Naira stays low at N485/$1 in black market as FG reveals when recession will end

Naira stays low at N485/$1 in black market as FG reveals when recession will end

The black-market exchange rate on Wednesday, December 14, remained unchanged at 485 per dollar, 605 per pound and N515 per euro as foreign currencies shortages in Nigeria continues.

The year 2016 has seen the local currency depreciated the most in its 43-year history, opening at 197 in January at the official market and 265 at the parallel market.

Recall that the free fall of the local currency at the parallel market started after the Central Bank of Nigeria decided to float the naira in June, introducing the flexible exchange rate policy.

The implication of the flexible exchange rate policy is that with a high demand for the dollar in Nigeria, there is every likelihood that the naira will experience a further decline in the coming months.

The policy throws naira into open market and paves way for one to walk into the bank and ask to buy forex at the market rate.

This ultimately puts pressure on black market and Bureau De Change operators.

The myriad of problems like recession, attacks on oil installations, poor crude oil prices also added to the uncertainty in foreign exchange market.

However, you can check ou bureau de change 'market' here for the best rates on foreign exchange.

Meanwhile, the federal government has assured Nigerians that the country will be out of recession in 2017 as plans are in place to overhaul the economy.

The secretary to the government of the federation (SGF), Babachir Lawal gave the assurance on Tuesday, December 13, when he received a delegation from the Methodist Church of Nigeria.

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