Nigeria Economy: Naira Drops to 390 per Dollar

The downward slide of the Naira continued on Wednesday as it dropped to 390 against the United States dollar at the parallel market as foreign exchange scarcity worsens.

Naira continues to slide
This follows a drop to 382 against the United States dollar on Monday, further down from the 380 mark on Friday, while it hovered between 381 and 382 on Tuesday.

The naira has depreciated since the Central Bank of Nigeria (CBN) adopted a flexible foreign exchange regime in June, buttressing the arguments of naysayers who purported that devaluation was incompatible with the country’s import-dependent economy.

According to Punch, a bureau de change operator opined that Wednesday’s drop was due to increased demand despite the scarcity of the dollar.

“We don’t think it will rise to N400 today, but I don’t know of tomorrow,” he said.
Financial and economic experts maintain that inadequate forex liquidity at the interbank market was taking a toll on the parallel market.

The forecast isn’t friendly as analysts say the naira would weaken further against the dollar this week owing to limited dollar supply as foreign portfolio investors continued to stay on the sidelines until the Nigerian economy showed signs of recovering from the impact of currency controls.

It will be recalled that CBN governor, Godwin Emefiele, recently announced that the country is technically in a recession following a shortfall in output and dwindling oil prices.

OJPals, what do you think? Sound off below!

@OJ’s Blog EXCLUSIVE
Email: olumidejohnson.blogs@gmail.com

Comments

Post a Comment

Popular posts from this blog

Slavery: See How White Slave Traders Dehumanised Naked Black Slave Women

Image
Sexual assault of black female folks was paramount during the slave trade era as perpetrated by white people who degraded their Africans to assets rather than human beings.  Sexual assaults of female black slaves by white male plantation owners, their sons, brothers and other male acquaintances were heartlessly perpetrated unhindered in the 15th and 19th centuries before its abolition. Black women were technically degraded to objects for hard work and pleasure with no real value attached to their feelings. History recorded that black women were raped and dehumanized without fear of punishment. The reasons of their white owners couldn't be justified as they smelt of share hatred and xenophobia for their skin colour. Black men were also sexually abused by slaveholders, and sometimes, their wives were not spared from the ill-treatment as they worked tirelessly on farmlands with stipends that amounted to virtually nothing. The slave trade refers to the transatlantic tradi...
Read more

Get in Here, Ladies! Tyson Beckford Strips for Massive Eggplant Selfie on Instagram; Fans React

Image
Tyson Beckford is getting older, but the actor and supermodel has refused to quit taunting his Instagram fans with explicit photos. Moments ago, Beckford stripped down to his underwear, showing off his massive meat print and the 45-year-old hunk went on to brag about his anatomy. “Since my team don’t want me posting pics with gunz, as a concealed weapons licensed owner, I give you my .44 Magnum!” he said, sending Instagram on yet another meltdown. In April 2015, the famous black supermodel stripped butt naked for the gram just to promote his new movie, ‘Chocolate City’ where he went nude for the camera in a role as a stripper. Now, he is back, and already fans are flooding his page with comments. See some of the reactions: OJPals, what do you think? Tell us in the comments! @OJ’s Blog  EXCLUSIVE
Read more

‘Queen of SnapChat’ YesJulz Sex Tape Hits the Internet, and it’s Horrible

Image
YesJulz’ sex tape has finally hit the internet. The tape which shows the acclaimed ‘Queen of Snapchat’ having sex with a male photographer was leaked by two people she recruited to work with her. According to  Bossip , the two people – a Miami-based fitness model, Hencha Voigt, and another man, Wesley Victor – hacked into Julz’ phone, got her explicit photos and the sex tape YesJulz recorded. The duo then threatened to release them to the public within 24hrs if she didn’t pay them $18,000 cash. The Miami Beach Police said that Voigt and Victor sent Julz some of the pictures and videos as proof. “ 18K cash … you can have them back as I said you dope chick. I like your movment look if I feel any fun business game over your choice,”  Victor said in his message to Julz last week, and then they gave her a 24-hour deadline. However, the two were arrested hours ago by the police, the cellphone retrieved, and both have confessed to threatening Julz wh...
Read more