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Bona Leo hails from Achalla Awka-North LGA of Anambra state, born on 15th July 1985 into Mr and Mrs Joseph Igboanugo’s family, Started his Educational career at Emilyrich International Nursery and Primary School later graduated as a science student of Federal Government College Otobi, Oturkpo Benue state (Pro Unitate) and currently holds a Bachelor of Science degree in Biology Education (Second class Upper) from the prestigious University of Lagos, Akoka Yaba and also on a platform of obtaining Masters in Public Health in the USA.

Tuesday, 4 October 2016

Currency trading at N600/Pound Sterling, recession bites harder


As Nigeria's foreign exchange problems continue to persist, the Naira dropped to a record low of N490 to a dollar on the parallel market as at Sunday, October 2, 2016.
To compound the Naira's predicament a little bit more is that it is also doing terribly against other currencies - far worse than against the dollar.
Over the weekend, one Pound Sterling cost a record N600 while the next big currency, the Euro, sold for N520 a piece - highlighting the latest in a long line of small victories and big losses that has characterized the Naira in recent times.
Just last week Monday, the Naira was going for an already bad N440 per dollar, raising alarms on the competence of the Buhari government as regards economic policy.
ALSO READ: African Development Bank aims to lend Nigeria $4.1B for power, farming
In September, after a two-day bi-monthly meeting, the MPC had left the Monetary Policy Rate unchanged, ignoring calls for rate cuts from analysts, stakeholders and even the Minister of Finance, Kemi Adeosun.
“There is shortage of dollar supply. Diaspora remittances have dropped. This is why you can see the rate dropping at the parallel market,” an economic analyst Mr. Johnson Chukwu said, according to a Punch Online report.
Nigeria has already joined the ranks of oil-producing countries that have gone into recession, and with its foreign reserves depleting with alarming speed every passing day, Nigerians are in for a tough ride.
Stay on top of business news in Nigeria and abroad with Pulse Business - if it happened, you'll find it here.
“There is shortage of dollar supply. Diaspora remittances have dropped. This is why you can see the rate dropping at the parallel market,” an economic analyst Mr. Johnson Chukwu said, according to a Punch Online report.
Nigeria has already joined the ranks of oil-producing countries that have gone into recession, and with its foreign reserves depleting with alarming speed every passing day, Nigerians are in for a tough ride.
Stay on top of business news in Nigeria and abroad with Pulse Business - if it happened, you'll find it here.
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