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Currency

Naira on a free fall as it crashes to nearly 500/Dollar in open market

Finance / By / January 16, 2017

The Nigerian naira fell close to 500 against the dollar on the unapproved open retail market due to dollar shortages on Friday as retail currency operators set their quotes for dollar purchases at 399 for next week, traders said. Bureau de change operators said the central bank had approved 399 naira for retail trades this …

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FDC Predicts further depreciation of the Naira

Finance / By / January 16, 2017

Under the current market regulatory framework, the naira is bound to remain under pressure and unstable until the market is allowed to operate freely and efficiently. This was disclosed by a group of analysts at Financial Derivatives Company (FDC) Limited in their outlook for the naira in 2017. According to Bismarck Rewane, FDC’s Chief Executive …

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