Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Naira drops to lowest ever rate against dollar

30 September 2016, 07:33

Abuja - The Naira crashed to N480 to the dollar to reach its lowest ever rate against the American dollar as it dropped further from N460 on Wednesday, Naij reports.

This is the worst rate that the currency has been at since the introduction of floating foreign exchange policy by the Central Bank of Nigeria (CBN) in June.

Economists have pointed towards the anticipated return of transfer of dollars abroad by Travelex through the Bureau De change (BDCs) for the massive drop in value to the Naira.

Also read: Tinubu congratulates Obaseki

The arrangement introduced by CBN last year to facilitate the transfer of money outside the country for payment of students' school fees has faced serious problems.

"There is no bank dispensing dollars to the BDCs for that purpose. The BDCs’ accounts were debited by some banks since Monday and they are not able to pay any of the BDCs so far debited. This is really sending a bad signal in the market," a BDC operator said.

The continued dwindling Nigerian currency goes against a statement made by the Minister of Finance, Kemi Adeosun that Nigeria was on the brink of coming out of the recession.

For more on this story, visit Naij.

- News 24


Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...