www.leadership.ng/news/504249/naira-firms-now-250


Naira Further Firms Up, Now 250/$
By Tunde Oguntola

— Feb 25, 2016 3:58 am
The naira rose by 50 per cent yesterday against the dollar at the parallel market to N250 from N375, which it traded on Monday.

The naira had been on a free fall in the last two weeks, peaking at 391 against the greenback at the parallel market last Thursday. The local currency, however, began a gradual recovery on Friday.

LEADERSHIP’s investigation reveals that Bureau de Change (BDC) operators as well as street hawkers in Abuja sold the dollar between N250 and N255.

A bureau de change operator, who simply identified himself as Ibrahim, said that he was very confused as the Naira continued to gain strength.

He said: “Earlier this morning, I bought dollars for N305, but now it is sold at N250, making me to lose N55 in less than 10 hours.

I am very scared of buying dollars because of the continued instability.

“Although I am happy that the naira continued to gain strength at the parallel market as an overflow of dollars chased the local currency but we are losing greatly here.”

Forex dealers said the local currency was set to gain further momentum in coming days, arguing that most traders were rushing to reduce the amount of dollars in their holdings.

Currency strategist and experts have also stated that the depreciation the naira had recorded in the last two weeks was mainly artificial, arguing that it was part of the activities of currency speculators to force the Central Bank of Nigeria and the Presidency to
devalue the naira.

They are of the view that naira will recover because of two things: the Presidency’s hard stance on not devaluing the naira and the decision of the Bureau De Change operators to peg their profit margin at 3.5 per cent.

President Muhammadu Buhari had on Saturday again rejected the idea of devaluing the naira, despite a hammering of the currency on the secondary market last week.

The president, who spoke at the presidential
panel roundtable on Investment and Growth
Opportunities in Sharm El-Sheikh, Egypt, said
he rejected pressure to devalue the naira
because Nigeria did not have the competitive
advantage to benefit from devaluation.

The Central Bank of Nigeria (CBN) had,
contrary to the expectations of the
international community and analyst,
refused to devalue the local currency,
choosing rather to reduce the rate of foreign
exchange outflow from the reserves.

An economist and currency expert at
BestWorth Holdings, David James, said the
naira would continue its rise to a point where
the true value of the local currency could be
found against the dollar.

i stand with buhari.
Say no to devaluation
Say no to exchange cabals
Say no to naira sabotage
Say no to criminals
.
Naira will rise again

which one person go believe again sef

Well thank God the Naira is appreciating.

Sirnokiopee:
which one person go believe again sef

Nothing my dear, Nigeria economy defy every known economic principles.

More like cut and join or carpentery economics

all this rise n fall

Seasonal film

Stale news. Dollar na N330 to sell, N350 to buy.

Read this latest report https://www.naij.com/743953-naira-drops-drastically-dollar.html valid as at 4 hours ago.

I don't support devaluation sha, because Buhari is not ready yet to govern. If we devalue now, where are the policies to sustain the new rate? No where! We go jor use our hand finish ourself.

-Lord

FAYOSE ntor oju ti awon olote

eleko1:
FAYOSE ntor oju ti awon olote

How? Is not a PDP member that drop a word of shock on Channels. So how come he will be shock. Receive brain in Jesus name