Stats: 3,191,500 members, 7,944,447 topics. Date: Monday, 09 September 2024 at 04:39 PM |
Nairaland Forum / Nairaland / General / Politics / Nigerian Naira Falls To Its Lowest (634 Views)
Breaking News: Naira At Its Lowest In History...now At 306 Naira To Dollar!!! / Subsidy On Petrol Falls To N576m Daily / Nigeria’s Daily Fuel Subsidy Falls To N889.44m (2) (3) (4)
(1) (Reply)
Nigerian Naira Falls To Its Lowest by ebonyfades: 4:46pm On May 17, 2012 |
Naira fell to its lowest level in two months against the U.S dollar on the interbank market yesterday, on strong dollar demand from investors repatriating their dividends abroad, traders said. The naira closed at 158.90 to the dollar on the interbank market, the lowest since the middle of February, compared with the 158.03 naira it closed at on Tuesday, according to Reuters. “The market was hit by large demand for the dollar with which it could not cope with due to lack of dollar flow, putting pressure on the naira,” one dealer said. Dealers said several foreign investors are taking profit on their investments, increasing pressure on the local currency. The naira had traded around the 157.10-157.90 naira to the dollar band for the better part of the last two months on the impact of dollar sales by oil companies and offshore investors who are investing in Nigeria’s short-dated debt notes. “We see the naira depreciating further in the coming days unless the central bank intervenes to calm the market,” another dealer said. The local unit remains within the central bank’s 150-160 target band. On the official window, the central bank raised its supply to $200 million and sold at 155.70 to the dollar, compared with $150 million sold at 155.70 to the dollar on Monday. |
(1) (Reply)
Why Is Boko Haram Silent? Is May 29th Day Safe? / The Third Mainland Bridge Has Been Blocked By Protesting Students Of UNILAG / Osun Declares June 12 As Public Holiday
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 8 |