Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,814 members, 7,956,076 topics. Date: Monday, 23 September 2024 at 12:29 AM |
Nairaland Forum / Nairaland / General / Business / Naira Extend Gains Against Dollar Across FX Markets (22397 Views)
Naira Depreciates Marginally Against Dollar / Naira Gains Against Dollar To N375/$ / Naira Steady Against Dollar, Rebounds Slightly Against Euro And Pounds (2) (3) (4)
Naira Extend Gains Against Dollar Across FX Markets by Truth234(m): 4:30am On Nov 02, 2016 |
The Nigerian Naira extended its gains against the US dollar across the foreign exchange market on Tuesday. The local currency improved N4.06 at the interbank market to close at N304.75, from N308.81 it traded on Monday. Accordingly, the Naira gained N3 at the parallel market to close at N465, from N468 it closes on Monday. While, at the Bureau De Change segment, the Naira was exchanged at N385 to a US dollar — in line with CBN directive. Forex traders have attributed the improvement to the increase in the market liquidity due to the weekly sale of forex by Travelex and First Bank of Nigeria. The First Bank of Nigeria and Travelex were approved by the CBN to help boost market liquidity through the sales of diaspora remittances to the Bureau De Change operators in an effort to curb counterproductive activities of some financial institutions. The Naira has since gained N35 on the parallel market, from N500 it traded about a month ago and appreciated N16 in the interbank market to close at N308.81 on Tuesday. Experts expect liquidity in the market to improve once OPEC goes through with Algiers accord on November 20 in Vienna, Austria. “This, is because oil is forecast to trade at $60 a barrel after production cut, and with Nigerian output currently averaging 2.1m barrels a day. The country is likely to boost its external reserves needed to service the economy and prop up the Naira value through the CBN intermittent intervention in the foreign exchange market,” said analysts at Investors King Ltd. “The reality is that as of today and this morning, we are at 2.1 million barrels production. That’s substantial,” said Emmanuel Kachikwu, Minister of State for Petroleum. The pound and Euro were exchanged at N565 and N504 respectively. http://investorsking.com/naira-extend-gains-against-dollar-across-fx-markets/ 2 Likes |
Re: Naira Extend Gains Against Dollar Across FX Markets by SamuelAnyawu(m): 4:44am On Nov 02, 2016 |
Nice 1 Like |
Re: Naira Extend Gains Against Dollar Across FX Markets by seunmsg(m): 5:03am On Nov 02, 2016 |
The parallel market rate of N465 is still very high and unacceptable. They need to bring it down to under N400 before we can heave a sigh of relief. 14 Likes 1 Share |
Re: Naira Extend Gains Against Dollar Across FX Markets by Truth234(m): 5:07am On Nov 02, 2016 |
seunmsg: How do you bring down what you don't control? Parallel market rate is being determined by speculators, they will do anything to sabotage all efforts by CBN for few gains. 25 Likes 1 Share |
Re: Naira Extend Gains Against Dollar Across FX Markets by modath(f): 5:12am On Nov 02, 2016 |
Truth234: Preach bros, preach!!! 6 Likes 1 Share |
Re: Naira Extend Gains Against Dollar Across FX Markets by seunmsg(m): 5:13am On Nov 02, 2016 |
Truth234: A month ago, it was N500 and today, it's N465. With the right policies and strict enforcement by CBN, it can still come down to below N400. 19 Likes 2 Shares |
Re: Naira Extend Gains Against Dollar Across FX Markets by Truth234(m): 5:29am On Nov 02, 2016 |
seunmsg: It is a process.. but once all the measures filtered through key FX segments. Parallel market will adjust automatically. 13 Likes 2 Shares |
Re: Naira Extend Gains Against Dollar Across FX Markets by Mynd44: 5:46am On Nov 02, 2016 |
Hmmm |
Re: Naira Extend Gains Against Dollar Across FX Markets by Nobody: 5:57am On Nov 02, 2016 |
Still not convinced |
Re: Naira Extend Gains Against Dollar Across FX Markets by Adesiji77: 6:05am On Nov 02, 2016 |
Watching...@Truth234, I hail o 1 Like |
