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Nairaland Forum / Nairaland / General / Business / Naira Maintains Gain On Parallel Market (28225 Views)
Naira Plunges To N390 Per Dollar On Parallel Market / Naira Gains On Parallel Market For Four Consecutive Days, Now N480/$ / Naira Improves On Parallel Market, Sells At N501/$ (2) (3) (4)
Naira Maintains Gain On Parallel Market by Truth234(m): 4:54am On Oct 12, 2016 |
The Nigerian Naira appreciated on the parallel market on Tuesday, following the introduction of Travelex to the Bureau De Change segment last week. The local currency rose N2 to N468 against the dollar from N470 it was traded on Monday. While, on the interbank market the Naira closed at N304.75 to the greenback. Last week, Travelex commenced the sales of dollar to Bureau De Change operators in the country, and immediately started selling directly to travellers to further boost liquidity in the market and aid economic activities. Samed Olukoya, a foreign exchange research analyst at Investors King Limited, said “If the CBN and Travelex can sustain the current arrangement it, will help fight speculation and gradually prop up the Naira value against the dollar.” While, other experts have said the Naira was being battered by market speculators and that the N500 exchange rate to the dollar was not the true value of the local currency. However, Aminu Gwadabe, the president of the Association of Bureau De Change Operators, said that the authority still have to review the selling price of the dollars to the Bureau De Change operators to encourage Nigerians in Diaspora, whose remittances was being sold to the Bureau De Change operators. He further stated that the new improvement in the Naira value would discourage the patronage of unlicensed parallel market traders and likely impact the progress made thus far. http://investorsking.com/naira-maintains-gain-on-parallel-market/ 2 Likes 2 Shares |
Re: Naira Maintains Gain On Parallel Market by Nobody: 5:14am On Oct 12, 2016 |
. 1 Like |
Re: Naira Maintains Gain On Parallel Market by McAustin92(m): 5:33am On Oct 12, 2016 |
appreciated by only N2......When i was hoping for a decline gap of N50 since travelex iz involved 9 Likes 1 Share |
Re: Naira Maintains Gain On Parallel Market by Truth234(m): 5:43am On Oct 12, 2016 |
McAustin92: It takes time for the new initiation to crystallize and filtered through all segments. But once the CBN and Travelex can strike pricing balance to bring all stakeholders on board, I believe the Naira value will improve substantially. 28 Likes 1 Share |
Re: Naira Maintains Gain On Parallel Market by Adesiji77: 6:12am On Oct 12, 2016 |
Truth234: The illiquidity at the interbank market is the main headache now. 3 Likes 2 Shares |
Re: Naira Maintains Gain On Parallel Market by Truth234(m): 6:24am On Oct 12, 2016 |
Adesiji77: That will be taken care of via CBN intermittent intervention, and as long as interest rate remains 14%. The CBN should be able to sustain it, pending when things will normalize. 8 Likes |
Re: Naira Maintains Gain On Parallel Market by brainpulse: 6:43am On Oct 12, 2016 |
Good, we will surety get there. Wh en the enemies of progress are flushed out as Jerry Rowling did in Ghana things will take shape. 12 Likes |
Re: Naira Maintains Gain On Parallel Market by namuguibe(m): 6:43am On Oct 12, 2016 |
Naira gaining?? Is it the case of reaching the bottom of the well and so the only other direction to go is upwards OR is the clueless one actually realizing his dream/promise of making $1=N1 ?? 9 Likes 1 Share |
Re: Naira Maintains Gain On Parallel Market by Nobody: 6:44am On Oct 12, 2016 |
This is temporary unless God intervenes i pray he does before December 2 Likes |
Re: Naira Maintains Gain On Parallel Market by Nobody: 6:44am On Oct 12, 2016 |
gradually |
Re: Naira Maintains Gain On Parallel Market by raker300: 6:44am On Oct 12, 2016 |
Waiting for 1 naira to equal a dollar. Or better still #180 = 1 dollar like it was in the so called "past corrupt" regime 14 Likes |
