A financial analyst, Prof. Sheriffadeen Tella of the Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun State, attributed the current fluctuation in the parallel market to the activities of currency speculators
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A parallel market trader, Abubakar Audu, told the News Agency of Nigeria in Lagos that the position of the Naira was after the Central Bank of Nigeria sold Dollars to operators of Bureau de Change
The News Agency of Nigeria reports that the official interbank exchange rate, however, remained at N197 to the Dollar
The shared amount comprised the Month’s Statutory revenue of N324.061 billion and N6.330 billion was again refunded to the Federal Government by the Nigerian National Petroleum Corporation
The Naira also lost N27 to sell at N352 to the pound, representing 8.31 per cent depreciation from the N325 it traded on June 15
At the same segment, the Naira appreciated by N5 against the pound to sell for N325 from N330 since June 12
The suspects were picked up by operatives of the anti-graft agency for stealing and putting into circulation defaced and mutilated Nigerian currency notes to the tune of N8 billion meant for destruction
Also, at the official market, the Naira depreciated against the pounds, selling at N299.72k compared with the N297.35k it traded on May 4
But the journey to achieving this feat may be rough but with good transformation agenda, it is achievable, Oputa said
“Based on the above provision, the general public is hereby warned that it is illegal to price or denominate the cost of any product or service (Visible or Invisible) in any foreign currency in Nigeria
Similarly, the Naira stood firm against the dollar at the black market as it gained 50 kobo to sell at N225.50 compared with N226 traded on March 17
With elections due in less than six weeks, the changes let the central bank rein in its defence of the naira, on which it was spending more than $100 million a day, while avoiding the politically unpalatable word “devaluation”
The apex bank, in a statement in Lagos, said that the Naira closed at N185.50 from the N186.30 recorded on Wednesday
The News Agency of Nigeria reports that the appreciation was recorded at the parallel and black markets
“Nigerian economy, growing by 7.0 per cent came after China 7.3 per cent, and Qatar 7.1 per cent
The Naira also appreciated against the Pound Sterling at the Bureau De Change, trading at N290 from the N292 it traded on Monday
The Naira was sold at N191 to the Dollar at the Bureau De Change from N193 on December 24
I warned that the trend will leave our economy undiversified and make us sleep-walk into austerity
The National Publicity Secretary of APC, Alhaji Lai Mohammed, on Wednesday in Abuja told newsmen that the devaluation of currency had its implications on the people and the economy
At the Bureau De Change, otherwise known as the parallel market, the Naira depreciated by N4 to sell for N181.5 against the dollar, from the N177.5 it sold on Monday