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Nairaland Forum / Nairaland / General / Business / Naira Gains 30%, Sells For N250/dollar (2353 Views)
As Naira Gains, Neighbouring Countries Ease Rush For Nigerian Goods / Speculators Get Burnt As Naira Gains Value / Naira Gains 30%, Sells For N250/dollar (2) (3) (4)
Naira Gains 30%, Sells For N250/dollar by sambisamana: 6:55am On Feb 25, 2016 |
THE naira gained about 30 per cent on Wednesday against the dollar at the parallel market to trade between N250 and N280 from N364 at which it sold on Tuesday ending two weeks of free fall when it peaked at N403 against the greenback at the parallel market last week Thursday. The local currency had begun a gradual recovery on Friday, firmed sharply at the parallel market yesterday as retail traders, having anticipated a cut in its official rate and stocked up on dollars, bought the local currency back after the government said it would not devalue. The naira rate closed at N197.50 on Wednesday at the official interbank market, where the CBN limits introduced late last year to defend a currency peg have restricted access to dollars. That has funnelled demand for dollars on to the parallel market, a flow further fuelled by speculation of a possible weakening of the peg. The Acting President of the Association of Bureau de Change of Nigeria (ABCON), Aminu Gwadabe, said the market was reacting to President Muhammadu Buhari’s ‘no devaluation’ stance. He, however, expressed ABCON’s support for President Buhari not to allow further devaluation of the naira. Gwadabe, who said the association was in partnership with the authorities to step up efforts to rid the market of illegal currency traders stated: “Like the President indicated recently, since the only significant thing we export is crude oil, devaluation will do more harm to the economy than good. So we also say no to further devaluation of the naira!” he stated. He also affirmed ABCON’s backing to ensure its members comply with the Central Bank of Nigeria’s regulation as well as operate within the approved margin of 3.5 per cent with the hope that the demand and supply situation would improve to restore calm and stability in the market. - See more at: http://sambisanews.com/naira-gains-30-sells-for-n250dollar#sthash.tmezrGF3.dpuf http://sunnewsonline.com/new/naira-gains-30-sells-for-n250dollar/ |
Re: Naira Gains 30%, Sells For N250/dollar by tbagjames(m): 6:56am On Feb 25, 2016 |
Okay |
Re: Naira Gains 30%, Sells For N250/dollar by sambisamana: 6:56am On Feb 25, 2016 |
the kind of news to start the morning with. read more breaking news http://sambisanews.com/naira-gains-30-sells-for-n250dollar#sthash.tmezrGF3.dpuf |
Re: Naira Gains 30%, Sells For N250/dollar by Freciprocal: 6:59am On Feb 25, 2016 |
Ok |
Re: Naira Gains 30%, Sells For N250/dollar by xpac01(m): 7:00am On Feb 25, 2016 |
This is serious ![]() |
Re: Naira Gains 30%, Sells For N250/dollar by okosodo: 7:01am On Feb 25, 2016 |
you dont understand forex, it will still get to 500 since it has crossed ichimoku resistance. so it is still wise to buy usd as no clear cut or intelligent has been made 1 Like |
Re: Naira Gains 30%, Sells For N250/dollar by Caseless: 7:01am On Feb 25, 2016 |
Where are the enemies of Nigeria? I'm sorry, ifeanyi uba is my man of the month! *in adekunle Gold's voice(remix)* baba lalasticlala , pick up your call. |
Re: Naira Gains 30%, Sells For N250/dollar by Princewill1(m): 7:01am On Feb 25, 2016 |
Many thanks to Dr Ifeanyi Ubah 2 Likes |
Re: Naira Gains 30%, Sells For N250/dollar by lolaxavier(m): 7:02am On Feb 25, 2016 |
Lobatan...where dem wailers ? 1 Like 1 Share |
Re: Naira Gains 30%, Sells For N250/dollar by Meringe(m): 7:05am On Feb 25, 2016 |
Where do you guys see dollar at 250, i will buy any quantity if it's true. |
Re: Naira Gains 30%, Sells For N250/dollar by Amberon: 7:06am On Feb 25, 2016 |
To all the wailers, Liberia is visa free, kindly relocate there. |
Re: Naira Gains 30%, Sells For N250/dollar by meezynetwork(m): 7:09am On Feb 25, 2016 |
That's awesome |
Re: Naira Gains 30%, Sells For N250/dollar by Clarinett(m): 7:09am On Feb 25, 2016 |
Naira, My dear naira. Please find your square root back to #150. ![]() |
Re: Naira Gains 30%, Sells For N250/dollar by HiddenShadow: 7:09am On Feb 25, 2016 |
okosodo: Don't mind the Zombs. Nobody can truly prove why the dollar appreciated. I won't be surprised if the last foreign reserve is being used to defend the naira. |
Re: Naira Gains 30%, Sells For N250/dollar by Amberon: 7:10am On Feb 25, 2016 |
prophet of doom okosodo: |
Re: Naira Gains 30%, Sells For N250/dollar by Justiyke4u: 7:11am On Feb 25, 2016 |
And yet some people will sell pure water at N20 and still call the president wicked |
