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Nairaland Forum / Nairaland / General / Business / Naira Further Firms Up, Now 250/$ (1895 Views)
From $50-$100 At The Rate Of 250/$ / Itunes Gift Cards @ 250/$ / CBN Pumps $195Million To Boost Forex Market, As Naira Firms Up (2) (3) (4)
Naira Further Firms Up, Now 250/$ by Kyase(m): 3:53pm On Feb 25, 2016 |
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 revealsthat 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 theNaira 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 havealso 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 didnot 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. http://leadership.ng/news/504249/naira-firms-now-250 1 Like |
Re: Naira Further Firms Up, Now 250/$ by Adaowerri111: 3:54pm On Feb 25, 2016 |
Thought it was 220 |
Re: Naira Further Firms Up, Now 250/$ by Kyase(m): 3:57pm On Feb 25, 2016 |
Adaowerri111:Also Saw 210 somewhere but not that reliable to this. modath, progressive01 |
Re: Naira Further Firms Up, Now 250/$ by jamesibor: 4:01pm On Feb 25, 2016 |
Dollar is now 350 as at this afternoon and you lots are here spreading yesterday's propaganda. |
Re: Naira Further Firms Up, Now 250/$ by Kyase(m): 4:03pm On Feb 25, 2016 |
jamesibor:Bros your lie fit kill devil 6 Likes |
Re: Naira Further Firms Up, Now 250/$ by jamesibor: 4:05pm On Feb 25, 2016 |
Kyase: Visit www.abokifx.com or call any BDC. If you don't hafe any BDC contacts, I can offer you some. |
Re: Naira Further Firms Up, Now 250/$ by noncy21: 4:09pm On Feb 25, 2016 |
jamesibor:356 this afternoon. |
Re: Naira Further Firms Up, Now 250/$ by Kyase(m): 4:09pm On Feb 25, 2016 |
jamesibor:Lol I should visit abokifx ahahahaha OK ooooo. Why should I believe what you say or are you saying you are more reliable than leadership? I guess not |
Re: Naira Further Firms Up, Now 250/$ by modath(f): 4:12pm On Feb 25, 2016 |
Kyase: It was voodoo magic, it's back to 300+ !!! ![]() Nigeria is a strange land! 1 Like |
Re: Naira Further Firms Up, Now 250/$ by jamesibor: 4:15pm On Feb 25, 2016 |
Kyase: I said you should call any BDC of your choice and ask them how much they will SELL dollars to you. |
Re: Naira Further Firms Up, Now 250/$ by Kyase(m): 4:16pm On Feb 25, 2016 |
modath:Lol strange indeed. |
Re: Naira Further Firms Up, Now 250/$ by Kyase(m): 4:18pm On Feb 25, 2016 |
jamesibor:They said 290. So what |
Re: Naira Further Firms Up, Now 250/$ by Nobody: 4:39pm On Feb 25, 2016 |
kokoro t'on j'efo, ara efo lowa. na we Nigerians dey do ourselves. |
Re: Naira Further Firms Up, Now 250/$ by jamesibor: 4:47pm On Feb 25, 2016 |
Kyase: That's a lie. Tell them you want to buy and hear what they say. |
Re: Naira Further Firms Up, Now 250/$ by Kyase(m): 4:49pm On Feb 25, 2016 |
jamesibor:That's just what I said before asking for the exchange rate. |
Re: Naira Further Firms Up, Now 250/$ by jamesibor: 4:56pm On Feb 25, 2016 |
Kyase: Give me their contact, I'd like to buy. |
Re: Naira Further Firms Up, Now 250/$ by Kyase(m): 5:27pm On Feb 25, 2016 |
jamesibor:I thought you have their contact and you even offered to give it to me |
Re: Naira Further Firms Up, Now 250/$ by noncy21: 5:37pm On Feb 25, 2016 |
already in nairaland front page....#355/1$. God wi help us. 1 Like |
Re: Naira Further Firms Up, Now 250/$ by jamesibor: 5:44pm On Feb 25, 2016 |
Kyase: You said a BDC offered you 290. Mine offered 350. I'd like the contact of the person that offered you 290 so I can buy from him 1 Like |
Re: Naira Further Firms Up, Now 250/$ by kfrosh: 6:10pm On Feb 25, 2016 |
It's so true; check abokifx.com Kyase: |
Re: Naira Further Firms Up, Now 250/$ by ishiamu(m): 6:57pm On Feb 25, 2016 |
Good will soon start funding my bet365 acc |
Re: Naira Further Firms Up, Now 250/$ by Kyase(m): 8:14pm On Feb 25, 2016 |
jamesibor:Alright wait it... |
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