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Nairaland Forum / Nairaland / General / Business / Naira Rebounds, Sells For 1,280/$ At Parallel Market (532 Views)
Naira Appreciates To ₦1,280/$ At Parallel Market / Naira Rebounds As Banks Offload Excess Dollars / Adamawa BDC Operators Reject Dollars As Naira Rebounds At Parallel Market (2) (3) (4)
Naira Rebounds, Sells For 1,280/$ At Parallel Market by Kuginzi: 6:43am On Apr 28 |
By Sunday Michael Ogwu The Naira yesterday recovered against the US dollar at the parallel market as it appreciated to N1280/$, according to market information obtained by Nairametrics from currency traders. This implied that the Naira appreciated by N120, representing a gain of 8.57 per cent when compared to the N1,400 to a dollar at which it traded on Friday. Currency traders confirmed that they sold between N1, 280 and N1,300/dollar. The local currency had, midweek lost a third of its value barely two weeks after strengthening to below N1,000 against the dollar. It later dropped to N1,400 against the dollar at the black market on reports of fresh demand pressure. This had made many people to question the impact of the sales of $15.83 million to 1,583 Bureau De Change (BDC) operators by the Central Bank of Nigeria (CBN). The apex bank had, on Monday announced the sale of $10,000 to its licensed currency traders nationwide at the rate of N1,021/$1 as part of its plans to aid foreign currency accessibility for qualified end users and stabilise the foreign exchange market. Currency traders had attributed the recent depreciation of the Naira to market forces as supply had been unable to meet up with the demand. Meanwhile, a data from FMDQ showed that the Naira continued its downward trend against the greenback at the official foreign exchange window, closing at N1,339.23/$1 on Friday. This represents a 2.24 per cent depreciation when compared to the N1,309.88/$1 that was reported the previous day. Recent initiatives by the apex bank had tempered forex scarcity, aiding the Naira’s recovery from an early March rate of N1,617 per dollar to N1,072 per dollar on April 17. BDCs proffer solutions to depreciation Meanwhile, the Association of Bureaux De Change Operators of Nigeria (ABCON), has revealed plans for a unified retail end of the foreign currency market to tackle the recent Naira depreciation. The president of the association, Aminu Gwadabe, disclosed this on Friday, noting that the move would tackle volatility and boost regulatory compliance within that market segment. According to him, the association is implementing plans meant to unify operators from different cadres of the market, including the inauguration of state chapters for market coordination, integration and administering a united market structure. He revealed plans to upgrade ABCON’s Business Process Platform, formerly called SAAZ Master. "Part of our vision for a united retail-end forex market includes activating geo-mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps. “This will enable forex buyers to easily locate BDCs offices for effective and seamless transactions,” he stated. Currency can’t appreciate in a vacuum – Senator Nwoko Senator Ned Nwoko yesterday advised the federal government and the CBN against any measure capable of artificially forcing the Naira to gain value against other currencies. Nwoko, who represents Delta North, gave the advice in a statement he signed and made available to the News Agency of Nigeria (NAN). He stated that continuous revisits to previously implemented policies and considerations of new ones were imperative. He noted that the value of a sovereign nation’s currency is the cornerstone of respect and collaboration among nations. The lawmaker emphasised that Nigeria must stimulate Naira demand. According to him, as a country that exports crude oil and other commodities globally, it is imperative that all transaction on these items be conducted exclusively in Naira. "This will incentivise buyers to seek out Naira, thereby driving its appreciation due to increased demand and scarcity. “Moreover, the foreign reserve policy warrants reassessment. “The practice of maintaining reserves in foreign jurisdictions, termed “foreign reserves,” is not only objectionable but also counterproductive to Nigeria’s economic sovereignty. "Unlike other countries like the United States, Britain, France and Japan, which hold their reserves domestically, Nigeria’s adherence to this practice raises questions about its colonial legacy. “If our early indigenous leaders acquiesced to this approach due to colonial influence, why should we perpetuate it? The primary rationale often cited to justify foreign reserves is trade balance maintenance,” Nwoko said. According to him, this argument lacks merit when considering the limited number of traders involved in importing goods into Nigeria, which constitutes a negligible fraction of the country’s population. https://dailytrust.com/naira-rebounds-sells-for-1280-at-parallel-market/