Re: Naira Gains 30%, Sells For N250/dollar by Progressive01(m): 7:11am On Feb 25, 2016 |
Omo!! If people die of heart attack for this kind news wen una dey post this early morning, I no dey oo!!! At least thank God for the Nairaland disclaimer. If anyone dies for this, the Op would be solely held responsible. #Why hasn't Bruce Lee been tweeting lately ![]() Or is he bidding his time to give us a robust reply like the COZA pastor ![]() |
Re: Naira Gains 30%, Sells For N250/dollar by Sirfergie1(m): 7:12am On Feb 25, 2016 |
Sai baba Buhari! waillers go hug transformer. |
Re: Naira Gains 30%, Sells For N250/dollar by HiddenShadow: 7:12am On Feb 25, 2016 |
Zombs keep rejoicing until the bubble burst and dollar escalate to #1000 per dollar Findout what is truly influencing the appreciation Hope is not the last foreign reserve being used |
Re: Naira Gains 30%, Sells For N250/dollar by idu1(m): 7:15am On Feb 25, 2016 |
I hope this not lie again |
Re: Naira Gains 30%, Sells For N250/dollar by Progressive01(m): 7:17am On Feb 25, 2016 |
HiddenShadow:IpodEkpa Alert!! Buy a rope already. ![]() |
Re: Naira Gains 30%, Sells For N250/dollar by goodlifehyd(m): 7:22am On Feb 25, 2016 |
Meringe:Transacted at the rate of 280/$ late yesterday. Those praising Uba should park well, he said he's going to make it 200/$ in a month but Buhari's resistance to devaluation of the currency made wonders within few days... From 403 to 250 that's a great leap |
Re: Naira Gains 30%, Sells For N250/dollar by Nobody: 7:24am On Feb 25, 2016 |
See ma [size=18pt] Naija people[/size] Yee! Its Ifeanyin Uba ![]() Yee! Its not Ifeanyin Uba ![]() Where did you leave CBN,The Finance ministry,Local manufacturers,Labour Union,the TSA, FG fiscal measure etc . How come selfish tribal possessive attitude has taken over our sense of reasoning, I don't know where one hand can wash itself clean without the other. And jst keep your provincialism attitude. 99% of all, Don't know what has caused the sudden upsurge. Smh! |
Re: Naira Gains 30%, Sells For N250/dollar by goodlifehyd(m): 7:25am On Feb 25, 2016 |
HiddenShadow:Shows how sad and dejected you are hearing the news. Cuz ur wasteful ineffectual buffoon of a bro was booted out of Aso Rock doesn't mean you wish the nation bad |
Re: Naira Gains 30%, Sells For N250/dollar by HiddenShadow: 7:28am On Feb 25, 2016 |
goodlifehyd: Two questions for an illit ..... like you What is influencing the appreciation.? How long will it last.? |
Re: Naira Gains 30%, Sells For N250/dollar by Progressive01(m): 7:29am On Feb 25, 2016 |
I can see some Perpetual Wailing IPOD Ekpas and Defenders of the Legion of Crooks and Buffoons Wailing profusely over this, spitting all over the place about hoping the president isn't using the "last of our Foreign Reserve" to defend the Naira, and I ask- what business of theirs is it what Nigeria or Nigerian president does with their money?? Last time I checked, they aren't Nigerians, so this concern of theirs seem a little bit misplaced for me oo. ![]() By the way, if we are to address their concerns we'd like to ask, what currency could be used to defend the naira (we know speculation was responsible for its depreciation)?? Biafran Dollars Reserve?? ![]() Some are Wailing "how long would it last that we are happy"?? And I ask them, did they ask how long the depreciation would last whenever they get news of the Naira losing 1kobo before hitting the street in uncontrollable jubilation?? ![]() These people are the most useless set of folks on this planet I tell you. 1 Like |
Re: Naira Gains 30%, Sells For N250/dollar by funlord(m): 7:34am On Feb 25, 2016 |
![]() Meringe: Na with that your bank balance wey resemble jamb score na him you wan use buy any quantity? Cool down with the early morning lies boy! |
Re: Naira Gains 30%, Sells For N250/dollar by diasporaman(m): 7:36am On Feb 25, 2016 |
Ifeanyi Uba you don see wetin your over sabi cause. After you don yarn for tv say you get the formula for naira/dollar friendly relationship naira come begin dey get weight now is N250. Make I no see you near Aso Rock, better face your petrol business for Apapa |
Re: Naira Gains 30%, Sells For N250/dollar by OneManLegion(m): 7:39am On Feb 25, 2016 |
Who are those praising Ifeanyi Ubah for the Naira appreciation? Abeg o, who no know make know, Ubah has not done anything yet because the FG has not taken him up on his offer. Buhari's stance against devaluation is responsible for this good news o. 1 Like |
Re: Naira Gains 30%, Sells For N250/dollar by koboko69: 7:42am On Feb 25, 2016 |
Re: Naira Gains 30%, Sells For N250/dollar by koboko69: 7:43am On Feb 25, 2016 |
goodlifehyd: U suppose no the clowns wey go sey sing Ubah na.... |
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