The Central Bank of Nigeria (CBN) is targeting a N200 to dollar exchange rate in the parallel market, The Nation learnt on Friday.

The naira which on Friday traded at N330 to a dollar in the parallel market is expected to appreciate speedily, as impact of the CBN’s measures to stabilize the currency volatility in the parallel market begin to materialize.

President, Association of Bureau De Change Operators of Nigeria (ABCON), said the N330 rate in the parallel market is an improvement from last week’s rate when the naira exchanged for N391 to dollar.

The strident calls by the International Monetary Fund (IMF) and some foreign interest for Nigeria to devalue its currency and the artificial spike in forex rate created by Bureau De Change operators appears to have tanked. This has been linked to a complex and integrated currency management approaches deployed by the CBN.

According to a top source in the apex Bank, “The aim of CBN is to ensure that the divergence between the official and parallel rate does not exceed N3, so we are looking at a parallel market rate of N200/$ because the downward trend in the pressure on the naira will be sustained.”

“The CBN has the capacity to sustain the downward pressure and will deploy further currency management initiatives, while capitalising on fiscal policies of the federal government to remain in support of non-devaluation of the Naira. The current stand of the federal government on Nigeria’s legal tender is Non-Devaluation. It will be unwise for anybody to be hoarding dollars because we can assure you that Naira appreciation is going to trend upwards going forward.”

So far, the CBN in a bid to manage the pressure on supply has deployed over $11.7billion to support Agricultural Sector, SMEs, manufacturers and others. This has reduced patronage of black market by end-users and has forced rent seekers to dump the greenback thereby creating a dollar-glut in the black-market.

The source noted that it has been observed that most of the imports that were draining forex resources have since found local substitutes with attendant savings in forex and shortage of demand for the greenback, which was fuelling the pressure, this is also coming on the heels of the CBN instruction to commercial banks to publish allocation of forex to end-users, this has in recent times ensure that real sector of the economy and genuine users for education and medicals have been able to access forex at official rate.


http://thenationonlineng.net/cbn-targets-n200-parallel-market-rate/

See Changeeeeee

Technically Noted.

So how much will the official rate be , i doupt that though

so what have they been waiting for watching Nigeria pass through those enormous pain.
It is either they are lying or they are there for their selfish interest

until d dullard start implementing his policies, naira will continue to fluctuate btw N280 n N400 to d dollar.

jerryunit48:
So how much will the official rate be , i doupt that though

Very doubtful, indeed. Will they re-enlist the 41 de-listed items? If no, is there enough dollars in the parallel market to meet demand?
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Narrowing the rates at both markets to N3 max is impracticable, except oil price improves significantly or they devalue the official rate.

These guys just want to increase the "panic factor", i am afraid as a country, we are short on fiscal and monetary instruments to fight this battle, so we resort to psychological instruments☺.

We pray it's a success


Less crying from wailers


Besides, only then will I be able to remind them of the campaign poster with at indicated $$ exchanged for 216 by cbn rate when GEJ was president

They just want to increase panic factor and make people bring out their dollars. Laye! i hold onto my dollars tightly. Oil dey crash steady and we won't manufacture anything tangible in the next 200 years. 1$= N3000 by next year.

Amazing action

tsephanyah:
.

.

I guess those spaces are a euphemism for how wide your vagina might be.

DaBullIT:
We pray it's a success


Less crying from wailers


Besides, only then will I be able to remind them of the campaign poster with at indicated $$ exchanged for 216 by cbn rate when GEJ was president

You are wailing more than the wailers

I'll hold my calm till this becomes reality. For now i guess its just speculation

Dudeweedlmao:


I guess those spaces are a euphemism for how wide your vagina might be.

So many crazies on here.

How? Seem Ifeanyi Ubah's interview is causing more ripples.

Why take a thread of urgent importance like this to the business section without putting it on the front page. Is there something up with this moderator please I need to know?

Waiting

you don't fix exchange rates the economy will decide leave d dollar build d economy why d roller coaster nine months gone no single achievement just meaningless distractions

drss:
until d dullard start implementing his policies, naira will continue to fluctuate btw N280 n N400 to d dollar.

A dullard is your president and presides over what happens to you on a daily basis, you should bury your head in the sand for a century

Talk is cheap. CBN should walk the talk...

Oya! Aja Naira, Gbera

God punish buhari

Uba is right

Hhhh

Nigeria is my con3. I wish her the best. Yes the very best

Just do all you can to give us a good economy

good

Anticabal:
They just want to increase panic factor and make people bring out their dollars. Laye! i hold onto my dollars tightly. Oil dey crash steady and we won't manufacture anything tangible in the next 200 years. 1$= N3000 by next year.

hmmmmm future tense as usual

should we commend CBN or ifeanyi Uba dat vowed to expose those behind naira problem....?