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Naira plunges to N472/$ as forex scarcity worsens
The naira on Tuesday traded at N472 to a dollar at the parallel market as foreign exchange scarcity persisted.
The exchange rate was N440/$ in the parallel market in June, and operators have continued to demand for the immediate unification of the multiple exchange rates in the country.
The Senior Partner, Regulatory and Technology, Stransact Partners, Eben Joels, said the more worrisome issue was that the gap between the various exchange rates operating in Nigeria created arbitrage opportunities for highly connected individuals.
He worried that some people did not need to work to make billions of naira because they could simply obtain foreign currency at the official rate and sell on the black market.
Joels said, “Some people are cleaning out of this situation. The spread between the black market and the official market is back to about N100 on a dollar.
“It is not that rate that is the issue right now. We need to move to a single unified exchange rate. For all you know, the naira may be underpriced artificially because of the quest to defend the naira.
“Using purchasing power parity, I believe the naira is underpriced and the so-called need to defend the naira by operating several tiers of official exchange rate is part of the systematic theft of national resources going on as we speak.”
Business organisations in the country had expected the naira to depreciate further in the next few months, according to the CBN’s May 2020 Business Expectation Survey Report.
“Respondent firms expect the naira to depreciate in the current month, next month, next two months and appreciate in the next six months,” the CBN had stated in the report.
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Interesting
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Good
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Sad ohh
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Wow
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Interesting update
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Naira is really going down
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Great
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Ok
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Ok
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Ok
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Okoooo
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Nice one
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Ok
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Hmmm okay ooo
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Hmmm okay ooo
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Hmmm okay ooo
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Ook
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Great
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Ok
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Ok
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Ok
IBUKUNOLUWA IMOLEAYO ADEYEMI
Ok
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Ok
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I hope all is well.
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I hope all is well.
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Godwin Imadu
Thanks for sharing
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Nice
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Okay
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Nice one
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Good
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Nice one
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Nice
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Hmmm
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Hmmm
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More updates
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Good
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Good
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Nice one
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Nice
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Good
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Good
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Ok
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Job well done to you guys.
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Job well done to you guys.
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Job well done to you guys.
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Good
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Okay
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Alright
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Ok
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Okay
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Not good at all
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Nice
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Hmm
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Nigeria, where are we going?
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Hmm
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Hmm
