Naira Makes Stunning Recovery in the Black Market … See Current Value

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Fire guts Dangote factory

The Nigerian local currency is on a shortcut to impressive recovery against the dollar following the issuance of license to Travelex which is currently dealing with the black marketers.

naira-460

These are the currency exchange rates for today, October 14, 2016, powered by Zenith Bank. The introduction of Travelex by the Central Bank of Nigeria has been reported to be the catalyst to the quick recovery process of the naira.

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4 thoughts on “Naira Makes Stunning Recovery in the Black Market … See Current Value

  1. Those trading in our naira and turning it useless should also be prepared for sleepless nights as the populace suffer from high cost of goods and more persons would be forced into criminality. Those forced into crime in turn will make those who have benefited and other innocent people who are surviving targets of attacks. It should be noted that at the then lowest point of the economy at 1985, mass youth groups robbery started in Lagos and spread to other cities in Nigeria and remained till today. Kidnapping is also a direct result of the ever increasing gap between the "Have and the Have nots"
    While it is true that people are all out there in business to make profits, some business strategies like that of the Nigerian Banking Sector and Foreign Exchange Dealers are purely criminal and unpatriotic. Their approach ever since IBB for personal reasons took the $2.5Billion IMF loan against Nigerian's Vote against taking the facility to render our Naira which was about $2. exchanged for N1. Every Dollar in the possession of Bankers or other Forex Dealers must increase in value the next day against the value of the Naira. What was almost 2 to 1 ($2 to N1) degenerated to $1 to N163 in Jonathan era to N460 in Buhari's government in less than 1year 4months. On this account, personnel handling position of forex dealings in the Banks are choice positions. They buy forex with Customers money this week and will not allocate same to that set of customers. When they collectively bid for the Dollar at a higher rate with another set of customers' money in the next week's forex market, they allocate to the previous week or weeks applicants and ask them to pay for the difference. This results in Millions being made along with tips for the desk officers who make the allocations.
    What then do you think of the Mallam Dollar, Pounds Sterling hawkers? The same greedy, every Dollar must increase in value against the Naira to make more profits from the sale of what was bought the previous day. PMB may pick some people to explain why the Naira is always in a free fall to nothing.

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