Tuesday, 20 December 2016 00:25

Naira continues freefall, approaches 500 to a Dollar

The Naira traded in the parallel market tumbled in recent weeks, continuing the downward trajectory that has been in place for the past year. After passing N450 to a dollar last month and just one week later plummeting past N470, the Naira is now quickly approaching N500 to a dollar.

 

The rapid freefall of the Naira is a result of the country’s dire financial situation. The currency has plunged to its lowest level in over a decade and there is no respite in sight, despite the rapid intervention of the Central Bank to step the rapid depreciation of the currency versus the US dollar.

Bankers last week said the lack of policy credibility in managing the currency raises questions about Nigeria’s ability to provide dollars to banks as recession deepens. Several banks  threatened not to renew agreements worth billions of dollars with the Central Bank of Nigeria, highlighting the erosion of confidence in the apex bank.  

The central bank governor, has sought to use foreign currency swaps to bolster dollar reserves, swapping large amounts of naira in return for dollars with about six of the country’s 22 banks. 

But bankers say they have begun refusing to allow the central bank to renew these swaps — most of which expire within the next year — because they have lost confidence in the CBN's management of the currency and foreign exchange market. 

Last modified on Thursday, 12 January 2017 14:12

Highlights

Life After The Presidency: Take a look at President Obama's $5.3m home

Life After The Presidency: Take a look at President Obama's $5.3m home

In: Highlights

When President Barak Obama completes his tenure at the Presidency he is not moving back to Chicago, the Obama's reveal. They are staying back in Washington, DC where they just…

Readmore..

How airport workers planted bomb inside Egypt's Metrojet flight killing 224 passengers

How airport workers planted bomb inside Egypt's Metrojet flight killing 224 passengers

In: Highlights

NEWSWEEK: At 5:50 on the morning of October 31, 2015, Metrojet Flight 9268 received takeoff clearance from Sharm el-Sheikh International Airport, the travel hub for Egypt’s best-known Red Sea tourist…

Readmore..

Jealous husband stabs wife with broken bottle in private part

Jealous husband stabs wife with broken bottle in private part

In: Highlights

A 37-year-old man, Victor Ojiaku, who allegedly stabbed his wife, a student, with a broken bottle in her private part, has been granted bail in the sum of N250,000 by…

Readmore..

Buhari Finally Fulfills Campaign Promise To Pay N5,000 Monthly Payments To Vulnerable Nigerians

Buhari Finally Fulfills Campaign Promise To Pay N5,000 Monthly Payments To Vulnerable Nigerians

In: Highlights

After months of delays and mounting criticism from voters and political pundits, President Muhammadu Buhari finally followed through on a campaign promise he made to pay N5,000 stipend to some…

Readmore..

TRAGEDY!!!Father, Son Die In Autocrash On Their Way To Daughter’s Wedding

TRAGEDY!!!Father, Son Die In Autocrash On Their Way To Daughter’s Wedding

In: Highlights

PerSecondNews -- A major new year tragedy has hit a family in Nasarawa, Nasarawa State as father and son perished in an accident on their way to the wedding of…

Readmore..

Qantas Airline is World's safest airline for 2017

Qantas Airline is World's safest airline for 2017

In: Highlights

Australia's Qantas airline has been selected as the world's safest airline by airlineRatings, the world’s only safety and product rating website.

Readmore..

Snake on a plane grounds Emirates airline flight

Snake on a plane grounds Emirates airline flight

In: Highlights

A snake found on an Emirates flight was cancelled on Monday, according to the airline.

Readmore..

Kyari didn't use High Commission's fund for medical treatment-Presidency

Kyari didn't use High Commission's fund for medical treatment-Presidency

In: Highlights

PRESS RELEASE:The Chief of Staff to the President, Abba Kyari, did not use the funds of the Nigeria High Commission in London to pay his medical bills during his recent…

Readmore..

Theft of $50, 000 at Ekiti Government House: Court remands Fayose’s aides in prison

Theft of $50, 000 at Ekiti Government House: Court remands Fayose’s aides in prison

In: Highlights

PerSecondNews -- Three men -- Temitope Bamidele, Sunday Afolabi and Shuaibu Amidu – were on Wednesday charged with stealing $50, 000 from Ekiti State Government House at the Magistrates’ Court…

Readmore..

Socialite Pretty Mike arrested for putting teenage girls in chains

Socialite Pretty Mike arrested for putting teenage girls in chains

In: Highlights

Following social media outrage on several show by a socialite, Mike Eze-Nwalie Nwogu, aka Pretty Mike who attends social events in Lagos with two masked girls bounded by dog chains,…

Readmore..

Premium Times infuriated by Nigerian Army, demands apology from Buratai

Premium Times infuriated by Nigerian Army, demands apology from Buratai

In: Highlights

Premium Times has demanded an official apology from the Nigerian Army for writing a letter that threatened the well-being and life of PREMIUM TIMES’ staff.

Readmore..

Police Detain Ex Rep Chidi Duru Over Alleged Armed Invasion of PFA

Police Detain Ex Rep Chidi Duru Over Alleged Armed Invasion of PFA

In: Highlights

… How he Allegedly Carted Away Cars, Incriminating Documents at gunpoint

Readmore..

 ADVERTISEMENT

   ADVERTISEMENT

ADVERTISEMENT

 

 

PSN TV

Please enter youtube id.

ADVERTISEMENT

 

 

 

 

 

Newsletter

Community Impact

 


Please enter youtube id.