{"id":50341,"date":"2016-06-20T16:11:21","date_gmt":"2016-06-20T15:11:21","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=50341"},"modified":"2016-06-20T16:11:21","modified_gmt":"2016-06-20T15:11:21","slug":"naira-plunges-dollar-n249-n265","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/naira-plunges-dollar-n249-n265\/","title":{"rendered":"Naira Plunges Against The Dollar At N249 To N265"},"content":{"rendered":"<div>The naira plunged against the US dollar on Monday after Nigeria\u2019s government scrapped its fixed exchange rate and allowed market forces to determine the currency\u2019s value.<\/div>\n<div><\/div>\n<div>\u201cTrading started at 9:00 am (0800 GMT) this morning. All the 24 commercial banks are participating. The offer is 249 to 265 naira to the dollar,\u201d one forex trader told AFP.<\/div>\n<div><\/div>\n<div>At 1000 GMT, the naira was quoted at 262.50 against the dollar but the trader, who asked to remain anonymous, said supply and demand were still in the process of being matched.<\/div>\n<div><\/div>\n<div>\u201cAll the bids will be put on the table and the rate will based on the offers,\u201d the trader said.<\/div>\n<div><\/div>\n<div>Analysts say the naira may settle in at around 250, compared with 350 to the greenback on the black market.<\/div>\n<div><\/div>\n<div>Nigeria had pegged the naira to the dollar at 197-199 since March 2015, even as other oil exporters have let their currencies devalue in the wake of plunging global crude prices.<\/div>\n<div><\/div>\n<div>President Muhammadu Buhari has previously said he would not \u201ckill the naira\u201d by letting it devalue.<\/div>\n<div><\/div>\n<div>But central bank governor Godwin Emefiele said last week the currency market would now be \u201cpurely market driven\u201d as the country grapples with spiralling inflation, slowing growth, the weakening naira and foreign exchange shortages.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The naira plunged against the US dollar on Monday after Nigeria\u2019s government scrapped its fixed exchange rate and allowed market forces to determine the currency\u2019s value. \u201cTrading started at 9:00&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":47186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-50341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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