+234-703-382-3104, +234-806-729-6988    editor@witicles.com
Witicles™ on Facebook Witicles™ on TwitterWiticles™ on Google+Witicles™ BlogSend Email to Witicles™
Witicles.com





Author Box


GclefAmplifiedGclefAmplified
letting you know every latest information circulating around
Joined 3 years ago
From Everywhere
Total Articles 39

Recent Articles From Author

# How to migrate your Visafone line to MTN
# You Can Now Reach MTN Customer Care On WhatsApp Messenger
# Samsung Galaxy S III explodes in a boy's bed
# Self-Filling Water Bottle Converts Humid Air into Drinkable H2O

Namecheap.com Namecheap.com
Shop for Books online in Nigeria at kpiBooks.com.ng Order your favourite books online now, Save the stress & Pay online or with cash at Your Doorstep!


We help our esteemed clients develop web strategy that works!
Call us @ +234 803 578 3880
Article Category >>>Business and Economy

Naira Situation Worsens, Falls To N270/$

By GclefAmplified       Dec 18, 2015



Naira Situation Worsens, Falls To N270/$



*CBN blames currency’s plunge on speculators
*Ministry, MDAs conclude meetings on 2016 budget


After a two-day meeting, the Federal Open Market Committee (FOMC) of the US Federal Reserve Bank raised its benchmark interest rate by 25 basis points to 0.25 per cent to 0.50 per cent, a move certain to put more pressure on the naira, which on Wednesday plunged to a new low at the retail segment of the foreign exchange market to N270 to the US dollar.

Speaking on the first rate hike in almost a decade, the US Fed Chairman, Janet Yellen, said that the increase was a vote of confidence in the US economy, but stressed that the pace of interest rate hikes would be gradual.

But whilst US markets may have hailed the decision and saw the Dow Jones, S&P 500 and Nasdaq initially falter, but later rallied to news on the rate hike, the same could not be said of the Nigerian economy and the local currency, which have been hit by dwindling revenue from low oil prices.

Oil revenue accounts for 90 per cent of Nigeria’s foreign exchange and 70 per cent of total revenue.

Low oil prices and forex currency curbs introduced by the Central Bank of Nigeria (CBN) saw the naira fall yesterday to a new low of N270 to the dollar on the unofficial market after the central bank rationed dollar supplies for the third week in a row, traders said.
http://www.thisdaylive.com/articles/us-fed-rate-hike-worsens-naira-situation-falls-to-n270-/228226/



  
901


If you need to re-publish this ARTICLE, please cite this article - (https://witicles.com/naira-situation-worsens-falls-to-n-23772.html) and the Writer (GclefAmplified)

Do You Find This Article Helpful?


Article Tags: Currency
Save the Stress, Shop for Books Online in Nigeria - kpiBooks.com.ng
Article Source
GclefAmplifiedAbout GclefAmplified
GclefAmplified GclefAmplifiedGclefAmplifiedGclefAmplifiedGclefAmplified

  

From the desk of infoparrot...........enlightening you with latest gist in and outside Nigeria





Social Sharing
If You Enjoyed This Article; Then, Share It On Your Social Network



     Copy This Short Link To The Article: http://i.witicles.com/VWN48 Naira Situation Worsens, Falls To N270/$Naira Situation Worsens, Falls To N270/$Naira Situation Worsens, Falls To N270/$Naira Situation Worsens, Falls To N270/$



Post Comment


Article Comments

No comment found! Be the first to share your thoughts on this article!



Namecheap.com
Related Articles




Author's Articles





My Accounts Categories Useful Links Affiliate Links Follow Us
Witicles.com is not a mere article directory; but Trusted Online Article Directory of syndicated articles on 27 core topics, including health and fitness, finance, business and economy, life improvement, real estate, politics, leadership, management and education. Authors publish articles for free and share knowledge with potential customers.


Lost Password
Sign In
Sign Up
News and Society (169)
Self Improvement (150)
Business and Economy (103)
Leadership (117)
Politics (76)
Arts & Entertainment (44)
Health & Fitness (126)
Religion and Kingdom (58)
Real Estate (16)
Computers & Technology (21)
About Us
Advertise With Us
Contact Us
How To Submit Articles
Article Writing Tips
Sitemap





Leadersoil
Hubpile
Pay4ebooks
kpiBooks
Fridayposts
Flickers of Hope Foundation





CentreNDL on Facebook  Facebook

CentreNDL on Twitter  Twitter

CentreNDL on Google+  Google+

CentreNDL Blog  Blog

Send Email to Hubpile  Email