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Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by cashshwo: 6:46am On Apr 28 |
All enemies of Nigeria wil soon reach here |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Paraman: 6:50am On Apr 28 |
A good news I see naira strengthening against the dollar this week both at the official and parallel market |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Cindypresh(f): 6:52am On Apr 28 |
Abracadabra cardoso...what happened to the speculators ![]() Agbado thugs said speculators are the reason behind the previous dollar surge 1 Like |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Paraman: 6:53am On Apr 28 |
Obidients will be heartbroken seeing this |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by SpecialAdviser(m): 6:54am On Apr 28 |
cashshwo:Na mumu dey worry you. Pretending friend of Nigeria. Is this what Nigeria will be celebrating? Na you be no 1 enemy of Nigeria for failing to question the shortcomings of your leaders. You no get sense? 6 Likes 1 Share |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Cindypresh(f): 6:54am On Apr 28 |
Paraman: Rather you're the one heartbroken and wailing 1 Like 1 Share |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by lastmessenger: 6:55am On Apr 28 |
Propaganda does not bring good governance. How can you restore investor confidence when you currency cannot stay stable for one week? 1 Like 1 Share |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Cindypresh(f): 6:55am On Apr 28 |
cashshwo: Enemies that took the dollar from #216 to #1280 ![]() God will punish all of you 1 Like 1 Share |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Paraman: 7:00am On Apr 28 |
Cindypresh:Allen Onyeama you mean... Allen Onyeama is a wanted criminal in the USA
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Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Cindypresh(f): 7:08am On Apr 28 |
Paraman: Wetin concern Allen onyema for here?? You want to derail?? Tinupoo is a drug kingpin 1 Like 1 Share
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Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Paraman: 7:09am On Apr 28 |
Cindypresh:Allen Onyeama is wanted in the USA for fraud and money laundering 1 Share
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Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by nnewsnjobs: 7:10am On Apr 28 |
Odumeje is back into the country, he said he heard dollar started going up again because he wasn't around, that he will bring it down. So dollar de fear Odumeje be that, this one naira has started gaining. Ignorance CBN Governor should contact Odumeje to help him out, since he is confused. 1 Like |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Bobloco: 7:11am On Apr 28 |
Paraman: You see nothing |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Ibaaboy(m): 7:12am On Apr 28 |
this naira just dey do like NEPA light |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Paraman: 7:14am On Apr 28 |
Bobloco:2000/$ before the end of April in the mud |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Bobloco: 7:16am On Apr 28 |
Paraman: How much was the Naira exchanging to a dollar when Tinubu took over in May 29, 2023 |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by nairalanda1(m): 7:18am On Apr 28 |
Naira can never be a strong currency, even when it was 189 to one dollar because it is hooked up to the price of oyel. And indirectly, our debt. Strong currency come from countries with a strong industrial setup that exports |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Paraman: 7:21am On Apr 28 |
Bobloco:#800/$ |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Bobloco: 7:32am On Apr 28 |
Paraman: Let Tinubu achieve that milestone first |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Paraman: 7:33am On Apr 28 |
Bobloco:He still have time to achieve better than that. |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Bobloco: 7:34am On Apr 28 |
Paraman: We hope so If he doesn't, I believe you will consider him a catastrophic failure |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Paraman: 7:36am On Apr 28 |
Bobloco:Tinubu won't fail. |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Bobloco: 7:39am On Apr 28 |
Paraman: But the signs that he is becoming a catastrophic failure are so glaring 1 Like |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by Azazyel: 8:50am On Apr 28 |
Indaboski is back |
Re: Naira Rebounds, Sells For 1,280/$ At Parallel Market by AcadaWriter: 10:11am On Apr 28 |
All enemies of Nigeria wil soon reach here |
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