The Nigerian Naira rebounded against the US dollar across all the forex segments on Tuesday, after previously reaching a record low of N350.22 at the interbank market on Monday.

The local currency improved N44.95 at the interbank market window to close at N305.27 to a dollar, from Monday's record-low of N350.22.

At the parallel market, the Naira appreciated N5 from N470 it traded on Monday to exchange at N465, while both the Pound and the Euro traded at N565 and N510 respectively.

Accordingly, the Naira climbed N1 against the Pound Sterling to exchange at N564 at the Bureau De Change segment, while the Euro remains N510 to the Naira. However, the Naira maintained its CBN-Bureau De Change stipulated exchange rate of N358 to the US dollar at the Bureau De Change segment.

Speaking on the current improvement, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), asserted that the Naira would appreciate even further in the days to come.

According to the President, the CBN was working with Nigerians in Diaspora to facilitate more remittances to complement current liquidity in the foreign exchange market.

It should be recalled that the CBN apportioned $660 million to the manufacturers across the country on Monday, all in an effort to boost the liquidity in the forex market and ensure the Naira continues its current recovery.

Also, more International Money Transfer Operators had indicated interest in facilitating the repatriation of remittances from abroad.

http://investorsking.com/naira-rebounds-gains-across-market/

It's our prayer as a nation that the naira continue with its current recovery.

Naira is bouncing . . .

Could it be that the Naira didn't appreciate but the apparent appreciation is due to depreciation of the Dollar?

The Dollar may just be reacting to the election going on in USA.

Nigeria has done nothing different to make her NAIRA appreciate in value!

Thats a good improvement. btw the post above hates goodnews

shadeyinka:
Could it be that the Naira didn't appreciate but the apparent appreciation is due to depreciation of the Dollar?

The Dollar may just be reacting to the election going on in USA.

Nigeria has done nothing different to make her NIRA appreciate in value!

That will only affect a freely floated currency, not a tightly regulated currency like the Naira.

it is perhaps as a result of the electoral news frm US!

ok

mercichoco:
Thats a good improvement.
btw the post above hates goodnews

Its no Goodnews. The fundermental of the Naira hasn't changed at all.

The question we should ask is what did the government do to cause the appreciation in Naira value?

If you cannot point to anything major, then whatever you are seeing is just the normal volatility in currency values

shadeyinka:


Its no Goodnews. The fundermental of the Naira hasn't changed at all.

The question we should ask is what did the government do to cause the appreciation in Naira value?

If you cannot point to anything major, then whatever you are seeing is just the normal volatility in currency values

You need to read the article, and a bit more on a series of measures put in place by the CBN. You should know that the Naira problem is a liquidity issue. Here are the recent measures:

Travelex and FBN are approved to service BDCs to bolster market liquidity.

$660 million allocated to manufacturers to ease business activities and pressure on the parallel market.

$300 million to foreign airlines with promise of additional $700 million to complete $1 billion promised by the CBN.

CBN recent meeting with key stakeholders abroad to facilitate more remittances.

Crude oil output increased to 2.1mbbpd from 1.4mbpd.

These are few of the measures to help revamp the economy and strengthens the Naira, and once OPEC reach consensus on 20th this month. We should be on our way to full recovery.

Truth234:


You need to read the article, and a bit more about series of measures put in place by the CBN. You should know that the Naira problem is a liquidity issue. Here are the recent measures:

Travelex and FBN are approved to service BDCs to bolster market liquidity.

$660 million allocated to manufacturers to ease business activities and pressure on the parallel market.

$300 million to foreign airlines with promise of additional $700 million to complete $1 billion promised by the CBN.

CBN recent meeting with key stakeholders abroad to facilitate more remittances.

Crude oil output has increased to 2.1mbbpd from 1.4mbpd.

These are few of the measures to help revamp the economy, and once OPEC reach consensus on 20th this month. We should be on our way to full recovery.

I understand the technical economic mumbo jumbo. Unfortunately, these don't do much on the real economy.

Economy is a factor of Production. Every other thing is speculation.

Let me ask you a fundermental question: if oil price suddenly becomes $210 per barrel, does it imply that our our economy improved?

shadeyinka:


I understand the technical economic mumbo jumbo. Unfortunately, these don't do much on the real economy.

Economy is a factor of Production. Every other thing is speculation.

Let me ask you a fundermental question: if oil price suddenly becomes $210 per barrel, does it imply that our our economy improved?

Not just small, it will jump. These are why:

To revamp an economy like ours, we need to spend aggressively to create jobs and attack unemployment (13.3%) in order to boost consumer spending, but with oil prices this low, it is practically impossible to spend what you don't have. Hence, the reason PMB is seeking to borrow $30 billion to augment declining external reserves ($23 billion) use to back the Naira and offset deficit created by global oil glut.

