Monday, November 20, 2017 6:11:21 PM- Nigerian Stock Exchange.

  Dollar rates causing confusion in parallel market


Feb 25 (Lagos) - Among people who seek Dollars at any cost there is confusion today at what is the right rate for the USD. 

There are reports of parallel market rate for 1 USD from N 250 to N 350.

Maybe speculators had a bad 2-3 days and not they have re-taken their positions. But they cant be sure of what will happen tomorrow with this rate. 

At the inter-bank market the Naira is stable at 199.05 per USD. That is the rate most people want to be seen as the benchmark for the USD but the Naira is under a speculative attack for quite a while now. 

The IMF wants Nigeria to devalue again this year after the devaluation of last year and the one of 2014. 

They must understand that Nigeria cannot progress if they keep on de-valuating the currency every year and that they need to give it a break. 

reporting for on Tursday, Feb 25 2016 from Lagos, Nigeria

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