By Babajide Komolafe

The Naira Tuesday appreciated further to N345 per dollar in the parallel market. Meanwhile bureaux de change BDC) operators have voiced their support for the federal government’s position against further devaluation of the naira kicked against further devaluation of the naira.

Vanguard investigation reveals that the parallel market exchange rate, which had been on the downward trend since last week, fell further to N345 per dollar at the close of business yesterday from N375 on Monday.


BDC operators said attributed the continued appreciation to increased supply and sharp decline in demand for foreign exchange. “People are coming to the market to sell but there is no demand”, said Taiwo Ebenezer, South West Zonal Chairman, and Association of Bureaux De Change Operators of Nigeria (ABCON). Speaking at a press conference Tuesday, ABCON President, Alhaji Aminu Gwadabe, dissociated BDC from the rapid depreciation of the naira from N265 to N400 in the parallel market saying such developments is not good for the business of BDC. He said, “Depreciation of the naira affects the working capital of BDCs and by extension their turnover. BDCs are able to do more business when the exchange rate is stable and relatively close to  the official exchange rate. Hence, BDCs cannot promote what is injurious to their business. Secondly, BDCs are basically intermediaries. They buy dollars from the public and sell to the public. Our incomes come from the margin between the selling rate and buying rate. To this end BDCs are more interested in turnover than in the exchange rate. We make money from the rate at which we can use our working capital to buy and sell dollars. We make money from the rate at which we can use our working capital to buy and sell dollars. Hence BDCs don’t determine the exchange rate; this is determined by the demand and supply for dollars in the market. With the intense scarcity of dollar in the market, and increased demand, the foreign exchange market has become a sellers’ market. The rate is largely determined by the sellers, and not by BDCs who are mere intermediaries. “ Gwadabe said that is why the ABCON supports the position of the federal government that there would be no further devaluation of the naira.

He said, “ABCON hereby aligns itself with the stance of the President that there would be no further devaluation of the naira. “While it is true that the country is experiencing shortage of foreign exchange inflows due to decline in crude oil price, fall in external reserve, which makes it difficult to accommodate all demand for foreign exchange, the reality is that devaluation of the naira will not solve the problem. What we need are policies that will diversify our economy to increase non-oil export earnings, and reduce importation, leading to increased foreign exchange inflow and reduction in demand for foreign exchange. Like the President indicated recently, since the only significant thing we export is crude oil, devaluation will do more harm to the economy than good. So we also say no to further devaluation of the naira”.

Read more at: http://www.vanguardngr.com/2016/02/naira-appreciates-to-n345-as-bdcs-kick-against-devaluation/

Ndi Ara!


Enemies Of The Country!

Supporters of Corruption!


Welcome ediotusss!!!

Where are the ediotuss!!!

NgeneUkwenu:
Where are the ediotuss!!!

Sai Baba for remaining resolute in the face of economic saboteurs.

#NoToNairaDevaluation

DickDastardly:
Your Papa na ediot

See them!

This depraved creature no dey learn. In August 2015, he opened a thread to celebrate the rise of the Naira to 209 Naira to $1

https://www.nairaland.com/2499823/n209-1-appetite-dollars-falls

Monkey no dey quote me naa

Big fat shit

See them above, they will NEVER Sleep today! Useless beings!!

NgeneUkwenu:
See them above, they will NEVER Sleep today! Useless beings!!

Have you asked yourself what is influencing the appreciation
I hope it is not our last reserve APC is using to defend the naira

HiddenShadow:


[s]Have you asked yourself what is influencing the appreciation
I hope it is not our last reserve APC is using to defend the naira[/s]

See "Painment". Cry Yourself to sleep!

NgeneUkwenu:


See "Painment"

I hope you won't hide if this appreciation bubble burst.

4Play:
This depraved creature no dey learn. In August 2015, he opened a thread to celebrate the rise of the Naira to 209 Naira to $1
https://www.nairaland.com/2499823/n209-1-appetite-dollars-falls

Its probably going to be in the 200s tomorrow. Someone already said he got at N275 this evening but we'll confirm soon enough

we pray things get better.
now the demand of dollar is less. with buhari resilient nature, most company's alternative option now is local production. it will be hard on us but considering the long run is the best.
"tough times don't last but tough people do."
"don't give me fish teach me how to catch"
the President need our prayers to make tough decisions for the good of our country.
if you stand with PMB
*like

WE ARE ON THE RISE! BACKINTHEBLACK!

jumas:
we pray things get better.
now the demand of dollar is less. with buhari resilient nature, most company's alternative option now is local production. it will be hard on us but considering the long run is the best.
"tough times don't last but tough people do."
"don't give me fish teach me how to catch"
the President need our prayers to make tough decisions for the good of our country.
if you stand with PMB
*like

Thank You Jare! Don't mind the Useless IPOB Youths!

mrmetoo1:
Its probably going to be in the 200s tomorrow. Someone already said he got at N275 this evening but we'll confirm soon enough

I bought @ 320 this evening...

