The naira fell against the U.S dollar at the parallel market on Friday after maintaining stability in the past seven consecutive sessions of the unofficial market segment.
Data posted on abokiFX.com, a website that collates parallel market rates in Lagos, showed that naira closed again at N505.00 per $1 at the black market window. This represents a N2.00 or 0.40 per cent devaluation from N503.00, the rate it has been trading since June 30, last month. Similarly, the domestic unit fell further against the U.S dollar at the official market on Friday, data posted on theAccording to data posted, the naira closed at N411.75 per $1 on Friday, this implies a N0.5 or 0.12 per cent from N411.25 rate it exchanged hands with the hard currency in the previous session on Thursday.
It hit an intraday low of N420.86 and a high of N400.00 before closing at N411.75 as of the close of business on Friday.The official market forex supply decreased by 12.00 per cent, with $73.99 million recorded at the end of the market session as against the $84.06 million posted in the previous session on Thursday.
The spread between the black market and the Nafex rates remained unchanged at N93.25, this translates to 18.50 per cent as of the close of business on Friday.
Is there any hope in sight? President Buhari is a calamity unto himself and Nigeria.
Weak Currency is not the problem Lack or Weak production nationwide is the BIGGEST problem. Strong currency can lead to rise of unemployment.
China was and is some time accused of weakening its currency to take advantage of the market. Strong currency is loved by losers, importers, consumers not by producers.
Weak currency is the biggest power you have when you are an intelligent, hard working country to develop fast at the speed of the light.
Weak currency -it's the biggest opportunity to conquer a market & beat competitors. -it's biggest opportunity to develop fast by taking advantage of the market. when you're a developed country the world won't easily let you have a weak currency to challenge your excess in trade.
Lazy people always complain about exchange rate, why ? -Because they are more consumers than producers -they are importers not exporters -They depend more on foreigners than locals -they are not independent -they are not auto-sufficient
--- When you know nothing about currency --- When you produce everything you consume -you don't care about exchange rate -you are mad when you currency gets stronger (Lost of market against competitors) -you pray for your currency to be weaker and weaker (expansion of market)
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