Re: Naira Maintains Gain On Parallel Market by dejavubobo1(m): 6:46am On Oct 12, 2016 |
Guess the stiffness of the economy is what made this possible, most business men who deal with dollar and imported produce are out of biz or experiencing set back. also ppl paying for dollar services are also experiencing set back. The Eurodollar market ll definitely favour the naira now in recession. But what ll happen if the recession is over. we ll be back to square one again, as long as we depend on the Ducci's over Ankara & prefer Leeds university over U.I, this story won't change. simply going back and front. Which way naija 9 Likes |
Re: Naira Maintains Gain On Parallel Market by SamuelAnyawu(m): 6:46am On Oct 12, 2016 |
Good News |
Re: Naira Maintains Gain On Parallel Market by Nobody: 6:46am On Oct 12, 2016 |
Rubbish 2 Likes |
Re: Naira Maintains Gain On Parallel Market by tspun(m): 6:46am On Oct 12, 2016 |
Mention me when it hit at least 200 naira. Appreciating by N2 is NO GOOD NEWS 3 Likes |
Re: Naira Maintains Gain On Parallel Market by Pizzle1234(m): 6:46am On Oct 12, 2016 |
By next week nw, u go hear naira has depreciate.... #Nigeria sha 9 Likes |
Re: Naira Maintains Gain On Parallel Market by Icon4s(m): 6:47am On Oct 12, 2016 |
Truth234: Good News. God please help us in this country. 2 Likes |
Re: Naira Maintains Gain On Parallel Market by veekid(m): 6:47am On Oct 12, 2016 |
Not news anymore 2 Likes |
Re: Naira Maintains Gain On Parallel Market by Dshocker(m): 6:47am On Oct 12, 2016 |
Not impressive at all,after promising to make the naira equal to the dollar. 3 Likes |
Re: Naira Maintains Gain On Parallel Market by sacra4real: 6:48am On Oct 12, 2016 |
am waiting d day 1 naira ll be equal to 1 dollar 3 Likes |
Re: Naira Maintains Gain On Parallel Market by Kaybee14(m): 6:48am On Oct 12, 2016 |
I do hope it will continue to appreciate till we finally get there. It's a gradual process though. |
Re: Naira Maintains Gain On Parallel Market by Sanuzi(m): 6:49am On Oct 12, 2016 |
The local currency rose N2 to N468 against the dollar from N470 it was traded on Monday. While, on the interbank market the Naira closed at N304.75 to the greenback. NA REAL RECORD BREAKER Truth234: 1 Like |
Re: Naira Maintains Gain On Parallel Market by dayleke: 6:50am On Oct 12, 2016 |
Chai!!!! 1 Like |
Re: Naira Maintains Gain On Parallel Market by nestic(m): 6:51am On Oct 12, 2016 |
no be small thing 9 Likes
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Re: Naira Maintains Gain On Parallel Market by Nairadays: 6:51am On Oct 12, 2016 |
Good News. Slow and steady will win the race like the story of the tortoise and the hare. You wouldn't believe what happened when they paired them together. http://www.nairadays.com/2016/10/11/the-tortoise-and-the-hare-story-is-true-after-all/ 2 Likes |
Re: Naira Maintains Gain On Parallel Market by loadedvibes: 6:51am On Oct 12, 2016 |
Not the Change were promised o. Chai there is God o 1 Like |
Re: Naira Maintains Gain On Parallel Market by tonio2wo: 6:52am On Oct 12, 2016 |
Naira depreciated to d dollar from 197 to 470 in less than 2yrs. Now it has appreciated with just 2 naira and some idiots are rejoicing. Smh. 10 Likes |
Re: Naira Maintains Gain On Parallel Market by akilo1: 6:53am On Oct 12, 2016 |
Sai baba |
Re: Naira Maintains Gain On Parallel Market by chimauga(m): 6:54am On Oct 12, 2016 |
Truth234: Everything u people will say, it will take time..untill u die abi. Open ur brain, 7 Likes |
Re: Naira Maintains Gain On Parallel Market by Nobody: 6:55am On Oct 12, 2016 |
Are travellers the cause of the huge demand of USD? |
Re: Naira Maintains Gain On Parallel Market by orlarbissy(f): 6:55am On Oct 12, 2016 |
when will #1 = $1 1 Like |
Re: Naira Maintains Gain On Parallel Market by Sultty(m): 6:56am On Oct 12, 2016 |
only #2? When d naira is heading towards #500's issorite 2 Likes |
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