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

How female lawmaker saved the life of innocent man, shot, paraded, left to die by Nigeria Police

How female lawmaker saved the life of innocent man, shot, paraded, left to die by Nigeria Police

In: Highlights

By Godday Odidi----The Federal House of Representatives member, representing Ajeromi-Ifelodun constituency, Hon.Barr Rita Orji, recently saved an innocent man from untimely death.

Readmore..

Another Massive Fraud Probe Opens in NNPC Over Fraudulent Allocation Of Naphtha Fuel Oil

Another Massive Fraud Probe Opens in NNPC Over Fraudulent Allocation Of Naphtha Fuel Oil

In: Highlights

The Maikanti Baru led Nigeria National Petroleum Corporation (NNPC) has reportedly launched an extensive operation to investigate massive alleged fraud over improper allocations of Naphtha and Fuel Oil running into…

Readmore..

Buhari's Medical Vacation: Falana says hospitals in Nigeria are 'mortuaries for the masses'

Buhari's Medical Vacation: Falana says hospitals in Nigeria are 'mortuaries for the masses'

In: Highlights

Human rights lawyer Femi Falana said Nigerians should seize on the president's medical leave to demand adequate funding for public hospitals he described as ``mortuaries for the masses.''

Readmore..

National Economic Council express concern over free fall of the Naira

National Economic Council express concern over free fall of the Naira

In: Highlights

ABUJA: Members of the National Economic Council, NEC on Wednesday expressed their unanimous concern over the free fall of the Naira.

Readmore..

Niger Delta: Osinbajo's Visit Already Yielding Dividends

Niger Delta: Osinbajo's Visit Already Yielding Dividends

In: Highlights

......As NNPC Records Massive Reduction in Pipeline Vandalism Acting President Yemi Osinbajo's visit to the Niger Delta is starting to bear real fruit as the Nigerian National Petroleum Corporation (NNPC)…

Readmore..

Rights Groups Outraged By Andy Yakubu's Detention, Demand His Immediate Release

Rights Groups Outraged By Andy Yakubu's Detention, Demand His Immediate Release

In: Highlights

Rights groups in Abuja and Kaduna have condemned the continued detention of former Nigeria National Petroleum Corporation (NNPC) GMD, Andrew Yakubu in a series of statements released Thursday after the …

Readmore..

Modu Sheriff is acting PDP chairman, says Appeal Court

Modu Sheriff is acting PDP chairman, says Appeal Court

In: Highlights

An Appeal Court sitting in Port Harcourt Friday has declared Senator Ali Modu Sheriff the Acting Chairman of the People’s Democratic Party. More to follow

Readmore..

The maze of multiple exchange rates in Nigeria

The maze of multiple exchange rates in Nigeria

In: Highlights

By Ibrahim B. B. Shettima

Readmore..

Police stops Makarfi's PDP faction meeting

Police stops Makarfi's PDP faction meeting

In: Highlights

The Nigeria Police Force on Monday barricaded the International Conference Centre, Abuja, venue of the scheduled Stakeholders meeting of the entire organs of the Peoples Democratic Party.

Readmore..

N3B: Give me back my money, Yakubu tells court

N3B: Give me back my money, Yakubu tells court

In: Highlights

PerSecondNews -- Erstwhile Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Mr. Andrew Yakubu, has asked a Federal High Court sitting in Kano to order the Federal Government…

Readmore..

Former House of Reps Member Buys 1,000 UTME Forms For Ekiti Indegenes

Former House of Reps Member Buys 1,000 UTME Forms For Ekiti Indegenes

In: Highlights

Former member, House of Representative, Hon. Bimbo Daramola has purchased Unified Tertiary Education forms to no fewer than 1,000 Ekiti indigenes, in furtherance of his quest to promote education in…

Readmore..

Forex Restrictions: CBN Reverses Policy For Schools Fees, Medical Tourism, Others

Forex Restrictions: CBN Reverses Policy For Schools Fees, Medical Tourism, Others

In: Highlights

AMOS DUNIA, Persecond News, Abuja In what looks like a complete detour, the Central Bank of Nigeria (CBN), on Monday announced a new forex policy effective immediately.

Readmore..

 ADVERTISEMENT

   ADVERTISEMENT

ADVERTISEMENT

 

 

PSN TV

Please enter youtube id.

ADVERTISEMENT

 

 

 

 

 

Newsletter

Community Impact

 


Please enter youtube id.