It is called RETRACEMENT!

Damn!!!

These Nizoorians are stupider than one can ever imagine

Buhari pls get well soon.. I may not really like you, you are what we need.. It would be such a shame to see you go. I'm praying for you oh General!!

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

Anytime i see sth like this...i just laugh. The next u will hear now is naira has nose dived to 510

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onatisi:

Did u read the article at all or u just read the headline?

bro, you should know when you see post on FP with short setence. i was only booking a space. go back and check my comment.

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

ALLMIGHTY ONE PLEASE HEAL/PROTECT/PRESERVE/GUIDE/BLESS PMB&HIS HEALTH AS HE WALK OUT OF THE COUNTRY LET HIM BACK FITTER/SMARTER/FRESHER THAN HE LEFT!!!IM ASHAMED THAT A COUNTRY WHERE AN EX CONVICT/JAILBIRD/LOOTER GENERAL/MILITANTS OVERLORD CAN BE WELLCOMED DISGRACEFULLY/DISTASTEFULLY AS A HERO,SIGNIFIES CORRUPTION WILL NEVER END/SRIOUSLY SUBSIDE IN NIGERIA.LESS THAN 5% HAS ACCESS TO THE COUNTRY TREASURY THEN THAT 95% OF NIGERIANS WILL PERISH/KEEP SUFFERING IMMENSELY.

which appreciates? the dollar is 500 this morning and not 498 as advertised.

And how is this goodnews

onatisi:

Did u read the article at all or u just read the headline?

Onatisi please we need to talk. I am in the process of planning my family's emigration and I need some advice regarding timelines and projected economic circumstances (exchange rate etc) between now and December I don't mind paying a small token for your time.

GEJPosterity:

Onatisi please we need to talk. I am in the process of planning my family's emigration and I need some advice regarding timelines and projected economic circumstances (exchange rate etc) between now and December I don't mind paying a small token for your time.

Send me a pm