Naira Depreciates: N281.5 to a Dollar
Category: Business News
The Naira depreciated in interbank and parallel segments of the foreign exchange market yesterday.
At the interbank market, the naira depreciated marginally by 35 kobo as the interbank exchange rate for spot transactions rose to N281.49 per dollar from N281.14 per dollar.
But at the parallel market, the naira depreciated by N10 or 3.2 percent as the parallel exchange rate rose sharply to N351 per dollar from N340 per dollar on Monday.
he naira depreciated in
interbank and parallel segments of the foreign exchange market
yesterday.
At the interbank market, the naira depreciated marginally by 35 kobo as
the interbank exchange rate for spot transactions rose to N281.49 per
dollar from N281.14 per dollar. But at the parallel market, the naira
depreciated by N10 or 3.2 percent as the parallel exchange rate rose
sharply to N351 per dollar from N340 per dollar on Monday.
A bureau de change operator, who spoke on condition of anonymity, said
the sharp depreciation was due to resurgence of demand for dollars,
while supply has declined.
Last week, the naira appreciated significantly in the parallel market due to panic selling of dollars which boosted supply. The BDC source, however, said the appreciation was due to panic reaction to the commencement of the revived interbank foreign exchange market under the new flexible foreign exchange policy introduced by the CBN two weeks ago.
Read more at: http://www.vanguardngr.com/2016/06/late-publication-accounts-cbn-sack-banks-ceos-chairmen/
Last week, the naira appreciated significantly in the parallel market due to panic selling of dollars which boosted supply. The BDC source, however, said the appreciation was due to panic reaction to the commencement of the revived interbank foreign exchange market under the new flexible foreign exchange policy introduced by the CBN two weeks ago.
Read more at: http://www.vanguardngr.com/2016/06/late-publication-accounts-cbn-sack-banks-ceos-chairmen/
he naira depreciated in
interbank and parallel segments of the foreign exchange market
yesterday.
At the interbank market, the naira depreciated marginally by 35 kobo as
the interbank exchange rate for spot transactions rose to N281.49 per
dollar from N281.14 per dollar. But at the parallel market, the naira
depreciated by N10 or 3.2 percent as the parallel exchange rate rose
sharply to N351 per dollar from N340 per dollar on Monday.
A bureau de change operator, who spoke on condition of anonymity, said
the sharp depreciation was due to resurgence of demand for dollars,
while supply has declined.
Last week, the naira appreciated significantly in the parallel market
due to panic selling of dollars which boosted supply. The BDC source,
however, said the appreciation was due to panic reaction to the
commencement of the revived interbank foreign exchange market under the
new flexible foreign exchange policy introduced by the CBN two weeks
ago.
Read more at: http://www.vanguardngr.com/2016/06/late-publication-accounts-cbn-sack-banks-ceos-chairmen/
Read more at: http://www.vanguardngr.com/2016/06/late-publication-accounts-cbn-sack-banks-ceos-chairmen/
A bureau de change operator, who spoke on condition of anonymity, said the sharp depreciation was due to resurgence of demand for dollars, while supply has declined.
Last week, the naira appreciated significantly in the parallel market due to panic selling of dollars which boosted supply. The BDC source, however, said the appreciation was due to panic reaction to the commencement of the revived interbank foreign exchange market under the new flexible foreign exchange policy introduced by the CBN two weeks ago.
Vanguard
Related Posts via Categories:
- CBN to Sack Bank CEOs, Chairmen Over Late Publication of Accounts
- Mobile Drought-Insurance Schemes Spread Across Africa
- Skye Bank Sacks 200 Staff
- Ecobank Sacks 1,040, Diamond Bank 200, FBN 1000 Workers
- Comrade Itodje Bags Africa Icon Most Supportive Blogger of the Year Award
- First Bank to Sack 1,000 Workers
- Nigerian Food and Beverages Industry Set to Sack 3million Workers Over Forex Crisis
- Diamond Bank Marketer Who Fled With Customers N309,000 Deposit Arrested
- Skye Bank Debunks EFCC Investigation Report – Official
- 'I Can Bring Dollar Down to N200 in One month' - Ifeanyi Ubah
Send stories for publishing to admin@ackcity.net
Be Our Fan On Facebook
Follow Us @ACKCITY On Twitter
BB: 568235DD
Channel Pin: C00352CD2,
WhatsApp: (234) 08105649346
Call: (234) 08105649346, 08121807240, 09081122570
E-mail: admin@ackcity.net
No comments