- Information reaching us suggest the Naira is currently trading for between N189 and 190 at the black market on Wednesday, December 3, 2014
- Depending on which part of the country you are the naira hoovers between N189 and N190
- The naira however appreciated at the Interbank closing at N179.9 compared to N181 by close of business Tuesday, December 2, 2014
- At N179.9 the naira is way above CBN middle band of N168 and above is 5% high band of N176.4
- The naira was hovering around 183.15 naira to the dollar for almost three hours before Wednesday’s intervention by the CBN as they sold more dollars.
- The naira has now lost 11.8% against the dollar this year and currently shows no sign of abating.
- Sources reveal politicians are perhaps the major buyers of dollars as they secure positions in readiness for the 2015 election.
- These are indeed tough times.
