Thursday, 29 September 2016

Naira crashes to N465/$, as pressure renews

As a result of fresh pressure that came on the Naira on Wednesday, the Nigerian currency crashed to between N460 and N465/USD1, against the opening rate of N445 in the parallel market, as the Central Bank of Nigeria, CBN, issued more directives restricting usage of domiciliary accounts by bank customers, apparently to stem the pressures and improve official supply of foreign exchange to the interbank market.

The renewed pressure has been attributed on rates to a worsening supply gap at all the segments, even as CBN’s intervention, according to them, has become too thin to assuage the huge demand.

One of the dealers in a commercial bank said: “CBN may have started finding it difficult to intervene with significant supply of foreign currency to the interbank market.

“On the other hand we have been having increased demand from our customers but we are unable to source their requirements for some weeks now.”


  1. Sorry for this country & it's leaders that have led us astray all these years. Smh!!!

  2. It'll soon hit N500... maybe Sai Baba isn't seeing.

  3. Some people think Buhari is responsible for what is happening...This is an accumulation of many years of looting from our leaders.

  4. Julia! U didn't follow up till this morning, it's N472 now.