Re: Naira Extend Gains Against Dollar Across FX Markets by Truth234(m): 6:06am On Nov 02, 2016 |
Adesiji77: How that side Boss 1 Like |
Re: Naira Extend Gains Against Dollar Across FX Markets by Adesiji77: 6:16am On Nov 02, 2016 |
Truth234: Chairman, we are managing 1 Like |
Re: Naira Extend Gains Against Dollar Across FX Markets by eph12(m): 6:32am On Nov 02, 2016 |
Truth234:Not just that. This particular market is highly demand driven just like fuel. If I have a $1000 to sell and am not sure of getting another one easily once I sell this, I may have to inflate the price so as to cover for my future expenses when am not able to make sales. It's wrong but that's the reality on ground. High demand results in price increase. 4 Likes |
Re: Naira Extend Gains Against Dollar Across FX Markets by Araoluwa005(m): 7:13am On Nov 02, 2016 |
hmmmm 16 Likes
|
Re: Naira Extend Gains Against Dollar Across FX Markets by recievesense: 7:13am On Nov 02, 2016 |
Make i do go change my money b4 i loose |
Re: Naira Extend Gains Against Dollar Across FX Markets by Genea(f): 7:14am On Nov 02, 2016 |
Mmmmmmm no comment Now nairalanders help me get on LIS by Following me @ alphonsus Jennifer on to get inspired in d morning and night |
Re: Naira Extend Gains Against Dollar Across FX Markets by alexarelano(m): 7:14am On Nov 02, 2016 |
Dis is not enticing |
Re: Naira Extend Gains Against Dollar Across FX Markets by CuteStalWart(m): 7:16am On Nov 02, 2016 |
Which kind news bedis sef |
Re: Naira Extend Gains Against Dollar Across FX Markets by mikool007(m): 7:16am On Nov 02, 2016 |
alexarelano:wen we know it will still drop more dan dat |
Re: Naira Extend Gains Against Dollar Across FX Markets by AleAirHub(m): 7:19am On Nov 02, 2016 |
Rubbish.... Fx that was @214 during Gej now is 466 and ppl are praying for it to drop to 350-400. Madness 12 Likes 1 Share |
Re: Naira Extend Gains Against Dollar Across FX Markets by sakalisis(m): 7:20am On Nov 02, 2016 |
Okay na |
Re: Naira Extend Gains Against Dollar Across FX Markets by Jediel1(m): 7:20am On Nov 02, 2016 |
Chai, We want to use this opportunity to thank Mr President, finance minister and cbn governor for showing me how we wasted time in Economics class 4 Likes
|
Re: Naira Extend Gains Against Dollar Across FX Markets by brightleave(m): 7:22am On Nov 02, 2016 |
Truth234:na una know that one. If una like make una blow more grammar, watine concern me na whether garri don fall enter 300naira? |
Re: Naira Extend Gains Against Dollar Across FX Markets by abdulskulboy(m): 7:23am On Nov 02, 2016 |
the naira will be stronger than dollar if donald HILLARY CLINTON emerge as the US president, believe me. |
Re: Naira Extend Gains Against Dollar Across FX Markets by AleAirHub(m): 7:23am On Nov 02, 2016 |
Any perk attach to it Genea: |
Re: Naira Extend Gains Against Dollar Across FX Markets by vedaxcool(m): 7:23am On Nov 02, 2016 |
We will succeed inshallah |
Re: Naira Extend Gains Against Dollar Across FX Markets by groomed: 7:23am On Nov 02, 2016 |
Genea:lol @ to get inspired in the morning and in the night. |
Re: Naira Extend Gains Against Dollar Across FX Markets by tammie24: 7:24am On Nov 02, 2016 |
Rubbish! I tot it would be like 200 to a dollar sef Still the same |
Re: Naira Extend Gains Against Dollar Across FX Markets by Genea(f): 7:24am On Nov 02, 2016 |
AleAirHub:smiles, just trying to help lighten up ur days and nights with lovely inspirational quotes |
Re: Naira Extend Gains Against Dollar Across FX Markets by Genea(f): 7:25am On Nov 02, 2016 |
groomed:smiles dearie Remember to follow |
Re: Naira Extend Gains Against Dollar Across FX Markets by Nobody: 7:25am On Nov 02, 2016 |
U.S. Election gragra... |
Re: Naira Extend Gains Against Dollar Across FX Markets by azeecoboy(m): 7:25am On Nov 02, 2016 |
Hummmmmmm.......just 3naira,and if it wanna depreciate,it wunt go less than 20naira. 1 Like |
LG Chairman Locks Akerodo Market For Being Dirty / St. Rita Multipurpose Cooperative / The Truth About Money Rituals, What People Don't Know
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 27 |