…As BDCs back Buhari’s no devaluation stance

THE naira gained about 30 per cent on Wednesday against the dollar at the parallel market to trade between N250 and N280 from N364 at which it sold on Tuesday ending two weeks of free fall when it peaked at N403 against the greenback at the parallel market last week Thursday.

The local currency had begun a gradual recovery on Friday, firmed sharply at the parallel market yesterday as retail traders, having anticipated a cut in its official rate and stocked up on dollars, bought the local currency back after the government said it would not devalue.

The naira rate closed at N197.50 on Wednesday at the official interbank market, where the CBN limits introduced late last year to defend a currency peg have restricted access to dollars.

That has funnelled demand for dollars on to the parallel market, a flow further fuelled by speculation of a possible weakening of the peg.

The Acting President of the Association of Bureau de Change of Nigeria (ABCON), Aminu Gwadabe, said the market was reacting to President Muhammadu Buhari’s ‘no devaluation’ stance.

He, however, expressed ABCON’s support for President Buhari not to allow further devaluation of the naira.
Gwadabe, who said the association was in partnership with the authorities to step up efforts to rid the market of illegal currency traders stated: “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!” he stated.

He also affirmed ABCON’s backing to ensure its members comply with the Central Bank of Nigeria’s regulation as well as operate within the approved margin of 3.5 per cent with the hope that the demand and supply situation would improve to restore calm and stability in the market.

http://sunnewsonline.com/new/naira-gains-30-sells-for-n250dollar/

Hehehehehehehehehehe.

Enemies don shame.

Nigeria is moving forward.

Where that Golden Parrot called Fayose sef?make him come run him Jangolova mouth again.

Good news.

One thing I love about Buhari is once he has taken a stand there is no going back

But where is lalasticlala sef

..All hail Ifeanyichukwu Uba ..

I thought people said that the free fall of dollar is connected to the fall in oil price ..

I don't believe in hearsay

Let's stop deceiving ourself..
Naira is lower than Dollars but higher than Zimbabwe Dollars

Keneking:
But where is lalasticlala sef

Good news.

Nice one for our economy.

I thought apc Yoruba sycophants claim that it is impossible for the naira to go up within a month .?












I keep saying it untill e remove tribalism from us we will be going round the circle

mrvitalis:
One thing I love about Buhari is once he has taken a stand there is no going back

I love my president's 'doggedness'...no room for bullshiiits

You can't rule a country as complex as Nigeria if ain't gat balls..... Jonathan had no balls

If true, Naija shall b great again

Cool..Nigeria first.

Naira climbing.




*DANCING SEKEM*

dunkem21:
..All hail Ifeanyichukwu Uba ..

Dollarjunkie:
Ifeanyi Ubah at work

Lecture us on exactly the 'work' Uba did

what a news to start the day

What a good news, hope we dnt hear later that it increased again!
GOD bless Nigeria!

dunkem21:
..All hail Ifeanyichukwu Uba ..
I thought people said that the free fall of dollar is connected to the fall in oil price ..

kodded:
I thought apc Yoruba sycophants claim that it is impossible for the naira to go up within a month .?
I keep saying it untill e remove tribalism from us we will be going round the circle

Dollarjunkie:
Ifeanyi Ubah at work

It is too early to start this nonsense.

odiks:
…As BDCs back Buhari’s no devaluation stance

javascript:void(0);
What has Ubah got to do with this now?

Just as "The Blind Bartimaeus" was born blind, some nairalanders were born "STUPID"

Good news

kodded:
I thought apc Yoruba sycophants claim that it is impossible for the naira to go up within a month .?

I keep saying it untill e remove tribalism from us we will be going round the circle

And I thought Igbo IPOD Thugs said Buhari and Kemi Adeosun are responsible for the unofficial slide in the Naira, when greedy black market speculators were actually responsible.

I keep saying it, until We (Most especially your types) remove tribalism from our national views, then we will be going around in circles.

dunkem21:
..All hail Ifeanyichukwu Uba ..
I thought people said that the free fall of dollar is connected to the fall in oil price ..

You and your fellow mumus that liked ur post are DUMB
Of course the fall in in Oil prices has a lot to do with the slide in the value of the Naira, it is the same story in other commodity exporting countries Canada, Russia, Venezuela etc. But in Nigeria, silly cabals making undue profit in the underground parallel market sector made it even worse.
That is why even this new exchange rate of 250 is still well below the official exchange rate of 199. And until Oil prices rise again, it will never reach pre oil crash exchange levels. Inugo?

Oh, and it is Free fall of Naira , not free fall of Dollar.

My GOD
(This is another wailer free thread)

We shall make nigeria green again

#Buharitill2080

Good news!!!


Now, those few people that was responsible for causing the ish in the first place should all be identified and brought to book.


Or was this part of the emergency meeting held at aso rock yesterday?

News

ifeanyi ubah.. the man of the moment

DEXTROVERT:
I don't believe in hearsay

Let's stop deceiving ourself..
Naira is lower than Dollars but higher than Zimbabwe Dollars

Must you comment?

Now i believe in Buhari more than ever. Have any of you thought of this:

WHAT IF WE HAVE DEVALUED THE NAIRA?

I think Ifeanyi Ubahs words was a lifeline to the recovery of the naira. He voiced out and that sent cold shivers down the spines of the speculators and staked his assets and that made speculators to have a rethink. Ifeanyi Ubah saving Nigerians since the days of Abacha. #nwaigbo

Dollarjunkie:
Ifeanyi Ubah at work

in his dreams

Good News
It can get better and it will get better.