The naira fell further against the United States dollar at
the parallel market on Friday to 493, from 490 on Thursday as increased dollar
demand weighed on the market.
Forex traders said the local unit plummeted following an increased
demand for the dollar and other hard currencies by parents seeking to pay
school fees of wards studying overseas.
The naira had closed flat against the dollar at the official
interbank window and at the parallel foreign exchange market last Tuesday, the first official trading day of
It closed at 305 to a dollar at the official window, the
same rate it closed on the last working day of 2016, while the local currency
closed at 490/dollar on the black market.
The naira had similarly closed at 490/dollar on Friday, the
last official trading day of 2016.
“In the week ahead, we expect pressure on the naira to
linger, especially at the parallel market, as unmet demand from the official
market continues to stoke imbalances,” United Capital had said in a research
note to clients on Tuesday.
The local currency also closed flat at 490/dollar last
Wednesday and Thursday at the parallel market, before recording loss on Friday.
Economic and financial experts have expressed divergent
views over the outlook of the naira this year.
The naira beat analysts’ expectation and closed the year
2016 at 490 against the dollar at the parallel market.
Due to the persistent pressure on the naira, currency and
financial analysts had predicted that the local currency would hit 500/dollar
on or before the new year.
The naira has been under severe and continuous pressure as
the scarcity of the US currency continues to create ripples in the financial
markets and economy.
The CBN had about two weeks ago sold about $1bn on the
forward market to clear a backlog of dollar obligations in selected sectors.
Traders said the CBN told banks to prioritise airlines,
manufacturing firms, petroleum products importers and agriculture, the sectors
worst hit by the dollar shortage, in the auction.
The CBN has struggled to support the naira as the country’s
external reserves continue to fall.
Emmanuel Richard Angaye, known for his stage name Era, is a Nigerian based singer and songwritter. He dropped his first single tittled ''APROKO'' . Here comes his latest single, tittled ''DANCE'', Prod by Dj Howlbert OTB.
I bet you, your gonna love this one.
Despite being abundant in human and natural resources, violence and decline in development prevail in the Niger Delta region of Nigeria. In this talk, Eugene Abels invites us to stop pointing fingers at governments, unite and reflect on our history and also, to change our thought patterns, attitudes and habits in order to create the community/nation we want.
A deliberate Change Agent and technocrat committed to international best practices who has in three decades traversed the Real, Banking and Public Sectors of the Nigerian Economy, Eugene Irefa Abels was born, bred and schooled in Port Harcourt, Rivers State, Nigeria. He hails from two oil producing Communities, Nembe and Finima and believes that they are a microcosm of the Niger Delta Region.
An exponent of the need to exorcise our Colonial past from the souls of our public servants and elected officials, he believes the art of governance has been reduced to the single person pronoun ‘I’ whereas ‘we the people’ holds no relevance. An…