Bureaux De Change operators , popularly known as ‘abokis’, who spoke to TheCable in Lagos, quoted the naira at N766 to the dollar at the street market.three weeks ago — further widening the gap between parallel and official rates.
The street traders put the buying price of the dollar at N758 and the selling price at N766, leaving a N8 profit margin.Some of the traders attributed the depreciation of the naira against the greenback to increased demand by customers amid low supply of dollars. Asked for the reason behind the naira’s fall, a BDC operator in the Victoria Island area of Lagos, said, “The rate keeps going up. There is high demand in the market. It has even come down a bit. Some people sold for N780/$ yesterday.”
Meanwhile, the local currency appreciated by 0.04 percent at the official market to close at N461.33/$ on Tuesday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official foreign-exchange trading in Nigeria.Nigerians are currently battling with a scarcity of naira notes following the federal government’s redesign of N200, N500, and N1000 notes.
Source: News Formal (newsformal.com)
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Naira redesign: APC governors' inciting comments provoking riots, says Atiku's aide | TheCablePhrank Shaibu, an aide to Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP), says “inciting comments” by some governors of the All Progressives Congress (APC) are provoking
Source: thecableng - 🏆 2. / 80 Read more »
Naira crisis: Business owners in Abuja count losses as failed e-transactions soar | TheCableBusiness owners in the federal capital territory (FCT) say they are suffering losses as a result of the rise in failed electronic banking transactions.
Source: thecableng - 🏆 2. / 80 Read more »
Newspaper Headlines: Naira crisis halts economy as customers' cash request overwhelms banks | TheCableReports on the crisis trailing the naira redesign policy, including protests in Ogun state, dominated the cover pages of Nigerian newspapers.
Source: thecableng - 🏆 2. / 80 Read more »
EXTRA: Nigerians facing COVID-23 caused by CBN's naira redesign, says Ganduje | TheCableThe Kano government has commenced the distribution of palliatives to residents to cushion the effects of the naira notes scarcity. Speaking on Monday during the distribution of the palliative at GovUmarGanduje You the Governors are our COVID-23, because of Your selfish interest, God is watching GovUmarGanduje 🤣🤣🤣🤣🤣🤣 GovUmarGanduje Baba Salla 🤔
Source: thecableng - 🏆 2. / 80 Read more »
El-Rufai: We're not against naira redesign | Buhari made a mistake | TheCableNasir el-Rufai, governor of Kaduna, says president Muhammadu Buhari made a mistake in the regard of the naira redesign policy. elrufai MBuhari 'No pain No Gain.Buhari's best public policy against the absolute corrupt till date.'🌀 elrufai MBuhari Kindly focus on other issues in ur state and leave naira policy for us.... We will sort ourselves out as usual.... When did u started having our interest at heart? Fix insecurities and idp camps in your state No room for vote buying this time elrufai MBuhari That 500 and 1000 naira notes are already bodybagged. Cry me River.
Source: thecableng - 🏆 2. / 80 Read more »
Naira scarcity: Kaduna offers free transport services, routine medical care to residents | TheCableThe Kaduna government says free medical and transport services will be introduced to alleviate the impact of the naira note scarcity on residents. Muyiwa Adekeye, special adviser to the governor Hypocrite If not for naira redesign, who would know that the state government can fund something like this? ....what they couldn't do in 8years.....
Source: thecableng - 🏆 2. / 80 Read more »