Saturday 8 October 2011

Naira heads for 200 to US dollar


Entrepreneurs, salary earners and housewives should brace for greater pressure on their budgets, as the naira continues to experience a free fall when paired with the United States dollar.

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CBN Governor Mr. Lamido Sanusi


The naira has consistently weakened on strong demands for the foreign exchange, which only receives limited supply.
A week-long assessment showed that the naira closed on September 28, at N158.45 to the US dollar on the inter-bank market; but recorded an all-time low of N159.75 to the dollar at the close of activities on September 29.
As at October 6, the naira had fallen to a new record low of N164.85 to the US dollar.

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