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 slides further to 372/dollar

18 February 2016, 12:15

Lagos - The acute scarcity of foreign exchange, especially the dollar, continued on Wednesday with the naira closing at 372 against the United States currency at the parallel forex market.

Forex dealers linked the persistent fall of the naira to panic buying of the dollar and other major international currencies by importers, individuals and businessmen.

With the naira exchanging at 372 to the dollar, the local currency has lost 20 per cent of its value at the parallel market in the last 10 days.

The Central Bank of Nigeria has, however, left its official rate unchanged at N197 to the dollar at the interbank window.

Also read: Naira slips further to N352/dollar

The naira, which hit a record low of 352 against the greenback on Tuesday, had closed at 345 on Monday.

On Friday, the local currency fell to 338 against the US currency, a day after the Bankers’ Committee expressed concern over the mounting foreign exchange bills for school fees and medical bill payment.

The naira, which has been on a free fall in the past few weeks, fell steadily at the parallel market from 310 last Monday to 335 last Thursday.

Equities stocks fell almost by two per cent on Wednesday, hit by a major decline in cement companies’ shares, including Dangote Cement, which accounts for the third of local bourse capitalisation, Reuters reported.

The local bourse index dropped by 1.81 per cent to 24,070 points as investors took profits from previous gains on the stocks.

- News 24

Tags nigeria

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...