Speculators disappointed as naira
strengthens against dollar for the third
consecutive day
– IMF persuades President Buhari to remove
foreign exchange ban
Reports from the Bureau De Change (BDC)
operators in Nigeria have it that the Nigerian
currency is presently selling at N290/dollar.
Naij.com’s reliable sources confirmed that
many BDC operators stormed banks in
search of Dollar after yesterday’s
appreciation of the Naira, a situation which
has suddenly made it scarce.
As at this morning, the Dollar had risen to
about 290 in exchange rate to the Naira as
speculators are still adamant that the three-
day consecutive rise may not be sustained
by the Nigerian government.
Read our reports from yesterday here:
Few minutes ago, speculations arose that
the naira may have strengthened further
against the US dollar as it now goes for
between 250-270/dollar.
The Bureau De Change (BDC) sources,
however, informed that it is impossible to
state the exact amount the naira will sell for
on the parallel market, but one thing that is
certain is that the Nigerian currency has
appreciated tremendously against the dollar
in the last 48 hours.
Initially, there was confusion in town over
the exchange rate of the dollar to the
Nigerian currency as the BDC operators are
saying that it is now N305/dollar.
Naij.com gathered from a reliable source in
the foreign exchange market that the
Nigerian currency, up from its steady rise
within 48 hours, has strengthened against
the dollar in the wake of President
Muhammadu Buhari’s insistence that he
does not support the devaluation of the
currency.
Speculators had been shocked by the
consecutive rise on February 23, as they had
predicted an all-time rise from the initial
N400 (an all time low) to about 450/500 in
the coming days.
Nigerian naira’s ‘free fall’ has stopped
There are further speculations that the
amount, up from an initial N364 from
Tuesday, February 23, is now at N305, while
there are also unconfirmed reports that it
may slip further before the end of the day.
Meanwhile, the International Monetary Fund
(IMF) has persuaded President Buhari to
adopt a sound petroleum industry bill (PIB)
as well as expunge restrictions around
foreign exchange policy.
While the PIB had been in the works since
2007, it has been dogged by political
controversies as well as opposition to the
fiscal terms by international oil companies.
US dollar weakes sharply on the parallel
market
The present administration has adopted a
fixed forex policy that also does not include
the allowance of 41 imported items, and this
has been criticised from different quarters.
According to The Cable, a statement
detailing IMF observations about the
Nigerian economy after its visit in January,
its senior resident representative to Nigeria,
Gene Leon, said: “Growth is projected to
improve slightly to 3.2% in 2016, but could
rebound to 4.9% in 2017.
“In the light of the significant macroeconomic
adjustment that is needed to address the
permanent terms-of-trade shock, it will be
important for Nigeria to put in place an
integrated package of policies centred around:
fiscal discipline; reducing external imbalances;
further improving efficiency of the banking
sector; and fostering strong implementation of
structural reforms that will enhance.
“The general government deficit is projected to
widen somewhat before improving in 2017,
while the external current account deficit is
likely to remain flat at 2.3% of GDP. Growth in
credit to the private sector is projected to
recover from the slump in 2015, aiding the
increase in activity.
“Key risks to the outlook include lower-than-
budgeted oil prices, shortfalls in non-oil
revenues, a further deterioration in finances of
state and local governments, and a resurgence
in security concerns.” https://www.naij.com/741697-read-the-latest-development-on-nairadollar-exchange-rate.html Speculators disappointed as naira
strengthens against dollar for the third
consecutive day
– IMF persuades President Buhari to remove
foreign exchange ban
Reports from the Bureau De Change (BDC)
operators in Nigeria have it that the Nigerian
currency is presently selling at N290/dollar.
Naij.com’s reliable sources confirmed that
many BDC operators stormed banks in
search of Dollar after yesterday’s
appreciation of the Naira, a situation which
has suddenly made it scarce.
As at this morning, the Dollar had risen to
about 290 in exchange rate to the Naira as
speculators are still adamant that the three-
day consecutive rise may not be sustained
by the Nigerian government.
Read our reports from yesterday here:
Few minutes ago, speculations arose that
the naira may have strengthened further
against the US dollar as it now goes for
between 250-270/dollar.
The Bureau De Change (BDC) sources,
however, informed that it is impossible to
state the exact amount the naira will sell for
on the parallel market, but one thing that is
certain is that the Nigerian currency has
appreciated tremendously against the dollar
in the last 48 hours.
Initially, there was confusion in town over
the exchange rate of the dollar to the
Nigerian currency as the BDC operators are
saying that it is now N305/dollar.
Naij.com gathered from a reliable source in
the foreign exchange market that the
Nigerian currency, up from its steady rise
within 48 hours, has strengthened against
the dollar in the wake of President
Muhammadu Buhari’s insistence that he
does not support the devaluation of the
currency.
Speculators had been shocked by the
consecutive rise on February 23, as they had
predicted an all-time rise from the initial
N400 (an all time low) to about 450/500 in
the coming days.
Nigerian naira’s ‘free fall’ has stopped
There are further speculations that the
amount, up from an initial N364 from
Tuesday, February 23, is now at N305, while
there are also unconfirmed reports that it
may slip further before the end of the day.
Meanwhile, the International Monetary Fund
(IMF) has persuaded President Buhari to
adopt a sound petroleum industry bill (PIB)
as well as expunge restrictions around
foreign exchange policy.
While the PIB had been in the works since
2007, it has been dogged by political
controversies as well as opposition to the
fiscal terms by international oil companies.
US dollar weakes sharply on the parallel
market
The present administration has adopted a
fixed forex policy that also does not include
the allowance of 41 imported items, and this
has been criticised from different quarters.
According to The Cable, a statement
detailing IMF observations about the
Nigerian economy after its visit in January,
its senior resident representative to Nigeria,
Gene Leon, said: “Growth is projected to
improve slightly to 3.2% in 2016, but could
rebound to 4.9% in 2017.
“In the light of the significant macroeconomic
adjustment that is needed to address the
permanent terms-of-trade shock, it will be
important for Nigeria to put in place an
integrated package of policies centred around:
fiscal discipline; reducing external imbalances;
further improving efficiency of the banking
sector; and fostering strong implementation of
structural reforms that will enhance.
“The general government deficit is projected to
widen somewhat before improving in 2017,
while the external current account deficit is
likely to remain flat at 2.3% of GDP. Growth in
credit to the private sector is projected to
recover from the slump in 2015, aiding the
increase in activity.
“Key risks to the outlook include lower-than-
budgeted oil prices, shortfalls in non-oil
revenues, a further deterioration in finances of
state and local governments, and a resurgence
in security concerns.” https://www.naij.com/741697-read-the-latest-development-on-nairadollar-exchange-rate.html

buhari is working

hmmmmmmmmmmn