HiddenShadow:


Have you asked yourself what is influencing the appreciation
I hope it is not our last reserve APC is using to defend the naira

You've been saying this same thing in every thread. You realize we're talking black market here right?

This thread violates rule 8 ..

..but you won't see that mod that always paste ..


..THREAD CLOSED ..Don't post false information on Nairaland ..

..Rice eaters

NgeneUkwenu:


Thank You Jare! Don't mind the Useless Youth!

Counting your chicks before they are hatched.
Find out what is influencing the appreciation before you rejoice.
Hope is not our last foreign reserve they are using

HiddenShadow:


Have you asked yourself what is influencing the appreciation
I hope it is not our last reserve APC is using to defend the naira

Which reserve Wetin Hero remain inside? It's the people hiding FX in their WCs ,& septic tanks that brought them out when they saw that PMB won't yield to blackmail!!!

Bros, you hate a party so much that you desire suffering & hardship for your people

Na wah ooo, however #saynotodevaluation

mrmetoo1:


You've been saying this same thing in every thread. You realize we're talking black market here right?

Do black market get their dollars from heaven.?
Find out what is truly influencing this appreciation before you rejoice.
Tomorrow when the bubble burst, you guys will go into hiding

IPOD youths again?!

modath:



Which reserve Wetin Hero remain inside? It's the people hiding FX in their WCs ,& septic tanks that brought them out when they saw that PMB won't yield to blackmail!!!

Bros, you hate a party so much that you desire suffering & hardship for your people

Na wah ooo, however #saynotodevaluation

Listen to yourself again and tell me if you make sense.
Let someone check our foreign reserve if it is going down

Goood news, a better news would be the report of the release of Sheikh Ibrahim Zakzaky

Well, I love it and if $1 eventually equals N1, I will be the first to dub the president an "Einstein", bet for now, he is still Dullarpo.



Now, the problem with this creature called ngene warreva, is that, you are a bloody sycophant. An ass-licker, with your tongue stuck all the way down bubus bum hole

Just look at the quote from this nigggggah when dullarpo first started:


Posted:-August 03, 2015

NgeneUkwenu:
20 Hours electricity.
Working Refineries.
Working EFCC
Working Economy
Corruption Decline by 70%
Decimation Of Boko Haram.

All the above mentioned feats were achieved without moving the gear stick to 2!

Baba, Long May You Work Slowly!!!

God Bless Muhammadu Buhari!

lalasticlala, Ishilove Can We show some love to Baba! At least you guys were updating us when Naira was going up against the dollar!

Does this seem like a normal human being to you guys

kYjelly2:


Well, I love it and if $1 eventually equals N1, I will be the first to dub the president an "Einstein", bet for now, he is still Dullarpo.



Now, the problem with this creature called ngene warreva, is that, you are a bloody sycophant. An ass-licker, with your tongue stuck all the way down bubus bum hole

Just look at the quote from this nigggggah when dullarpo first started:


Posted:-August 03, 2015


Does this seem like a normal human being to you guys

You are not making Sense!

HiddenShadow:


Listen to yourself again and tell me if you make sense.
Let someone check our foreign reserve if it is going down

Look for torch light & check nah!!!

kYjelly2:


Well, I love it and if $1 eventually equals N1, I will be the first to dub the president an "Einstein", bet for now, he is still Dullarpo.



Now, the problem with this creature called ngene warreva, is that, you are a bloody sycophant. An ass-licker, with your tongue stuck all the way down bubus bum hole

Just look at the quote from this nigggggah when dullarpo first started:


Posted:-August 03, 2015


Does this seem like a normal human being to you guys

Good question

NgeneUkwenu:


You are not making Sense!

That's the funny thing about illiterates, they always claim the sane person aint making sense. I guess though, that could go either way, but such is life

It's like when you try to correct a driver in naija for changing lanes without using his signal and he turns around to curse u

You see, the problem is, you don't even know that you are an illiterate, but I'm here to help you see the light.

The post I quoted by you was dated August 2015, barely 3 months after Dullarpo took over. Yet You accredited him these accomplishments:


[size=14pt]"20 Hours electricity.
Working Refineries.
Working EFCC
Working Economy
Corruption Decline by 70%
Decimation Of Boko Haram."[/size]

Abeg nairalanders, please tell me which of the things listed above by the illiterate ngene are true today.

To think that you even gave him all these accomplishments that soon into the presidency when the man didn't even have ministers, just goes to show the depths of your illiteracy. A deep dark place, void of reason and any intelligence whatsoever.

I implore you to make the climb, just like Bruce Wayne did, out of the depths and into the light.