Naira Hits N190 to The Dollar At The Blackmarket

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 […]

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.

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