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Nairaland Forum / Nairaland / General / Business / Naira Strengthens, Trades N360-367 On The Black Market (943 Views)
Naira Strengthens Against The Dollar As Bdc Intervention Goes On / Naira Strengthens Further Against Dollar On Parallel Market / Speculators Get Their Fingers Burnt, Naira Strengthens To N310/$ (2) (3) (4)
Naira Strengthens, Trades N360-367 On The Black Market by hakinze00(m): 4:31pm On Feb 20, 2016 |
Nigeria’s naira has finally strengthened against the US dollar after weeks of free fall on the parallel market. On Friday, February 19, the currency gained N360 against the American dollar which means that the pressure on the national currency has eased. However, some unofficial traders sell it at N370 per dollar and buy at N367. Reuters reports that Nigeria’s overnight interbank lending rate dropped to an average of 1% on Friday from around 4.5% on Thursday as the market anticipated refunds of cash deposited by commercial lenders for foreign exchange purchases. According to traders, liquidity dropped sharply and the cost of borrowing climbed after commercial lenders moved cash to their naira accounts with the central bank to enable them to take part in the weekly forex intervention on Thursday. On Tuesday, February 16, banks deposited about 700 billion naira to back their planned forex purchases, draining liquidity in the banking system and pushing the lending rate above 4%. “The cost of funds dropped today (Friday) based on expectation that the central bank will refund a portion of cash deposited for forex intervention before the close of business,” one dealer said. Once a week, the central bank usually intervenes in the official interbank foreign exchange market to provide dollars for eligible importers. It requires commercial lenders to fund its naira account 48 hours ahead of the intervention. Traders said that they were expecting around 450 billion-500 billion naira in refunds from the central bank, raising the level of cash credits in favour of commercial lenders and helping to hold down interbank lending. Meanwhile, President Muhammadu Buhari has rejected calls to devalue the currency of Nigeria, stressing that he would not “kill the naira.” https://www.naij.com/737073-breaking-naira-strengthens-dollar-black-market.html/?anna&utm_source=facebook&utm_medium=social&utm_group=free |
Re: Naira Strengthens, Trades N360-367 On The Black Market by kentuta(m): 4:35pm On Feb 20, 2016 |
Sources or i dnt believe it... modified.... If this is true, I think it will relieve us a bit from the untold hardship that we are passing through now. lalasticlala confirm and do d needful. FTC... all thanks to made in naija server...5g loading |
Re: Naira Strengthens, Trades N360-367 On The Black Market by Nobody: 4:42pm On Feb 20, 2016 |
kentuta: Keep deceiving yourself! But if your pastor was bashing a prophesy into your life, you will accept it without asking for SOURCE! Haters of anything Good news! Lalasticlala confirm this news and send it to promise land joor! |
Re: Naira Strengthens, Trades N360-367 On The Black Market by hakinze00(m): 4:45pm On Feb 20, 2016 |
kentuta:u can see the source after the text |
Re: Naira Strengthens, Trades N360-367 On The Black Market by Nobody: 5:02pm On Feb 20, 2016 |
lets watch out....i know this dollar scarce is cheap politricks..... See as everybody will be hailing baba for bringing back dollar to normal exchange rate..... That man has no clue of fufiling his campaign promises.... I wonder those that said they know economics will say now |
Re: Naira Strengthens, Trades N360-367 On The Black Market by kentuta(m): 5:02pm On Feb 20, 2016 |
Agubushmenyo: bro na quarrel i still maintain my stand...source or....and for my pastor, I know his source and if he uses that Mighty Name to lie eehh...chai na sorry em name go turn to...wink...I understand ur pain...food scarcity Agubushmenyo: bro na quarrel i still maintain my stand...source or....and for my pastor, I know his source and if he uses that Mighty Name to lie eehh...chai na sorry em name go turn to...wink...I understand ur pain...food scarcity |
Re: Naira Strengthens, Trades N360-367 On The Black Market by dandoki: 5:25pm On Feb 20, 2016 |
Dead bones shall rise again! |
Re: Naira Strengthens, Trades N360-367 On The Black Market by kennyman2000(m): 6:19pm On Feb 20, 2016 |
Hmmmmm... |
Re: Naira Strengthens, Trades N360-367 On The Black Market by politricks: 6:45pm On Feb 20, 2016 |
I hope this is true |
Re: Naira Strengthens, Trades N360-367 On The Black Market by laurel03(m): 6:51pm On Feb 20, 2016 |
Baba Bubu abeg don't devalue our Naira but just try on BDC price...
#9jagobetter |
Re: Naira Strengthens, Trades N360-367 On The Black Market by keypad1: 7:49pm On Feb 20, 2016 |
I will not praise that nepa certificate holder till he brings 1 dollars equal to naira |
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