The naira rose by 50 per cent yesterday against the dollar at the parallel market to N250 from N375, which it traded on Monday.The naira had been on a free fall in the last two weeks, peaking at 391 against the greenback at the parallel market last Thursday. The local currency, however, began a gradual recovery on Friday.LEADERSHIP’s investigation revealsthat Bureau de Change (BDC) operators as well as street hawkers in Abuja sold the dollar between N250 and N255.A bureau de change operator, who simply identified himself as Ibrahim, said that he was very confused as theNaira continued to gain strength.He said: “Earlier this morning, I bought dollars for N305, but now it is sold at N250, making me to lose N55 in less than 10 hours. I am very scared of buying dollars because of the continued instability.“Although I am happy that the naira continued to gain strength at the parallel market as an overflow of dollars chased the local currency but we are losing greatly here.”Forex dealers said the local currency was set to gain further momentum in coming days, arguing that most traders were rushing to reduce the amount of dollars in their holdings.Currency strategist and experts havealso stated that the depreciation the naira had recorded in the last two weeks was mainly artificial, arguing that it was part of the activities of currency speculators to force the Central Bank of Nigeria and the Presidency to devalue the naira.They are of the view that naira will recover because of two things: the Presidency’s hard stance on not devaluing the naira and the decision of the Bureau De Change operators to peg their profit margin at 3.5 per cent.President Muhammadu Buhari had on Saturday again rejected the idea of devaluing the naira, despite a hammering of the currency on the secondary market last week.The president, who spoke at the presidential panel roundtable on Investment and Growth Opportunities in Sharm El-Sheikh, Egypt, said he rejected pressure to devalue the naira because Nigeria didnot have the competitive advantage to benefit from devaluation.The Central Bank of Nigeria (CBN) had, contrary to the expectations of the international community and analyst, refused to devalue the local currency, choosing rather to reduce the rate of foreign exchange outflow from the reserves.An economist and currency expert at BestWorth Holdings, David James, said the naira would continue its rise to a point where the true value of the local currency could be found against the dollar.
http://leadership.ng/news/504249/naira-firms-now-250

Thought it was 220

Adaowerri111:
Thought it was 220

Also Saw 210 somewhere but not that reliable to this.
modath, progressive01

Dollar is now 350 as at this afternoon and you lots are here spreading yesterday's propaganda.

jamesibor:
Dollar is now 350 as at this afternoon and you lots are here spreading yesterday's propaganda.

Bros your lie fit kill devil

Kyase:

Bros your lie fit kill devil

Visit www.abokifx.com or call any BDC. If you don't hafe any BDC contacts, I can offer you some.

jamesibor:
Dollar is now 350 as at this afternoon and you lots are here spreading yesterday's propaganda.

356 this afternoon.

jamesibor:


Visit www.abokifx.com or call any BDC. If you don't hafe any BDC contacts, I can offer you some.

Lol I should visit abokifx ahahahaha OK ooooo.
Why should I believe what you say or are you saying you are more reliable than leadership?
I guess not

Kyase:

Also Saw 210 somewhere but not that reliable to this.
modath, progressive01

It was voodoo magic, it's back to 300+ !!!

Nigeria is a strange land!

Kyase:

Lol I should visit abokifx ahahahaha OK ooooo.
Why should I believe what you say or are you saying you are more reliable than leadership?
I guess not

I said you should call any BDC of your choice and ask them how much they will SELL dollars to you.

modath:


It was voodoo magic, it's back to 300+ !!!

Nigeria is a strange land!

Lol strange indeed.

jamesibor:


I said you should call any BDC of your choice and ask them how much they will SELL dollars to you.

They said 290. So what

kokoro t'on j'efo, ara efo lowa. na we Nigerians dey do ourselves.

Kyase:

They said 290. So what

That's a lie. Tell them you want to buy and hear what they say.

jamesibor:


That's a lie. Tell them you want to buy and hear what they say.

That's just what I said before asking for the exchange rate.

Kyase:

That's just what I said before asking for the exchange rate.

Give me their contact, I'd like to buy.

jamesibor:


Give me their contact, I'd like to buy.

I thought you have their contact and you even offered to give it to me

already in nairaland front page....#355/1$. God wi help us.

Kyase:

I thought you have their contact and you even offered to give it to me

You said a BDC offered you 290. Mine offered 350. I'd like the contact of the person that offered you 290 so I can buy from him

It's so true; check abokifx.com

Kyase:

Bros your lie fit kill devil

Good will soon start funding my bet365 acc

jamesibor:


You said a BDC offered you 290. Mine offered 350. I'd like the contact of the person that offered you 290 so I can buy from him

Alright wait it...