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Nairaland Forum / Nairaland / General / Business / Naira Gains 30%, Sells For N250/dollar (49547 Views)
Bureaux De Change At Risk As Naira Gains More Muscle / As Naira Gains, Neighbouring Countries Ease Rush For Nigerian Goods / Speculators Get Burnt As Naira Gains Value (2) (3) (4)
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Naira Gains 30%, Sells For N250/dollar by odiks: 5:27am On Feb 25, 2016 |
…As BDCs back Buhari’s no devaluation stance 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. http://sunnewsonline.com/new/naira-gains-30-sells-for-n250dollar/ 14 Likes 5 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by HungerBAD: 5:28am On Feb 25, 2016 |
Hehehehehehehehehehe. Enemies don shame. Nigeria is moving forward. Where that Golden Parrot called Fayose sef?make him come run him Jangolova mouth again. 278 Likes 26 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by alienvirus: 5:28am On Feb 25, 2016 |
Good news. 62 Likes 3 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by mrvitalis(m): 5:40am On Feb 25, 2016 |
One thing I love about Buhari is once he has taken a stand there is no going back 310 Likes 29 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by Nobody: 5:41am On Feb 25, 2016 |
But where is lalasticlala sef 8 Likes |
Re: Naira Gains 30%, Sells For N250/dollar by dunkem21(m): 5:49am On Feb 25, 2016 |
..All hail Ifeanyichukwu Uba .. ![]() I thought people said that the free fall of dollar is connected to the fall in oil price .. ![]() 258 Likes 18 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by DEXTROVERT: 5:53am On Feb 25, 2016 |
I don't believe in hearsay Let's stop deceiving ourself.. Naira is lower than Dollars but higher than Zimbabwe Dollars 3 Likes 2 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by kahal29: 6:01am On Feb 25, 2016 |
Re: Naira Gains 30%, Sells For N250/dollar by hisgrace090: 6:16am On Feb 25, 2016 |
Good news. 4 Likes |
Re: Naira Gains 30%, Sells For N250/dollar by Bugatie(m): 6:29am On Feb 25, 2016 |
Nice one for our economy. 6 Likes |
Re: Naira Gains 30%, Sells For N250/dollar by kodded(m): 6:37am On Feb 25, 2016 |
I thought apc Yoruba sycophants claim that it is impossible for the naira to go up within a month .? I keep saying it untill e remove tribalism from us we will be going round the circle 35 Likes 3 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by Burger01(m): 6:45am On Feb 25, 2016 |
mrvitalis:I love my president's 'doggedness'...no room for bullshiiits ![]() You can't rule a country as complex as Nigeria if ain't gat balls..... Jonathan had no balls ![]() 245 Likes 32 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by alatbaba1(m): 6:47am On Feb 25, 2016 |
If true, Naija shall b great again 1 Like 1 Share |
Re: Naira Gains 30%, Sells For N250/dollar by macaranta(m): 9:24am On Feb 25, 2016 |
Cool..Nigeria first. 1 Like |
Re: Naira Gains 30%, Sells For N250/dollar by mccoy47(m): 9:24am On Feb 25, 2016 |
Naira climbing. *DANCING SEKEM* 13 Likes
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Re: Naira Gains 30%, Sells For N250/dollar by Burger01(m): 9:24am On Feb 25, 2016 |
dunkem21: Dollarjunkie:Lecture us on exactly the 'work' Uba did ![]() 113 Likes 5 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by ozila(m): 9:24am On Feb 25, 2016 |
what a news to start the day 1 Like |
Re: Naira Gains 30%, Sells For N250/dollar by acunon: 9:25am On Feb 25, 2016 |
What a good news, hope we dnt hear later that it increased again! GOD bless Nigeria! 3 Likes 1 Share |
Re: Naira Gains 30%, Sells For N250/dollar by Nobody: 9:25am On Feb 25, 2016 |
dunkem21: kodded: Dollarjunkie: It is too early to start this nonsense. ![]() odiks:javascript:void(0); What has Ubah got to do with this now? ![]() Just as "The Blind Bartimaeus" was born blind, some nairalanders were born "STUPID" ![]() 92 Likes 6 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by rawpadgin(m): 9:25am On Feb 25, 2016 |
Good news 2 Likes |
Re: Naira Gains 30%, Sells For N250/dollar by scholes0(m): 9:25am On Feb 25, 2016 |
kodded: And I thought Igbo IPOD Thugs said Buhari and Kemi Adeosun are responsible for the unofficial slide in the Naira, when greedy black market speculators were actually responsible. I keep saying it, until We (Most especially your types) remove tribalism from our national views, then we will be going around in circles. ![]() dunkem21: You and your fellow mumus that liked ur post are DUMB Of course the fall in in Oil prices has a lot to do with the slide in the value of the Naira, it is the same story in other commodity exporting countries Canada, Russia, Venezuela etc. But in Nigeria, silly cabals making undue profit in the underground parallel market sector made it even worse. That is why even this new exchange rate of 250 is still well below the official exchange rate of 199. And until Oil prices rise again, it will never reach pre oil crash exchange levels. Inugo? Oh, and it is Free fall of Naira , not free fall of Dollar. 88 Likes 8 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by lifestyle1(m): 9:25am On Feb 25, 2016 |
Some time ago I predicted naira will appreciate against the dollar. Can anyone remember ? 2 Likes |
Re: Naira Gains 30%, Sells For N250/dollar by Nobody: 9:26am On Feb 25, 2016 |
My GOD (This is another wailer free thread) We shall make nigeria green again #Buharitill2080 64 Likes 8 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by BIGTinfotech: 9:26am On Feb 25, 2016 |
Good news!!! Now, those few people that was responsible for causing the ish in the first place should all be identified and brought to book. Or was this part of the emergency meeting held at aso rock yesterday? ![]() 8 Likes 1 Share |
Re: Naira Gains 30%, Sells For N250/dollar by McMayowa(m): 9:26am On Feb 25, 2016 |
News |
Re: Naira Gains 30%, Sells For N250/dollar by MhizEndy(f): 9:26am On Feb 25, 2016 |
ifeanyi ubah.. the man of the moment 16 Likes 2 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by macaranta(m): 9:26am On Feb 25, 2016 |
DEXTROVERT:Must you comment? 21 Likes 2 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by MinorityTribe: 9:26am On Feb 25, 2016 |
Now i believe in Buhari more than ever. Have any of you thought of this: WHAT IF WE HAVE DEVALUED THE NAIRA? 45 Likes 6 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by Sunnycliff(m): 9:26am On Feb 25, 2016 |
I think Ifeanyi Ubahs words was a lifeline to the recovery of the naira. He voiced out and that sent cold shivers down the spines of the speculators and staked his assets and that made speculators to have a rethink. Ifeanyi Ubah saving Nigerians since the days of Abacha. #nwaigbo 72 Likes 8 Shares |
Re: Naira Gains 30%, Sells For N250/dollar by Nobody: 9:26am On Feb 25, 2016 |
Dollarjunkie: in his dreams 17 Likes |
Re: Naira Gains 30%, Sells For N250/dollar by cnwamo(m): 9:27am On Feb 25, 2016 |
Good News It can get better and it will get better. 2 Likes 2 Shares |
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