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Naira Appreciates To N498/$ As Reserves Hit $28.3bn - Business (2) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Appreciates To N498/$ As Reserves Hit $28.3bn (8557 Views)

Naira To Trade At 386/$ As CBN Resumes Forex Sale To BDCs / Naira Watch: Naira Appreciates To N420/$ / Naira Appreciates To N455/$ As External Reserves Hit $30bn (2) (3) (4)

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Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by flyca: 7:36am On Feb 08, 2017
Tinbu addressed protesters telling them that they have nothing to do with the skyrocketing exchange rates after all salaries are being paid in naira and they are not importers. Craze man! angry

2 Likes

Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by chuksjuve(m): 7:36am On Feb 08, 2017
500 / 498.. And this is the goodnews?
Nawaoooo

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Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by airminem(f): 7:37am On Feb 08, 2017
Evidence Of Bad Governance And Economy Direction Failure.
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by shamecurls(m): 7:37am On Feb 08, 2017
Sacluxpaint:


Do u enjoy being stupid?


I wont join you in that pigsty!
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by ridwan4u(m): 7:41am On Feb 08, 2017
In DOGARA voice we are progress. useless ppl. In DOGARA voice we are progress. useless ppl. grin grin grin grin grin

1 Like

Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by egbabiekperemo1: 7:43am On Feb 08, 2017
Zombies should wake me up when its 1dollar to 1 naira angry
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Nobody: 7:45am On Feb 08, 2017
Stewpid celebration of crass mediocrity!...nig. is fast heading south!
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Nobody: 7:47am On Feb 08, 2017
shamecurls:



I wont join you in that pigsty!

That didn't answer my question.
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Nobody: 7:49am On Feb 08, 2017
lifter1000:
Interbank. 305. BDC 315! Black market: 498. This is stupidity. 3 diff rates?

That can only happen when a people love themselves more than they love their country.
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by martineverest(m): 7:50am On Feb 08, 2017
SmartMugu:
N498 is approximately N500. I learnt that in primary 3.
when u study science or engineering,u will know that that difference of 2 can kill millions
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Nobody: 7:51am On Feb 08, 2017
shamecurls:
God bless the present administration for there tremendous efforts in trying to stabilize the economy of our great country.


God bless His Excellence, President Mohammadu Buhari

God bless The Federal republic of Nigeria

Well said.

1 Like 1 Share

Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by BlackSeptember: 7:55am On Feb 08, 2017
shamecurls:
God bless the present administration for there tremendous efforts in trying to stabilize the economy of our great country.


God bless His Excellence, President Mohammadu Buhari

God bless The Federal republic of Nigeria

1 Like

Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by bilulu(m): 7:57am On Feb 08, 2017
emmanwandud:
With osinbajo in charge u could see we are appreciating dollae wise even though at a slow rate .sometime speed kills ,sllow and steady naira wins the race.
always praising their own even wen he has done nothing..... not until d exchange rate goes back to were it was I don't see any effort

2 Likes

Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Nobody: 7:57am On Feb 08, 2017
dammy13:

Having depreciated in value to N500 to the dollar at the parallel market, the value of the naira appreciated to N498 to the dollar, the value it had been trading for weeks or weeks, even as external reserves rose to $28.28 billion the highest in the year highest in a year.

The naira however remained stable at N305.25 to the dollar at the interbank market, on the website of the Association of Bureau de Change Operators; the naira was quoted at N315.38 to the dollar.

Demand for the greenback grew and the Central Bank of Nigeria rationed dollar supply, having sold $660 million in 3- and 5- month currency forwards at an auction aimed at clearing a backlog of dollar demand. Traders however said the dollar sale was not enough to satisfy the market.

Data on the website of the apex bank showed that the nation’s external reserves has risen by 7.89 per cent since the beginning of the year.

Traders said while the apex bank has been selling dollars on the official market to support the naira, dollar shortages were causing the naira to weaken on the black market.

Head of Africa Research at Standard Chartered Bank, Razia Khan said, “Despite rising foreign exchange reserves, it is the amount of forex that is supplied that matters.

http://www.kikiotolu.com/2017/02/naira-appreciates-to-n498-as-reserves.html

Lalasticlala Mynd44 seun Dominique










Ogbeni no dey post dis kind news here again..... na like dis exchange rate be last 3years wey u dey talk say good news!!!!! see dem people with mediocre minds

2 Likes

Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Nobody: 7:58am On Feb 08, 2017
shamecurls:
God bless the present administration for there tremendous efforts in trying to stabilize the economy of our great country.


God bless His Excellence, President Mohammadu Buhari

God bless The Federal republic of Nigeria


You and your type are the problem of this country
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Doyin2(m): 7:59am On Feb 08, 2017
Stupid reportage!

The official market rate is N315 to the dollar.The volumes traded at this official market rate is far more than the illegal black market.

I just wonder why it is only in Nigeria useless journalists report illegal black market rates.


The media is a major part of the problems of this country.Availability of information is a key factor to any market success,legal or illegal.Once the information on the illegal black market rate is not readily available,the market would crash at once!

But unfortunately,the black market rate is always hitting the headlines.