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Food
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Good
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Hmmmm
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This is getting out of hand
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Not.good Enough
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Uh Ok
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Interesting
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Hmmmm
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Interesting update
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Thanks
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Thanks
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Only wise investors will benefit from forex
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Only wise investors will benefit from forex
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Hmmmm
Paul Boah
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Hmmmm
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Hmmmm
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Hmmmm
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Hmmmm
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Interesting
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Hmmm
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Wow
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Nice
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Nice
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Cool
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Interesting
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Daniel Lordson
Cool
Daniel Lordson
Cool
Daniel Lordson
Cool
Daniel Lordson
Cool
Daniel Lordson
Cool
Isaac Morgan
If naira adds value by depreciating, then new personalities will benefit because registration will be cheap while those it it will loose their expectations
Charity Moses
Bad
Alhassan Umar
Very bad
Mmamel Charles
Fantastic
Emmanuel Moses
Good
Ibiyemi taiwo
Good
Paul Boah
Good idea
Paul Boah
Good idea
Paul Boah
Good idea
Paul Boah
Good idea
Sunday Queen Esther
Great
IBUKUNOLUWA IMOLEAYO ADEYEMI
Send
IBUKUNOLUWA IMOLEAYO ADEYEMI
Send
IBUKUNOLUWA IMOLEAYO ADEYEMI
Send
IBUKUNOLUWA IMOLEAYO ADEYEMI
Send
IBUKUNOLUWA IMOLEAYO ADEYEMI
Send
Moses Chinedu
Good
Farouk Osman
This is serious
Farouk Osman
This is serious
Farouk Osman
This is serious
Isaac Gbedze
Isaac Gbedze
Nice
Isaac Gbedze
Nice
Isaac Gbedze
Nice
Isaac Gbedze
Nice
Isaac Gbedze
Nice
Isaac Gbedze
Nice
Isaac Gbedze
Nice
Isaac Gbedze
Nice
Isaac Gbedze
Nice
Isaac Gbedze
Nice
Andy Young
Lol
Odanlumen Deborah
Hmmmmm
Odanlumen Deborah
Hmmmmm
Ebele Ateli
Nice
Emmanuel Moses
nice
Emmanuel Moses
nice
Emmanuel Moses
nice
Emmanuel Moses
nice
Emmanuel Moses
nice
Emmanuel Moses
nice
Emmanuel Moses
nice
Emmanuel Moses
nice
Emmanuel Moses
nice
Sunday Queen Esther
Great
Ani Kelechi
Great
Mmamel Charles
Nice
Mmamel Charles
Nice
Mmamel Charles
Nice
Mmamel Charles
Nawa oo
Arinze Stanley
Wow
Tosin Aboderin
Good to know
Tosin Aboderin
Good to know
Tosin Aboderin
Good to know
Tosin Aboderin
Good to know
Tosin Aboderin
Good to know
Tosin Aboderin
Good to know
Tosin Aboderin
Good to know
Tosin Aboderin
Good to know
Tosin Aboderin
Good to know
Tosin Aboderin
Good to know
Tosin Aboderin
Good to know
Tosin Aboderin
Good to know
Tosin Aboderin
Good to know
Tosin Aboderin
Good to know
Daniel Lordson
Great
Daniel Lordson
Good
Chukwuemeka Precious
Ok
Andy Young
Very cool
Ibiyemi taiwo
Cool
Ibiyemi taiwo
Great
Toromade Oluwasegun
we are improving
Toromade Oluwasegun
we are improving
Toromade Oluwasegun
we are improving
Toromade Oluwasegun
we are improving
Toromade Oluwasegun
we are improving
Toromade Oluwasegun
we are improving
Toromade Oluwasegun
we are improving
Toromade Oluwasegun
we are improving
Toromade Oluwasegun
we are improving
Toromade Oluwasegun
we are improving
Ajibo Sandra
Okayy
Ajibo Sandra
Okayy
Ajibo Sandra
Okayy
Ajibo Sandra
Okayy
IBUKUNOLUWA IMOLEAYO ADEYEMI
Ok
IBUKUNOLUWA IMOLEAYO ADEYEMI
Ok
IBUKUNOLUWA IMOLEAYO ADEYEMI
Ok
IBUKUNOLUWA IMOLEAYO ADEYEMI
Ok
Isaac Gbedze
Okay
Isaac Morgan
Lovely
Isaac Morgan
Lovely
Isaac Morgan
Lovely
Ani Kelechi
Great ideas
Isaac Gbedze
Great
Isaac Gbedze
Great
Sunday Queen Esther
Very good
Daniel Lordson
Hood
Daniel Lordson
Good
Ferdinand Azubuike
Good
Ferdinand Azubuike
Good
Ferdinand Azubuike
Good
Ferdinand Azubuike
Good
Ferdinand Azubuike
Good
Ferdinand Azubuike
Good
Ferdinand Azubuike
Good
Ferdinand Azubuike
Good
Ferdinand Azubuike
Good
Ferdinand Azubuike
Good
Ferdinand Azubuike
*good
Ferdinand Azubuike
*good
Ferdinand Azubuike
*good
Moses Chinedu
Nice
Ebele Ateli
Nice
Oluchi Ojobo
Bad
Andy Young
Na waooo
Okafor chikodili
Good
Arinze Stanley
Cool
Arinze Stanley
Nice one
Sharon Jonathan
Alright
Sharon Jonathan
Alright
Ajibo Sandra
Nicee
Ferdinand Azubuike
Alright
Arinze Stanley
We pray for the best
Ani Kelechi
Good ideas
Sunday Queen Esther
Great
Ogunmola Hezekiah
Good
Gift Chinyere
Good
Gift Chinyere
Good
Gift Chinyere
Good
Gift Chinyere
Good
Gift Chinyere
Good
KIKELOMO Damilola
Good
Christiana Akanni
Great
Christiana Akanni
Great
Daniel Lordson
Nice
Daniel Lordson
Cool
Andy Young
Kk
Tosin Aboderin
Ok