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3 Oct 2016

Naira Continues To Plunge...Exchange Rate At The Official Market Today Is Incredible

The naira has crashed woefully on Friday as it nears N500 to a dollar exchange rate at the parallel market.

Below are the currency exchange rates for today, October 3, 2016
The naira has crashed woefully on Friday as it nears N500 to a dollar exchange rate at the parallel market. The naira has continued on a free fall on Friday as it tumbled at the parallel market to exchange at N490 to a dollar. At the official market, it exchanges at N305 to a dollar. The British pound and euro are also currently trading at N600 and N520 respectively. Aminu Gwadabe, president of the Association of bureau de change operators of Nigeria (ABCON), says the free fall of the naira is due to activities of Nigeria’s immediate neighbours. According to Gwadabe, foreigners are mounting pressure on the naira by bringing in their dollar demand to Nigeria, hence, mopping up the dollars in the system. “For the past few days, what we have been witnessing in the market is a kind of spike, a lot of volatility in exchange rate, and this has to do with fear,” Gwadabe told CNBC Africa.
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The naira has continued on a free fall on Friday as it tumbled at the parallel market to exchange at N490 to a dollar. At the official market, it exchanges at N305 to a dollar. The British pound and euro are also currently trading at N600 and N520 respectively. Aminu Gwadabe, president of the Association of bureau de change operators of Nigeria (ABCON), says the free fall of the naira is due to activities of Nigeria’s immediate neighbours. According to Gwadabe, foreigners are mounting pressure on the naira by bringing in their dollar demand to Nigeria, hence, mopping up the dollars in the system. “For the past few days, what we have been witnessing in the market is a kind of spike, a lot of volatility in exchange rate, and this has to do with fear,” Gwadabe told CNBC Africa.

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