Nigeria In One Minute
Naira depreciation to persist as political campaigns pressure forex market
THE depreciation of the naira in the last two weeks may persist this week following increased demand for dollars triggered by political campaign activities across the country.
Last week, the naira depreciated to new levels in the parallel market and in the Investors and Exporters, I&E, window.
According to naijabdcs.com, the live exchange rate platform of the Association of Bureaux De Change Operators of Nigeria, ABCON, and the parallel market exchange rate rose to N362 per dollar last week from N361.5 per dollar the previous week, translating to N50 kobo depreciation.
Thus the naira had depreciated by N1.50 in the parallel market in two weeks.
Speaking to Financial Vanguard, ABCON President, Alhaji Aminu Gwadabe, said the depreciation was due to increased dollar demand triggered by electioneering campaign as well as year-end spending across the country.
Vanguard, November 26, 2018
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...