The Nigerian Naira appreciated against the US dollar on the parallel market on Monday, even as the report of manufacturers sourcing for forex at the black market hit the news.

The Naira gained N2 to trade at N468 to the US dollar, from the N470 it traded on Friday. While the Pound Sterling and the Euro were exchanged at N565 and N510 respectively.

However, the local currency declined on the interbank market window, dropping N4.31 against the US dollar to close at N308.81 from Friday’s N304.50.

At the Bureau De Change segment, the Naira closed at N385 to the greenback, while both the Pound Sterling and the Euro traded at N564 and N504, respectively.

Some manufacturers have warned that customers may have to pay about 100 percent more than they are currently paying for locally manufactured products, as they lamented their inability to access forex at what they considered moderate rate for a period ranging from six months to one year.

Chantel Abdul, the Managing Director of Mojec Metering said “Your production suffers and you do not have products to sell to your customers, while you wait endlessly like this.”

Others, have blamed the situation on commercial banks’ reluctance to yield to CBN’s directive of selling 60 percent of forex supply in the system to the manufacturing sector.

Experts at Investors King limited have said “There is a very limited forex supply to meet both the bank customers’ demands and manufacturers usual end of the year surge in demands, banks simply do not have enough liquidity to meet those demands.”

But analysts have expressed optimism that the currency would appreciate as market liquidity increases.

“The issue of liquidity should be addressed, once OPEC members reach a consensus on production cut this November,” said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd.

http://investorsking.com/naira-appreciates-as-manufacturers-lament-forex-scarcity/

mteeewwww

nonsense

pointstores:
nonsense

Why? You need bad news?

Hmmmmm, I can call it gain when I see a $ is down to at least 300

Truth234:


Why? You need bad news?

[size=18pt]
Some bad news are far better than this ....you hear

Do you want us to b celebrating that our naira is na 468 to a dollar When last did you go to the market sef ? Don't you notice that these days , you will go to market with a bag loaded with money and come home with a "hand full of peanuts "

Dollar na still people currency yet our own b like charff to theirs [/size]

Appreciates 2% today, Depreciates 10% Tomorrow

When it appreciates to 197 to a dollar, then we can celebrate...
Not this celebration of mediocrity

OTI SHELE OOOHHH!!!


Bet Wait ooo...E still be 400-and-something let me quickly pay a visit to Igando

where did you get this trash from, naira to dollar on XE is 315 this morning

Good.

The naira is unstable. They should stop bringing Naira news to the frontpage, it's heartbreaking.

Which kind yeye appreciation be this. Tcheew

Appreciate, has $1 = #1?. Appreciate, has $1 = #1?.

mtchewwww...waste of mb, joyful click to read the good news not knowing is this sh!t

when it will depreciate, it does with @100 add, and appreciates with #2.... which kind appreciation be this

Lose 2 then gain 1, Lose 5 then gain 2 etc
Na so we dey go

Appreiates by 2 naira to 468 and depreciates by over 200 in a space of one year cos of a certain corruption "war"....How did we get to dis? ? Ok oo.

rubbish

mtcheww i was hoping to c 300 to 1 dollar at black market rate

blaise00700:
where did you get this trash from, naira to dollar on XE is 315 this morning

Abeg I need to change some naira to dollars at dat ur rate..

Always appreciate by 2 naira and depreciate by 30 naira.....

very funny news and it made front page.The Naira is in COMA

Still bad news

This post could make one loose hope on this this government the more. What's the meaning of this trash? Aren't you ashamed that naira is almost 500 naira to a dollar? Some people need hot slap before they can think well. Rubbish!

2naira pere .. Oga ooo

Make dem kuku carry drums nd tambourine make dem dey dance round d country

pointstores:
nonsense

As in ehn! Appreciate with 2 naira, depreciate with 10 naira.

kikiki

Truth234:


Why? You need bad news?

What's good about naira appreciate 2naira ?


Next week it will jump up to 480 per dollar

Sick government ...

naira would appreciate with +N2 today and depreciate with -N130 tomorrow.

rubbish!