.
A trader quoted in the
report said: “There is an
acute shortage of dollars
in the market because of
supply being slashed by
half to Bureau de Change
operators from
international money
transfer agents, pushing
the naira down.”
READ ALSO: CBN to
eliminate forex black
market
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The BDC operators are
now getting $8,000 each
per week from Travelex
against the usual $15,000
each per week.
The naira had tumbled
against the dollar to 490
on Monday, December 18
from 487 last Friday,
December 15 as acute
shortage of the greenback
continued to batter the
Nigerian economy and the
country’s foreign
exchange markets.
Before last Friday, the
naira had consecutively
closed flat at 485 for four
days in the previous
week.
The severe shortage of
the dollar has put the naira
under persistent pressure
at both the official and
parallel forex markets.
Meanwhile, economic and
financial experts have
predicted that the naira
will weaken further
against the dollar as
yuletide celebrations kicks
off.
READ ALSO: Forex policy:
Foreign airlines to reduce
their operations in Nigeria
They also argued that the
crackdown on the black
market forex traders
and the persistent scarcity
of the greenback would
make further weakening
of the local currency
inevitable.
In a related development,
dollar shortages have
caused many companies
to halt operations and lay
off workers,
compounding the
economic recession.

Created at 2016-12-24 08:29:48

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