Tuesday, 23 February 2016

Naira firms up against dollar on parallel market

Nigeria’s naira firmed up on the American dollar for the second consecutive day as Nigerians continue to groan over the prices of goods.
According to Reuters, the naira rose on Tuesday by 3 percent to equal 364 against the 375 which it was on the unofficial market on Monday.
President Muhammadu Buhari had continually insisted that he would not accept naira devaluation as the currency had been worst hit by a fall in oil prices.
Officially, the naira is still unchanged at 197/dollar as one dealer who preferred anonymity stated: “Many people are now aligning with the government’s position of no devaluation.”
Meanwhile, the crash in prices of naira has made some women besiege the gold sellers section of the Kaduna central market, takin g advantage of this to get rich through the sale of gold.
Market survey showed that the price of gold per gram has consequently rose from N8,000 to N10,500.
Daily Trust learnt that women in the city now see this as viable means to make quick gains. As a result, they are in rush to sell off their gold jewelries.

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