What a country! cry
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by shamecurls(m): 8:00am On Feb 08, 2017
Pidgin2:



You and your type are the problem of this country

How?
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Nobody: 8:03am On Feb 08, 2017
Pidgin2:


You and your type are the problem of this country


Leave the mumu make him too dey reason like him party leaders

2 Likes

Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Nobody: 8:06am On Feb 08, 2017
shamecurls:


How?

What has this administration done that is worthy of the praise you are posting all over the place?
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by onatisi(m): 8:06am On Feb 08, 2017
seunlayi:
Good news
Did u read the article at all or u just read the headline?
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by SmartMugu: 8:10am On Feb 08, 2017
martineverest:
when u study science or engineering,u will know that that difference of 2 can kill millions
Can you approximate 498 differently? Can we compare speed for a moment - like how fast the rates went up to 500 vs how slow it came down just 2 units. In my opinion, naira has more tendency to continue declining irrespective of the retracement mentioned.
To your comment, yeah I do understand science and eng, one of my first degrees is in engineering.
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Nobody: 8:12am On Feb 08, 2017
shamecurls:
God bless the present administration for there tremendous efforts in trying to stabilize the economy of our great country.


God bless His Excellence, President Mohammadu Buhari

God bless The Federal republic of Nigeria

Sarcasm
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by shamecurls(m): 8:17am On Feb 08, 2017
Pidgin2:


What has this administration done that is worthy of the praise you are posting all over the place?


Security- Boko-Haram is been brought to there knees like never before and the NAF is better equipped and up to the challenge.

Economy-Despite the all time low of Crude oil, The administration has tried all its possible best to sustain the economy through diversification into agriculture and even to the extent of bailing out States. TSA Implementation inclusive.

Corruption- That i need not right much about, Its glaring to all.



Please re this not enough fits to give kudos to an administration thats less than 24 months?
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by shamecurls(m): 8:18am On Feb 08, 2017
udemzy101:


Sarcasm

You have utmost right to your opinion!
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by HENRY940: 8:20am On Feb 08, 2017
Every spirit "one step forward, two steps back,

Die !
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by plamonee: 8:20am On Feb 08, 2017
According to the report, " not the increase in external reserve that matters but the supply to the market". My question is, should we empty our reserve so as to have enough to supply to the market? Of course no. The major cause of this naira nosedive is our unbridled demand for foreign made goods. Have nothing against someone raising his standard by preferring foreign product. My qualms is with the importers, industrialist, manufacturers and relevant government agencies charged with policy, planning and regulatory functions. Can we not take statistics of various products being imported, organise it into a proposal and approach the manufacturers for the need to produce in Nigeria. Or even our importers to transform to manufacturers by producing the basic things that does not require sophisticated technology. I think many of our leaders are lazy and want quick profit. Custom should continue to be alive to their responsibility of enforcing ban products. Also government should develop more trade partners with countries that can transfer technology. Looking at the whole picture it will take a long time for the naira to recover unless something is done to our taste and preferences.
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Nobody: 8:25am On Feb 08, 2017
terrezo2002:
I believe Nigeria will be great again

No offence, but believe in something else
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Omeokachie: 8:29am On Feb 08, 2017
Should we pop champaigne?

What was the value 2years ago?
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by genesishouse: 8:30am On Feb 08, 2017
Hi,
May be you need to know some of the realities on ground.

1. CBN can not meet the demand for FX in Nigeria.
2. the locals rely on the black market to finance items they cannot do through the official window.
3. if you are travelling today how many banks in Nigera are currently selling PTA/BTA
4. When you dont meet demand for any commodity the consumers will source for alternative market/window.
5. whether they post info about black market rate or not the rate will always go high since CBN cannot meet the demand for dollars.
6. We need good economic team to take us of this mess and not te medicores we are having now.

Doyin2:
Stupid reportage!

The official market rate is N315 to the dollar.The volumes traded at this official market rate is far more than the illegal black market.

I just wonder why it is only in Nigeria useless journalists report illegal black market rates.


The media is a major part of the problems of this country.Availability of information is a key factor to any market success,legal or illegal.Once the information on the illegal black market rate is not readily available,the market would crash at once!

But unfortunately,the black market rate is always hitting the headlines.

What a country! cry
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Nobody: 8:38am On Feb 08, 2017
shamecurls:



Security- Boko-Haram is been brought to there knees like never before and the NAF is better equipped and up to the challenge.

Economy-Despite the all time low of Crude oil, The administration has tried all its possible best to sustain the economy through diversification into agriculture and even to the extent of bailing out States. TSA Implementation inclusive.

Corruption- That i need not right much about, Its glaring to all.



Please re this not enough fits to give kudos to an administration thats less than 24 months?

I repeat people like you have succeeded in destroying this country. Continue, after all your own children will also only hear about Nigeria in history books

1 Like

Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Clone2020(m): 9:08am On Feb 08, 2017
If you are in the US or have relatives in the US trying to send money to naija, I will exchange the funds at 420/$, simply deposit into my US bank account and receive instant funding into your Nigerian account. Don't bother with western Union and co, they exchange at 375/$ with fees and the exchange rate drops to around 345/$.

See my contact below.
Re: Naira Appreciates To N498/$ As Reserves Hit $28.3bn by Nobody: 9:32am On Feb 08, 2017
whats the difference btw that and 500?

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