Uncertainties As One Pound Trades For N1005 At Parallel Market

The sharp fall of the naira against the foreign currencies continues this weekend with the British Pound crossing N1000 in the parallel market.

There are fears that the dollar which has also been on a steep rise in value against the naira may cross N1000 any moment from now.

The current black market rate which is though not recognized by the Central Bank of Nigeria (CBN) has now almost doubled the official rate, thereby widening the disparity and putting more pressure on businesses.

See also  Jubilations As Supreme Court Affirms Fubara As Governor, Dismisses Tonye Cole’s Appeal

The Economic and Financial Crimes Commission (EFCC) had last week raided some bureau de change (BDC) operators in Lagos, Abuja and Kano in a bid to tackle the rising exchange rate but this has not stopped the naira depreciation. Many Nigerians have taken to social media as the British Pound was exchanged for N1005 over the weekend.

See also  Governor Orders Security Agents To Shoot at Sight On Illegal Miners

“One thousand pounds is actually a million naira. The country is going to crash,” wrote a twitter user Salami Azeez.

Many people also described the rate as alarming, warning that the dollar might cross the N1000 line in the next few days going by the naira fall recorded in recent times.

The planned redesign of the naira notes by the Central Bank of Nigeria (CBN) has led to many people rushing to dispose off their local currencies and convert them to foreign currencies.

See also  China Earthquake Death Toll Rises To 134 As Freezing Weather Hinders Rescue Operations

Related post

Anambra Police Arrest Killers Of President-General Of Umoja Community While Withdrawing Monies From Deceased Account

Anambra Police Arrest Killers Of President-General Of Umoja Community…

The killer of the Umuoji PG has been arrested It has been confirmed that alleged killer of the PG of Umuoji…
One Dead, 2 Injured, Many Trapped As Market Complex Under Construction Collapses In Ochanja Onitsha

One Dead, 2 Injured, Many Trapped As Market Complex…

A market complex Odu Igbo Ochanja still under construction in Onitsha, Anambra State has collapsed. According to report, the structure which…
Police Makes U-Turn Provides Adequate Security To Nigerians Protesting Against Hunger

Police Makes U-Turn Provides Adequate Security To Nigerians Protesting…

The Inspector-General of Police (IGP) Kayode Egbetokun has ordered Commissioners of Police in the 36 states and the Federal Capital Territory…

Leave a Reply

Your email address will not be published. Required fields are marked *