JUST IN: More Bad News For Nigeria’s Naira, As Former President, Goodluck Jonathan Reacts Very Bitterly, Signals President Buhari

By Joshua Amaugo June 7, 2018 06:40

JUST IN: More Bad News For Nigeria’s Naira, As Former President, Goodluck Jonathan Reacts Very Bitterly, Signals President Buhari

The Naira on Wednesday, June 6, fell by one point, exchanging at N361.5 to the Dollar, at the parallel market.

Recall that the Naira had exchanged at N360.50 to the Dollar on Tuesday, June 5.

The Pound Sterling and the Euro closed at N484 and N420, respectively at the market.

At the Bureaux De Change, BDC window, the Naira was sold at N360 to the Dollar, while the Pound Sterling and Euro closed at N484 and N420, respectively.

Amidst the continuous depreciation as it has hugely affected the purchasing power of Nigerians, former President, Goodluck Jonathan, had while inaugurating a bridge built by Governor Ayodele Fayose, in Ado-Ekiti, Ekiti State, expressed total displeasure at the way President Muhammadu Buhari’s administration has so far handled Nigeria’s economy, as he lamented that his policies have destroyed the nation’s strong currency and security networks.

Jonathan cited recent instances when the Ghanaian President, Nana Akufo-Addo, mocked the poor state of security in Nigeria, and the Naira’s weakening status.

He said: “He (Ghanaian President) said Ghana is not like Nigeria, where cattle roam the streets. At another occasion in the United Kingdom, he made scathing remarks about Nigeria’s currency.

“I feel ashamed as a former President, that the President of a neighbouring country used Nigeria as negative examples.

“If a neighbouring African President will use Nigeria to make negative examples, then we as Leaders must know certain things are wrong in the country. That means we as Leaders must change the way we do things”, Jonathan said.

According to Political Experts, Jonathan’s statement was unwittingly calling on President Buhari to step down, ahead of the 2019 general elections, as his style of leadership has failed Nigerians as a whole.

Going back to the parallel market, trading at the iInvestors’ window saw the Naira close at N360.95 to the Dollar.

At the CBN segment, the Naira was sold at N305.95 to the Dollar, while the Pound Sterling and Euro closed at N410.71 and N360.16, respectively.

The Naira exchanged at N47.83 and N23.93 against the Yuan and the South African Rand.

Currency Traders, said that the demand for the Dollar had remained high, in spite of the huge interventions of the Central Bank of Nigeria, CBN, at the foreign exchange market.

The PricewaterhouseCoopers, PwC, had in its forecasts, noted that the Naira will continue to depreciate against the United States Dollar at the Investors and Exporters Window to 386, from the current average of 360.

The professional services firm in its economic outlook for 2018, had stated that increased foreign exchange demand ahead of the 2019 general elections, might make the local unit to weaken further.

“Moderating inflation, exchange rate stability and a fragile economic recovery, provide room for a rate cut. We expect only one rate cut in 2018, which would likely be capped at 200bps. The need to keep rate differentials attractive, means Open Market Operations issuances would become more aggressive.

“To offset the impact of pre-election spending and currency volatility, we expect a 200bps increase in the MPR at the September meeting this year”, the PwC said.

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