Skip to main content

Devaluation: Naira Hits N186 In Black Market


The exchange rate for the dollar in Abuja “black market’’ on Wednesday stood at between N182 and N186, an investigation by a News Agency of Nigeria (NAN) correspondent found.

This is against the new official exchange rate N168 announced on Tuesday by the Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele.

The NAN correspondent, who checked near the Sheraton Hotel, Zone 4, Abuja, the rendezvous for most black market operators, found that the closest naira exchange to the official exchange rate was N182.

Some of the operators told NAN that the difference between their rate and the official rate was to accommodate the “extra charges’’ they pay to “dealers’’ they get the hard currency from.

A black market operator, Alhaji Usman Gongola, told NAN that he sold one dollar at N186 and bought one dollar for N183.
Another operator, Alhaji Bello Abdullahi, said he sold at N184 and bought one dollar for N182.

Also speaking, Alhaji Mohammed Bichi, told NAN that he sold one dollar at N182 and bought one dollar for N181.

The CBN on Tuesday announced a new exchange rate of N168 to one U.S. dollar as against the old rate of N155 to one dollar.

The CBN governor told newsmen at the end of the Monetary Policy Committee meeting in Abuja on Tuesday that the measure was to strengthen the economy, following continued slid of oil price in the international market.

Part of the measures, as announced by Emefiele, was an increase in lending rate from 12 per cent to 13 per cent. (NAN)

Comments

Post a Comment

Popular posts from this blog

Season Greetings From The Mandate Health Empowerment Initiative (MHEI)

Merry Christmas and a blissful mentally healthy new year great minds! Please if you are interested in humanitarian, community service Join The Mandate Health Empowerment Initiative Volunteer Team! As we engage Africa in Mental Health Literacy, Psychosocial Support Campaign and Prevent Drugs and Substance Dependency across all sectors! There are more people living with mental illness than people living with HIV AIDS!  Be Involved www.mhfnigeria.org  www.facebook.com/mhf2015 @infomhei just drop a line message of interest. God bless you
Post a Comment
Read more

Falling Oil Prices: LCCI Advises FG To Cut Spending On Refreshments, Sitting Allowance To Save Nigeria’s Economy

The Lagos Chamber of Commerce and Industry (LCCI) has called on the Federal Government to put drastic economic measures in place, in order to help the country cushion the effect of falling crude oil prices. The chamber suggested further scrutiny in the way public funds are spent. In a statement by its President, Alhaji Remi Bello, the LCCI commended the Federal Government for the fiscal and monetary policy measures taken so far to stabilise the macroeconomic conditions and minimise dislocations. It however asked that some very important additional measures be taken. The chamber noted that there are several budget heads that need serious scrutiny, such as, consolidated revenue fund charges, service wide votes and presidential amnesty programmes. According to Bello, others are: capital supplementation, debt service, refreshments and meals, foodstuffs and catering, honorarium and sitting allowance, welfare packages, as well as repairs and maintenance. “All these budget heads ha...
Post a Comment
Read more

NATIONAL ASSOCIATION OF BASSA STUDENTS (NABS) 2017 ANNUAL CONVENTION.

The 28th of December, 2017 is a very special day as Bassa students from far and near gather together to identify and celebrate her rich culture at Government Science Secondary School (GSS Gwagwalada). It was a colourful and beautiful sight to behold as many were dressed in there colourful cultural attire "Kpasa"to match and identify. The event was the annual National Association of Bassa students (NABS) Convention 2017. An annual event that bring together many Bassa son's and daughter's. The event attracted many very important dignitaries from all profession and work of life, Royal father's, some of the finest Bassa academia's and resource person's, the honourable member representing Bassa local government in the state house of assembly etc. It was also a great platform to display and showcase our rich culture and potential to the world. Musical and cultural display was at it best during the event and i bet you, to be on t...
Post a Comment
Read more