BREAKING: Naira Falls Amid Devaluation Concerns, See New Exchange Rate - AfrobadooTV
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BREAKING: Naira Falls Amid Devaluation Concerns, See New Exchange Rate



Naira has fallen amid devaluation concerns. check out new Dollar to Naira exchange rate below.

Afrobadootv reports that the Naira depreciated at the official and parallel markets amid growing concerns that oil revenue fluctuation and global monetary tightening would lead to further devaluation of the currency.

This online news platform understands that official data and trading reports showed that the Naira depreciated by 0.12 per cent at the official Investors and Exporters (I & E) Window to close at N416.50 per dollar. It also depreciated by 0.65 percent to close at N575.90 per dollar at the parallel market. The Naira, however, closed flat at N430 per dollar at the Interbank Foreign Exchange market (IFEM).

Afrobadootv reports that the Central Bank of Nigeria (CBN) continued its weekly injection of$210 million; distributing $100 million to the Wholesale Secondary Market Intervention Sales (SMIS), $55 million to Small and Medium Scale Enterprises (SMEs) and $55 million to invisibles.

Analysts at Cowry Asset Management, which actively trades in financial instruments, said they expected the Naira to depreciate further in the new week as investors react to changing global dynamics

Analysts at Cordros capital noted that although the CBN might have enough supply to support the foreign exchange market over the short term, global and domestic challenges may force the apex bank to adjust the Naira exchange rate further.

According to analysts, foreign inflows, which have been disrupted by lack of global investors’ confidence in Naira rate management, are paramount for sustained forex liquidity over the medium term as accretion to the national reserves will be weak given that crude oil production levels remain quite low. Thus, foreign portfolio investments (FPIs) which have historically supported supply levels in the I & E Window will be needed to sustain forex liquidity levels. About 53.8 per cent of forex inflows to the I & E Window in 2019 were from FPIs.

“Hence, we think further adjustments in the Naira/Dollar peg closer to its fair value and flexibility in the exchange rate would be significant in attracting foreign inflows back to the market,” Cordros capital stated in a weekend note.

The Naira depreciation across the markets came on the heels of all by the International Monetary Fund (IMF) that Nigeria and other emerging economies should allow their currencies to depreciate to avoid a disorderly condition that may arise in their forex markets as a result of an imminent policy tightening by the Federal Reserve Bank of United States.

Economies, especially Nigeria as it navigates through the pre-election year, the above action plans as proposed by IMF posed a difficult choice for the oil-rich African country as it trades off supporting a relatively weak domestic economy with safeguarding price and foreign exchange stability,” Cowry Asset stated.

Analysts said insecurity, high costs of doing business and multiple foreign exchange windows have done a disservice to foreign investment into the country, thus its relatively low capital inflow from foreign investors.

Afrobadootv understands that analysts, however, called on the government to also take responsibility to restore investors’ confidence given the nature of the challenges facing the country which may be aggravated by any rate hike by the apex bank.


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Bitfinex hold their first community hangout in Nigeria



Bitfinex is one of the top and oldest trading platforms in the world. It is a trading platform for sophisticated and professional traders. After millions of secured transactions carried out on Bitfinex, communities have emerged from various parts of the world. These communities have expanded to multiple professionals helping each other grow on their crypto journey.
Time out in Bitfinex was created by and for the African community and it was graced with the attendance of two crypto industry leaders, Chuta Chimezie, the founder of Blockchain Nigeria User Group, and Linda I.A Obi founder of Techonomy.
The event began with a welcome and Introduction by Paolo Ardoino, the Chief Technology Officer for Bitfinex. Linda I.A Obi spoke on the inclusion and diversity of female representation in crypto-trading, crypto-trading techniques for beginners and advanced traders and she also shared the pros of trading with Bitfinex.
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We are really excited that Bitfinex is finally coming to Africa.

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The Tesla boss sold some 7.9 million shares between August 5 and 9, according to filings published on the Securities and Exchange Commission’s website.

“In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” Musk, the world’s richest man wrote on Twitter late Tuesday.

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Musk has filed a countersuit, accusing Twitter of fraud and alleging the social media platform misled him about key aspects of its business before he agreed to a $44 billion buyout.

The move comes after Musk sold around $8.5 billion worth of shares in the electric carmaker in April as he was preparing to finance the Twitter deal. He tweeted at the time: “No further TSLA sales planned after today.”



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Crispy Juice introduces Super Combo package




Crispy juice has extended their tentacles in the quest of satisfying their esteemed customers.

This package titled super combo comes with sandwich and juice and it’s sold for just N1,000.

According to them, this super combo is packaged to give unbeatable nutritious greatness.

This idea was borne out of consistent requests from their esteemed customers.

Interestingly, this package can be delivered everywhere in Lagos ranging from the island to the mainland.

Contact: IG: @crispy_juice1

Phone: 08121332085

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