Connect with us

International

OIL BAN: Iran’s currency plunges to all-time low

Published

on

OIL BAN: Iran's currency plunges to all-time low

An impending re-imposition of the first batch of sanctions on Iran’s economy has forced a serious plunge in the country’s currency.

Reports say Iran’s currency has dropped to an all-time low plunging past 100,000 rials to the US dollar, as Iranians brace for August 7, when US sanctions come into full effect.

According to foreign exchange website Bonbast.com, the Iranian rial plunged to 111,500 against one US dollar on the unofficial market, down from about 97,500 rials on Saturday.

The development is coming days after the government of Iran warned that it won’t partake in one-sided negotiations over its oil ban with the United States while under threat.

Read also: Trump orders speedy deportation of illegal migrants

“America should forget forever the idea of one-sided negotiations under the shadow of a threat,” Foreign Ministry spokesman Qassemi was quoted by the semi-official Tasnim news agency as saying.

The comments by Qassemi also comes days after Iranian President Hassan Rouhani and US President Donald Trump engaged in a war of words over the imposition of an oil ban on Tehran.

Rouhani had warned US of a ‘mother of all wars’ saying America cannot prevent Tehran from exporting oil.

In his reply, Trump fired back at Rouhani warning him in a Twitter post in block letters “NEVER THREATEN THE US AGAIN”.

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

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.

Donate Now