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Nairaland Forum / Nairaland / General / Business / Naira Gains Momentum, Closes At 390/dollar (17184 Views)
FOREX: CBN Introduces New Rules, Naira Closes At 367/$ / Naira Gains, Dollar Crashes At Parallel Market / As Naira Gains, Neighbouring Countries Ease Rush For Nigerian Goods (2) (3) (4)
Naira Gains Momentum, Closes At 390/dollar by Truth234(m): 4:45am On Apr 20, 2017 |
The naira recorded a major gain on Wednesday, closing at 390 per United States dollar at the parallel market, up from 405/dollar on Tuesday. This came barely 24 hours after the Central Bank of Nigeria announced the injection of $280m into the various segments of the forex market and the commencement of its weekly $20,000 sale to licensed Bureau De Change operators. Before closing at 405/dollar on Tuesday, a day after the Easter holidays, the local unit had closed flat at 410/dollar for seven consecutive days. As a result, currency analysts had expressed concerns over the exchange rate resistance to the CBN’s continued dollar supply into the forex market aimed at bridging the gap between parallel and official exchange rates. Last week, some currency analysts predicted the naira would appreciate this week if the central bank sustained its interventions in the market. Some experts, however, expressed doubt that the CBN possessed the stock of forex to wage the currency war against speculators. But the regulator has assured the market participants that with the external reserves currently at $30bn and with oil hovering above $50/barrel, it will sustain the regular dollar injections. The local currency had closed at 375/dollar about three weeks ago amid record dollar injections by the central bank. Last week, commercial banks could not purchase $39m out of the $100m offered for sale by the CBN on Thursday due to shortage of naira. A breakdown of the CBN’s $280 intervention on Tuesday showed that invisibles such as Business Travel Allowance, Personal Travel Allowance, medical bills and tuition received $80m, while the Small and Medium Enterprises window received $100m. Together with the wholesale bid auction of $100m, the CBN sold $280m into the market. The bank’s spokesman, Mr. Isaac Okorafor, said the CBN was committed to supplying forex to genuine bank customers. http://investorsking.com/naira-gains-momentum-closes-at-390dollar/ 1 Like 1 Share |
Re: Naira Gains Momentum, Closes At 390/dollar by 989900: 4:58am On Apr 20, 2017 |
Fingers crossed . . . The SMEs window if not abused should be a good move. Raising limits on Naira cards for POS transactions would have been good too. Cashless policy and the Whistleblower policy, plus ebb and flow in the exchange rates will make it a bit difficult for racketeers. The Naira should do better by far in a year or 2 when Private refineries start working, and 'probably' government ones do better, hoping the agric, local rice and 'buy naija' revolution does not lose steam, with the steel industry, local auto industry, railways and FDIs kicking in. P.S. It was N385 @ Island yesterday. N375 @ Sabo, Ibadan. April 20. N365 @ Ejigbo, Lagos. April 20. 28 Likes 5 Shares |
Re: Naira Gains Momentum, Closes At 390/dollar by Nobody: 4:58am On Apr 20, 2017 |
How long shall we continue to prop it up? Naira do rise ooo...Business is stalling. 1 Like 1 Share |
Re: Naira Gains Momentum, Closes At 390/dollar by modath(f): 5:16am On Apr 20, 2017 |
989900: You don start again bah.... 385? Where? In your dreams? ![]() ![]() Nigeria needs a 100$ minimum oil to even start to break even.... a nor dey lie to myself..... it's cos oil rose to 55 +- that CBN has gone on another pump.... Throwing good money after bad!!! Like i have told you & will continue to reiterate, let CBN allow cards usage across all banks for just one week & we'll see if the voodoo "appreciation" yansh won't be exposed.... I love my country & want her progress but a nor dey lie to myself sam sam. 12 Likes 3 Shares |
Re: Naira Gains Momentum, Closes At 390/dollar by 989900: 5:24am On Apr 20, 2017 |
modath: That was how much they will buy from you as at yesterday evening. Enter market or make calls . . . Nigeria needs oil to be at $100 if Nigeria is not making changes to her old ways; not if she does -- Nigeria is not Qatar nor Kuwait, she is more than oil. I wonder why you're always bitter when the Naira appreciates. From N520 (When I advised you it will soon crash) to N385-N407 range -- that's some journey in the right direction. 17 Likes 2 Shares |
Re: Naira Gains Momentum, Closes At 390/dollar by ZUBY77(m): 5:40am On Apr 20, 2017 |
The World's most Flying currency is at it again. 10 Likes 1 Share |
Re: Naira Gains Momentum, Closes At 390/dollar by nengibo: 5:42am On Apr 20, 2017 |
989900:There is no need being political about this, an exchange rate of 385-407 can be the right direction unless if Zimbabwe is who you are following 2 Likes |
Re: Naira Gains Momentum, Closes At 390/dollar by modath(f): 5:56am On Apr 20, 2017 |
989900: Without mincing words, I'm really disappointed in you!!! ADDENDUM.. People who are having difficulty understanding the nation's problem should check this post & accompanying screen shot... ![]() https://www.nairaland.com/3436650/give-birth-usa-cost-procedures/206#55734245 7 Likes 2 Shares
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Re: Naira Gains Momentum, Closes At 390/dollar by 989900: 5:59am On Apr 20, 2017 |
nengibo: Not if you're coming from N520 some few weeks back and was in a recession, almost a depression with saboteurs everywhere. Progress is key -- nothing happens overnight. 7 Likes 2 Shares |