Two, at $210 a barrel, diversification becomes a reality and FG will deploy all tools towards its actualization, backed with cheaper loans.

Three, Not just will our capital importation surge, we will also attract real foreign investors interested in long-term goal.

Please do not forget we are mono-crude oil economy, nothing will be achieved without oil revenue. We need it to strategically diversify the economy.

Rebounds/Appreciates 5% today, Depreciates 20% tomorrow

Ok but let's not 4get, d target is #1 to $1

Truth234:


That will only affect a freely floated currency, not a tightly regulated currency like the Naira.

What we have now is not even the true value of the Naira.

Dollar will crash globally.

dollar is crashing due to election win by trump

Pavore9:


What we have now is not even the true value of the Naira.

True

If na human being dey suffer dis kind of epilepsy when dey affect Naira so, the person for don fall inside fire. Na WA ooo.

Naira is going somewhere

Truth234:


Not just small, it will jump. These are why:

To revamp an economy like ours, we need to spend aggressively to create jobs and attack unemployment (13.3%) in order to boost consumer spending, but with oil prices this low, it is practically impossible to spend what you don't have. Hence, the reason PMB is seeking to borrow $30 billion to augment declining external reserves ($23 billion) use to back the Naira and offset deficit created by global oil glut.

Two, at $210 a barrel, diversification becomes a reality and FG will deplore all tools towards its actualization, backed with cheaper loans.

Three, Not just will our capital importation surge, we will also attract real foreign investors interest in long-term goal.

Please do not forget we are mono-crude oil economy, nothing will be achieved without oil revenue. We need to strategically diversify the economy.

You speak like a real Nigerian economist no offence intended.

The question I asked is like:
If an irresponsible lazy bone discover a stash of Gold in his compound, would his business grow?

We know what this guy would do: he will spend money, he will live in affluence, he will purchase luxuries. In summary, he will appear successful but in reality, he doesn't have the capacity to sustain the sudden wealth he has.

So is the case with Nigeria. Oil becomes $210pb?
1. Naira will appreciate in value: since no more scarcity of forex :
Note: that the economic fundermental hasn't changed
2. GDP will shoot up: largest economy by consumption not by strength.

Bottom line:
A country that depend on importation of more than 80% of what she consumes has a terribly weak economy. Subject to external demand variables.

You spoke about foreign investors and I couldn't help but laugh inside. Why?
No country develops by foreign investors unless such a country is bent on
Stealing Technology, Cloning Technology, Developing Technology etc. Other than that, it is plain robbery.

Example:
MTN is a foreign investment in Nigeria!
Who gains more in terms of Profit ? South Africa!

The profit they make in Naira is transfered to SA in dollars putting more pressures on the Naira( Since we'll have more naira and less dollar in circulation).

There is no economy if Nigeria depend on IMPORT for almost everything: clothes, paper, pins, blades, pencils, ..not to speak of phones, computers, cars etc

I believe you understand my point of view.

Our economic structure is NON EXISTENT!

Is this how the US economy will soon become with Trump's administration?

Thought 1NGN was equal to 1USD

Truth234:


True

That is why there will always be a wide difference between the "official rate" and what is obtainable on the street.

that's cool. I see a bright future for Nigeria

Wawuu

good

Watching seriously in 3D...

Truth234:


Not just small, it will jump. These are why:

To revamp an economy like ours, we need to spend aggressively to create jobs and attack unemployment (13.3%) in order to boost consumer spending, but with oil prices this low, it is practically impossible to spend what you don't have. Hence, the reason PMB is seeking to borrow $30 billion to augment declining external reserves ($23 billion) use to back the Naira and offset deficit created by global oil glut.

Two, at $210 a barrel, diversification becomes a reality and FG will deploy all tools towards its actualization, backed with cheaper loans.

Three, Not just will our capital importation surge, we will also attract real foreign investors interested in long-term goal.

Please do not forget we are mono-crude oil economy, nothing will be achieved without oil revenue. We need it to strategically diversify the economy.

Perhaps you genuinely think some of these guys don't understand these workings of the economy. The truth is a handful of them do understand, but any good news makes them develop belly ache.

In another thread yesterday where it was reported the economy recorded $1.2bn (?) capital inflow, they dismissed it, saying it's a small fry compared to past years! My argument that any report of capital inflow during recession, after witnessing series of capital outflow, is a good news to the economy, fell on deaf ears.

Watch as they start calling you "a paid per post sycophant"

Trump is leading and dollar is being affected due to scare of potential investors in usa as a reaction to Trumps candidacy....naija CBN and co are clueless here

That's amazing...


My signature my business... WhatsApp me to put u through until u start making money...

But he is right

mercichoco:
Thats a good improvement. btw the post above hates goodnews