Naira weakens against dollar | Nigeria News Today. Your online Nigerian Newspaper

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The Naira on Tuesday weakened against the dollar few hours after the CBN maintained its benchmark interest rate and endorsed the crackdown on parallel market traders by security operatives.


It lost N5 to exchange at N470 to the dollar at the parallel market from N465 it traded on Monday, while the Pound Sterling and the Euro closed at N565 and N495, respectively.

At the Bureau De Change window, the naira was sold at N390, CBN controlled rate, while the Pound Sterling and the Euro closed at N562 and N500, respectively.

Trading at the interbank market showed that the naira remained stable at N305.00 to a dollar.

The CBN rose from its bi-monthly Monetary Policy Committee meeting, retaining the Monetary Policy Ratio at 14 per cent alongside other policy parameters.

The apex bank also charged security agents to sustain their checks on the activities of illegal foreign exchange operators in order to bring sanity to that segment of the market.

The apex bank said, “The Committee reiterates that the extant foreign exchange regulation outlaws the trafficking of currency on the streets as some unlicensed operators currently do.”

Meanwhile, a currency trader, who spoke on condition of anonymity, said that the raid on the market by security agents had forced them to go underground.

He noted that they still enjoy the patronage of their customers who understand their modus operandi.

(NAN)

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  1. N1 naira is now equal to $1 dollar.
    Chanji dole!
    All Nigerians are now wailing wailers.
    Sai Baba!
    Sai Tinubu!

    ReplyDelete
  2. Garba Shehu shamelessly stated that ordinary Nigerians will want Buhari come 2019. Hahahahahahaha!
    Hear Junaid Mohammmed: “It is very unfortunate and shameless that a government that is yet to do anything is already talking of 2019. It is very unfortunate that a party like APC that is fast becoming moribund is already talking of 2019 when they have nothing to show for the four years Nigerians gave them. This development shows they are power-hungry, hypocritical and corruption-ridden".
    When I remember APC, tears go dey rush for my eyes!
    When I remember Buhari,tears go dey rush for my eyes!
    When I remember Garba Shehu, tears go dey rush for my eyes!
    When I remember Amaechi,tears go dey rush for my eyes!
    When I remember El Rufai, tears go dey rush for my eyes!
    When I remember Tinubu,tears go dey rush for my eyes!
    APC! Werepe Change!
    APC! Kworshiokor Change!
    Sai Baba!
    Sai Tinubu!
    Chanji Dole!

    ReplyDelete

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