Dollar Falls to ₦490 per $1…While Pounds is ₦600 to £1…Euro is ₦520 to €1
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Naira drops to 490/$1, 600/£1 owing to ‘bombardment’ from Chad, Benin
Aminu Gwadabe, president of the Association of bureau de change operators of Nigeria (ABCON), says the free fall of the naira is due to activities of Nigeria’s immediate neighbours.
Over the week, the naira has been on a free fall at the parallel market, moving from 439 per dollar on Monday to 490 to the greenback on Friday morning.
The British pound and euro are also currently trading at N600 and N520 respectively.
According to Gwadabe, foreigners are mounting pressure on the naira by bringing in their dollar demand to Nigeria, hence, mopping up the dollars in the system.
“For the past few days, what we have been witnessing in the market is a kind of spike, a lot of volatility in exchange rate, and this has to do with fear,” Gwadabe told CNBC Africa.
“A lot of people are developing fear, and as a result of that, no naira is being kept. People are moving from naira to dollar.
“A very worrisome factor that we have been witnessing in the market is that the market has recently been bombarded by people from neighbouring countries to meet their demands.
“What I mean by neighbouring countries is that a lot of demand is coming from Benin Republic, from Chad. International demand is also accumulating; we see a lot of Chinese traders coming into the economy, mopping up any available dollar.”
Gwadabe said ABCON and Travelex are now into a partnership, which would take off soon, thereby easing the stress on the local currency.
The bureau de change boss expressed support for the proposed sale of some national assets to beef up foreign reserves and support the naira.
Sai Baba any comments from u guys for this or re still blaming Oga Jona
Na wa ooo
Our naira will soon become Zimbabwean dollar. Hyperinflation is hitting us hard soon. Wait for it.
Change, change change indeed PMB u’ve totally changed everything as u said…
Thank God oooo
Abeg make he go 1000 for wan dollar that will be the greatest news lol
Adaugo Damilola Adegbamigbe
Ahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
Na pass government. I just dey pass ooo
Oh Nigeria from better 2 worse cause by illeterate president
Lol… Abeg o, no freedom of speech for Nig o…
OK, no be change them promise? Even the wealth they are amassing for themselves, they will not be buried with one kobo. That’s why am not afraid… Useless leaders
Na wa o
Hmm, what is this? Speechless!
you haven’t seen n thing yet, a government of proper ganda
Yes,Buhari is working.
Time to leave this country
Bros e be like say u dey read my mind…. Straight to………. God knows where…… Lol
Abeg me I wan leave this country go my state!
???? where be ur state
Chai
Which way Nigeria
Emefiele should GO!
according to finance minister we are working out of recession just like this
It shall be well….
God save Nigeria from the hand of KARASHIKA.
I Pray $1 will be 1000 Naira
Please more patience things will be okay soon
I just dey. Pass oh
It’s well
yabaleft read ur post well, dollar falls or naira? was i d only1 dat saw it?
Sometimes, silent is the best thing if u don’t know what to say, why blaming the president for everything?
When 1 dollar is #150 what did u accomplish individually or as a nation?
A good economist would understand where the country is heading to.
Please where is the country heading to??????????????????
The promise land
Lol.. Just watching n am nt surprise cus it will still gt to 1000# 4 1$
Where r we heading to . God
I’m not surprise brethren, even Ghana CEDI’s as we speak now is more than our Nigeria currency. First 10k was two hundred Ghana CEDI’s but now 10k is 90 Ghana CEDI’s hmmmm
Do you know that some people are still deceiving themselves saying that Nigeria is heading to the promise land hehehe continue o cos by the time you wake up u will discover that Nigeria has long past the promise land cos of this present change nonsense.