NAIRA REBOUNDS AFTER ONE-WEEK DEPRECIATION
source: http://www.eyesoflagos.com/2017/04/naira-rebounds-after-one-week.html

The Naira on Tuesday appreciated against the dollar at the parallel market after a sustained one-week depreciation, the News Agency of Nigeria reports.
The Nigerian currency traded between N380 (buying rate), and N390 (selling rate) stronger than N395 recorded on Monday, while the Pound Sterling and the Euro closed at N480 and N415 respectively.
At the Bureau De Change window, the naira was sold at N362 to the dollar, while the Pound Sterling and the Euro closed at N483 and N430 respectively.
Trading at the interbank market saw the naira close at N306.25.
Traders at the market said that the intervention by the Central Bank of Nigeria at the different segments of the foreign exchange market was driving the strengthening of the naira against the dollar.
Meanwhile, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria had predicted the appreciation of the naira as BDCs set to receive more Diaspora remittances.
Gwadabe said that the improved inflows of Diaspora remittances into the economy in spite of falling oil prices would fast-track rates convergence and unification.
NAN reports that the CBN remained resolute in its efforts to boost liquidity at the interbank market and the BDC sector of the foreign exchange market.

For me there is nothing to celebrate until we witness a crash in the prices of commodities. If prices of food items and other things had to shoot up using the increasing dollar/naira rate as excuse, the prices should come down now that the naira is gaining upper hand against the dollar and other currencies.

The government should force marketers, sellers, importers, manufacturers and their likes to crash prices if no we are only artificially increasing the value of the naira to make some select greedy bastardos rich.

The dollar, pound, euro and other currencies have been crashing against the naira for over 3 weeks now yet no impact is felt. Things are still as expensive as ever then what's the point?

I personally am not happy one bit. And it is because I earn in dollars. I don't mind dollar crashing if my buying power does not diminish but I seriously mind now that prices are still as high as they were. Bag of rice is still 20k+, my baby's food is still as expensive as before, Milton solution for my baby that was hitherto 700 naira is still 1200, pican teething that was just 1200 is now 2,000.

It is f*cking annoying and the government needs to do something very fast.

Naira going up and down like see-saw.

currency manipulations would never save the naira.this country spent six months without a finance minister or an economic team when the price of oil was falling on the world market.

abouzaid:
currency manipulations would never save the naira.this country spent six months without a finance minister or an economic team when the price of oil was falling on the world market.

This is one big mistake Buhari made. Thinking he can govern the country without ministers was delusion and a big mistake that has made the economy ( that was declining before him) even worst.

abescom:


The government should force marketers, sellers, importers, manufacturers and their likes to crash prices if no we are only artificially increasing the value of the naira to make some select greedy bastardos rich.

When the VP said he will delegate a team to monitor and regulate price of commodities, some emotional Nigerians were crying wolf that such move can't work as they should allow market gap determine the price itself.

To some extend, both views are correct because a market woman cannot afford to sell her produce below her standard of living since she will use such money to purchase other basic needs but then our people are too greedy. Up till now, are they still having old stock when the exchange rate was N520 to a dollar? I can take exception for luxury goods such as cars, electronics, etc which they are not highly consumable but for consumable goods, Haba! This is where government policy on price regulation needs to come in.

abescom:

For me there is nothing to celebrate until we witness a crash in the prices of commodities. If prices of food items and other things had to shoot up using the increasing dollar/naira rate as excuse, the prices should come down now that the naira is gaining upper hand against the dollar and other currencies.

The government should force marketers, sellers, importers, manufacturers and their likes to crash prices if no we are only artificially increasing the value of the naira to make some select greedy bastardos rich.

The dollar, pound, euro and other currencies have been crashing against the naira for over 3 weeks now yet no impact is felt. Things are still as expensive as ever then what's the point?

I personally am not happy one bit. And it is because I earn in dollars. I don't mind dollar crashing if my buying power does not diminish but I seriously mind now that prices are still as high as they were. Bag of rice is still 20k+, my baby's food is still as expensive as before, Milton solution for my baby that was hitherto 700 naira is still 1200, pican teething that was just 1200 is now 2,000.

It is f*cking annoying and the government needs to do something very fast.

The most annoying thing of all is being ruled by a person who cannot produce his real WASC certificate.

wristbangle:


When the VP said he will delegate a team to monitor and regulate price of commodities, some emotional Nigerians were crying wolf that such move can't work as they should allow market gap determine the price itself.

To some extend, both views are correct because a market woman cannot afford to sell her produce below her standard of living since she will use such money to purchase other basic needs but then our people are too greedy. Up till now, are they still having old stock when the exchange rate was N520 to a dollar? I can take exception for luxury goods such as cars, electronics, etc which they are not highly consumable but for consumable goods, Haba! This is where government policy on price regulation needs to come in.

APC is just looking for the easyvway out of the crisis. But any kind of price regulation will backfire as usual. You cannot force a person to sell anything you did not force him to buy.

That was the blunder of Buhari in 1983 that crashed the economy beyond repairs and gave IBB the reason to kick him out.

Garri is almost #300 per mudu.

abescom:
This is one big mistake Buhari made. Thinking he can govern the country without ministers was delusion and a big mistake that has made the economy ( that was declining before him) even worst.

buhari is too poorly educated to know the meaning of fiscal and monetary policies and to understand that the cbn governor can only handle the monetary policies while the finance minister is in charge of the more potent fiscal policy.

abescom:

For me there is nothing to celebrate until we witness a crash in the prices of commodities. If prices of food items and other things had to shoot up using the increasing dollar/naira rate as excuse, the prices should come down now that the naira is gaining upper hand against the dollar and other currencies.

The government should force marketers, sellers, importers, manufacturers and their likes to crash prices if no we are only artificially increasing the value of the naira to make some select greedy bastardos rich.

The dollar, pound, euro and other currencies have been crashing against the naira for over 3 weeks now yet no impact is felt. Things are still as expensive as ever then what's the point?

I personally am not happy one bit. And it is because I earn in dollars. I don't mind dollar crashing if my buying power does not diminish but I seriously mind now that prices are still as high as they were. Bag of rice is still 20k+, my baby's food is still as expensive as before, Milton solution for my baby that was hitherto 700 naira is still 1200, pican teething that was just 1200 is now 2,000.

It is f*cking annoying and the government needs to do something very fast.

price regulation? bad idea.that's how buhari destroyed the national economy in the early eighties, if you did start an akara business for me,you don't have the right to tell me how much i can sell a ball of akara.