Wednesday, 07 December 2016 23:23

Naira Defies All Recovery Efforts, Crashes Further, See New Rates

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The Naira appears helpless in the face of efforts by the CBN and other authorities in the forex market in fast-tracking its recovery, the News Agency of Nigeria (NAN) reports. The Nigerian currency exchanged at N485 to a dollar at the parallel market on Wednesday in Lagos, while the Pound Sterling and the Euro traded at N600 and N510, respectively. At the Bureau De Change (BDC) CBN-controlled window, the Naira closed at N399 to a dollar, while the Pound Sterling and the Euro exchanged at N606 and N512, respectively.

Trading at the interbank market saw the Naira closed at N305.50 to a dollar. Traders at the market said the shortage of the greenback was impacting negatively on the performance of the Naira. Aminu Gwadabe, president, Association of Bureau de Change Operators of Nigeria (ABCON) last week identified currency hoarding and speculation as monsters challenging the very existence of the Naira. Remittances from Nigerians living abroad, which is put at 21 billion dollars, which was hitherto assisting in the defence of the nation’s currency from total destruction, has now reduced drastically.

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