img Nigerialog.com - Nigeria's Premier Online Forum - Naira drops against dollar as inflation hits 17.6%
Welcome, Guest.
Did you miss your activation email?

Date: October 20, 2019, 04:38:22 AM

Contact
imgimgimg

Naira drops against dollar as inflation hits 17.6%: Business : Nigerialog.com - Nigeria's Premier Online Forum

159 views

Naira drops against dollar as inflation hits 17.6%

By: dayan (M) |Time : September 17, 2016, 07:42:16 AM


— 17th September 2016

The Naira on Friday depreciated in most major segments of the foreign exchange market just as inflation hits 17.6 percent. The Nigerian currency fell by N2.24 to exchange at N308.69 to the dollar at the interbank market, from N306.93 recorded on Thursday.

At the Bureau De Change it closed at N420 to the dollar, N550 to the Pound Sterling and N465 against the Euro.
At the parallel market, naira lost N2 to close at N425 against the dollar from N423 it traded on Thursday, while it exchanged at N545 and N470 against the Pound Sterling and the Euro, respectively.

Traders at the market said that in spite of the reduction in the rush for the greenback to meet up school fees payment, the naira continued to depreciate.

They said that the demand for dollars for importation far outstripped its supply.
Meanwhile, the National Bureau of Statistics has said the Consumer Price Index which measures inflation increased year-on-year from 17.1 per cent in July to 17.6 per cent in the month of August.

Data released by the NBS late in August had showed that the CPI rose by 0.6 percentage points from 16.5 per cent in June to 17.1 per cent in July.

The Bureau had in its August report attributed the increase to high energy prices which it added impacted negatively on the index. It said despite the fact that the country was in a period of harvest, it had yet to feel the impact as food prices was still on the increase.

“In July the Consumer Price Index which measures inflation increased by 17.1 per cent (year-on-year), 0.6 percentage points higher from the rate recorded in June (16.5 per cent),” the report had read in part.

“The pace of the increase in the headline index was however weighed upon by a slower increase in three divisions; health, transport and recreation and culture divisions.”

Source

Re: Naira drops against dollar as inflation hits 17.6%

By: dayan (M) |Time : September 17, 2016, 07:45:31 AM
Quote
“In July the Consumer Price Index which measures inflation increased by 17.1 per cent (year-on-year), 0.6 percentage points higher from the rate recorded in June (16.5 per cent),” the report had read in part.

 :o

I'm always scared of inflation in a non industrialized economy as ours.
To make matters worse, our hope for recovery seems to be based on oil prices.
This is why we MUST URGENTLY REFORM AWAY FROM OIL.

Re: Naira drops against dollar as inflation hits 17.6%

By: Gideon |Time : September 17, 2016, 02:43:22 PM
This is a period of harvests for some foodstuffs but yet the prices of the foodstuffs are high...energy prices does not affect food prices completely... Farmers or producers of the foodstuffs are just trying to be selfish with the prices of foodstuffs.. they put the blame on dollars which is not nessarily their main means of exchange

Re: Naira drops against dollar as inflation hits 17.6%

By: goldpeace (M) |Time : September 17, 2016, 10:05:33 PM
This is a period of harvests for some foodstuffs but yet the prices of the foodstuffs are high...energy prices does not affect food prices completely... Farmers or producers of the foodstuffs are just trying to be selfish with the prices of foodstuffs.. they put the blame on dollars which is not nessarily their main means of exchange

I have been thinking about how it will work even with people going back to farm because everyone inflates price and tells you its because of dollar even when its not their means of exchange. Its worrisome. I really dont know if going back to farm will really work. There might be food but prices will be something to battle with.

0 Members and 1 Guest are viewing this topic. Reply

web site traffic statistics