Naira Exchange Rate Depreciates Thrice In Six Hours

The traders were meeting in clusters, painstakingly trying to unravel the rationale behind the sudden depreciation of the naira after it had appreciated for about four weeks.

The Naira exchanged at N467 to the dollar as at 4:30 p.m. after it traded for N455, and N460 in a couple of hours on Wednesday while the Pound Sterling and Euro closed at N560 and N505, respectively.

The Nigerian currency, after weeks of sustained appreciation, stabilised at N455 to a dollar prior to its depreciation on Wednesday.

At the Bureau De Change window, the Naira was sold at N385 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N553 and N500, respectively.

The official interbank market was not isolated from the depreciation fever as the naira lost N1.78 to close at N306.78, from N305 it posted previously.

Traders at the market could not offer sufficient reason for the performance of the naira at the parallel market.

But this is happening at a time when Abuja, Kano and Port Harcourt are keying into the First Bank of Nigeria and Travelex Forex auction window.

Traders believe that the liquidity challenge would ease off by Thursday after BDCs would have bought Forex from Travelex in Lagos.

Comments

About 3,800 people have died in the Med Sea this year – UNHCR

The statement begins the day the bodies of 25 individuals are discovered in an inflatable rowboat in the southern Mediterranean. The number of migrants who have passed away crossing the Mediterranean Sea has actually reached at least 3,800 so far this year, the UN refugee company has stated. The UNHCR likewise confirmed this makes 2016 the most dangerous year ever for migrants in the Mediterranean. It warned on Tuesday that this year’s death toll was likely to prosper the 3,771 deaths reported for the whole of in 2015 In a tweet, spokesperson William Spindler stated: “We’re receiving more reports of deaths in the Med. ” We can now confirm that at least 3,800 people have actually died, making 2016 the deadliest ever.” The UN company said scores of migrants have been drowning weekly as the fragile and frequ...

SFTOS Wizkid new album #2017

Eriksen has arrived in Italy for his Inter medical and to sign with the club

Christian Eriksen has arrived in Milan with a private jet and will have his Inter medical today, completing a €20m transfer from Tottenham Hotspur. He was greeted at the airport by Inter team manager Mattia Tagliacarne and a crowd of journalists. The Danish international flew in from London after weeks of tense negotiations between the clubs. A deal was finally struck last week for a reported €20m, plus the solidarity payment to his youth clubs (circa €1m) and the income from a friendly match between Inter and Spurs. CEO Beppe Marotta had hoped to bring the price down significantly, seeing as he would be a free agent in July, but Tottenham refused to budge from their initial valuation. Eriksen is the third reinforcement for Inter from the Premier League in January after Ashley Young from Manchester United – who provided an assist for Lautaro Martinez on his Serie A debut against Cagliari – and Victor Moses via Chelsea. Antonio Conte’s side are currently second in t...

N- SPORT NEWS

Search This Blog