Naira Plummets To All-time Low Of 472/dollar

By Mojisola Delano On Sep 29, 2016

The naira slumped to a new all-time low of 470 to the dollar on the parallel market on Wednesday, posting its biggest daily decline since the Central Bank of Nigeria adopted a flexible foreign exchange regime.

The local currency stood at 452 to the dollar at the close of trading on Tuesday, down from 445 against the greenback on Monday.The naira closed flat at 312.99 against the dollar at the interbank market on Wednesday, according to data from FMDQ OTC Securities Exchange.

Traders and analysts said dollar liquidity remained a major challenge in the market amid surging demand pressure on the greenback by parents paying schools fees of their children studying overseas as well as travellers.

So 100 dollars is now 47,200??? Jeez!

Mojisola Delano 9300 posts 129 comments

Moji is a Lawyer, online media aficionado, communications strategist, and entrepreneur in her early 30’s. Her zest and energy to succeed coupled with her very strong interpersonal skills has seen her build her blog from just a passionate hobby to a strong platform for social influence and brand.

Today she has expanded to having her own company SMD Media. SMD Media consults for large corporates drawn especially from the Finance, Technology, Advertising and Media, Creative Arts sectors, where her brand has grown significant leverage and contacts.

She is also the pioneer Chairperson of the Digital Media Practitioners of Nigeria-DMPN, an Association whose vision is to influence on a larger scale for a greater good to impact lives positively, ensure the standardisation and the continuous enthronement of ethical practises within the digital space .

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