Too Bad- Naira Crashes Further To N436/Dollar

THE Naira on Thursday crashed further against the major currencies in all the segments of the market, the News Agency of Nigeria reports.

At the interbank market, the naira fell by 2.99 points to close at N313.07 from N310.08 recorded on Wednesday.
At the Bureau De Change segment of the market, the naira traded at N424, N549 and N468 to the dollar, Pound Sterling and the Euro respectively.
Trading at the Parallel market showed that the naira lost 8 points to close at N436, from N428 posted on Wednesday, while it traded at N555 and N472 against the Pound Sterling and the Euro respectively.
Traders at the market said the scarcity of the greenback was still haunting the market.
Meanwhile, Alhaji Aminu Gwadabe, the President Association of Bureau De Change Operators of Nigeria, said that he foresees the naira on the path of recovery by Monday.
“The naira will begin to recover by Monday when Travelex begins to sell forex to BDCs,” Gwadabe said.
Gwadabe said with the coming onboard of Travelex, a licensed forex dealer, efficiency, transparency and equitable distribution of forex would be restored in the market.
NAN reports that since the implementation of the flexible exchange rate by the Central Bank of Nigeria, the gap between the official interbank rate and the parallel market continued to soar.
The naira, which had opened at N285 at the launch of the policy, had depreciated by 10 per cent, while it continued to crash further at the parallel market.
(NAN.)

father exchanges son for a bag of rice in Kano

A middle-aged Kano resident is alleged to have abandoned his five-year-old son in exchange for a bag of rice, Punch reports.

Mallam Yusuf Bala, the boy's father is alleged to have approached a rice dealer in the area, leaving his son with the man while promising to return with the remainder of the money owed on the bag of rice he purchased.

Due to rice selling at a whopping N40,000 per 15 kg bag, Bala is alleged to have left his son as surety that he would return.

Six hours later, however, the boy's father was nowhere to be seen.

The child reportedly led the rice dealer to his home, following which his father became visibly embarrassed at not being able to pay the full amount for his purchase.

Following Bala's confession, the rice dealer is said to have donated the bag of rice to the man while handing his son back into his care.

Amazing: Naira now 241 against a dollar

Market indications as at yesterday July 13th showed that the Naira is now 241 against a dollar. Financial experts say the ban placed by CBN on importers from accessing Nigerian foreign exchange markets for the importation of 41 items has led to the volatility of the Naira-Dollar exchange rate at the black market.