Re: Naira Gains Momentum, Closes At 390/dollar by dayus444: 5:59am On Apr 20, 2017 |
We knew this would happen. After yesterday's injection comes this kneel-jack reaction. Which way Naija? |
Re: Naira Gains Momentum, Closes At 390/dollar by 989900: 5:59am On Apr 20, 2017 |
Re: Naira Gains Momentum, Closes At 390/dollar by Truth234(m): 6:20am On Apr 20, 2017 |
modath: But why are you disappointed? I somehow feel the same way too. 2 Likes |
Re: Naira Gains Momentum, Closes At 390/dollar by modath(f): 6:31am On Apr 20, 2017 |
Truth234: Cos i don't build my castles in the air....I should be castigated & demeaned? Can any currency exist in a vacuum or in a state of perpetual flux...Pump it appreciates, lull same problem returns.... abegiiii!!! Flight ticket of 300k just around one year ago is over 450k , pack of cereal i used to buy at 4k is now 6.5k, a tin of sardine is 300 naira & yall think I'm happy about the nation's predicaments? How much of these myriads of problem affect the elite? So knowing the truth & refusing to accept the band aid over festering sore is an act of sabotage? Must we all sleep and face same direction? Until we all stop lying to ourselves, we will continue to revolve around same circle and make no appreciable progress.... We have to produce to progress, anything short is self deception.... P.S... I've given 989900 the only response i owe him, you've gotten yours as well.... Now both of you can find one corner to rub against yourselves in your one sided prism view of patriotism...... mtcheeeewwww!!!! ![]() *mic drop* 22 Likes 7 Shares |
Re: Naira Gains Momentum, Closes At 390/dollar by MrBONE2(m): 7:02am On Apr 20, 2017 |
Momenton but not as Fast and Furious ![]() If the country's Currencies would not continue to appreciate,i here by advice that we shoul switch to use of Coweries,Shell,Stones ,Golds,Animals or Even our KiVu Land Monetary BONES ![]() Gyarbonka 1 Like 1 Share
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Re: Naira Gains Momentum, Closes At 390/dollar by Truth234(m): 7:05am On Apr 20, 2017 |
modath: Hehe.. madam na fight? Building an economy is a gradual process. Consumer prices are still high but that does not negate recent progress as reported by NBS. The country would be out of recession in the second quarter and prices would adjust accordingly. 10 Likes |
Re: Naira Gains Momentum, Closes At 390/dollar by cogbuagu: 7:33am On Apr 20, 2017 |
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Re: Naira Gains Momentum, Closes At 390/dollar by Nobody: 7:33am On Apr 20, 2017 |
![]() Celebrity government ![]() I pity our future generations because it has been looted ![]() ![]() 1 Like |
Re: Naira Gains Momentum, Closes At 390/dollar by Aburi001: 7:34am On Apr 20, 2017 |
The whistle blowing business is fast becoming lucrative Let the EFCC continue to channel seized looted funds to the CBN. And the Central Bank will continue to release more dollars to the Commercial Banks. I'm enjoying this new Circle of life/match between Naira vs dollar. Hopefully one day, 1 dollar will exchange for 100 naira. 8 Likes |
Re: Naira Gains Momentum, Closes At 390/dollar by Nobody: 7:34am On Apr 20, 2017 |
Interesting Confusions... 1. Can you cry under water...? 2. Do fishes ever get thirsty...? 3.Why is it called Building when it is already built...? 4. When they say dogs food is new and improved , who tastes it...? 5. If money doesn't grow on trees, why do banks have branches...? 6. Why does round pizza come in square box...? 7. Why doesn't glue stick to it's bottle...? Crazy world isn't it...!! 2 Likes 2 Shares |
Re: Naira Gains Momentum, Closes At 390/dollar by clefstone(m): 7:35am On Apr 20, 2017 |
Now I believe Buhari is sick again and Osibanjo has resumed running tins 3 Likes 1 Share |
Re: Naira Gains Momentum, Closes At 390/dollar by Amberon: 7:36am On Apr 20, 2017 |
Naira the only twerking currency. Bunch of old visionless potbellied thieves we call leaders. 1 Like |
Re: Naira Gains Momentum, Closes At 390/dollar by femi4: 7:36am On Apr 20, 2017 |
Make dem dey pump am tilll e reach N200 4 Likes |
Re: Naira Gains Momentum, Closes At 390/dollar by rozayx5(m): 7:37am On Apr 20, 2017 |
hmm what has this admin really achieved ![]() |
Re: Naira Gains Momentum, Closes At 390/dollar by Lazyreporta(m): 7:37am On Apr 20, 2017 |
![]() 1.6m for dis machine 2007 07030407370 1 Like
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Re: Naira Gains Momentum, Closes At 390/dollar by iykepromotions: 7:37am On Apr 20, 2017 |
still on the high side. |
Re: Naira Gains Momentum, Closes At 390/dollar by kingphilip(m): 7:38am On Apr 20, 2017 |
Until the mudu of garri goes back to 100 Naira as it used to be from this present 500, the gain of the Naira have no meaning to me 4 Likes 1 Share |
Re: Naira Gains Momentum, Closes At 390/dollar by supereagle(m): 7:39am On Apr 20, 2017 |
Let it come down to #200 1 Like 1 Share |
Re: Naira Gains Momentum, Closes At 390/dollar by ItzHoludex(m): 7:41am On Apr 20, 2017 |
back on track |
Re: Naira Gains Momentum, Closes At 390/dollar by ORACLE1975(m): 7:41am On Apr 20, 2017 |
make I sleep FIRST |
Re: Naira Gains Momentum, Closes At 390/dollar by Tflex01: 7:42am On Apr 20, 2017 |
Good news!!!! Unfortunately, not the type of news some people want to hear. ![]() |
Re: Naira Gains Momentum, Closes At 390/dollar by Tflex01: 7:43am On Apr 20, 2017 |
kingphilip: PDP did not spoil this country in one day. Don't expect APC to fix it in a day. 5 Likes |
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