The Nigerian Naira gained against the U.S dollar on Friday in all segments of the foreign exchange market.

The Naira improved N5 at the parallel market to exchange at N455, from the N460 recorded on Thursday, while both the Pound Sterling and the Euro were exchanged at N555 and N505, respectively.

On the interbank market, the Naira climbed N1.45 to close at N304.75 from N306.50 recorded on Thursday.

While, the local currency remains N385 to a dollar at the Bureau De Change Segment — in line with the CBN directive. Both the pound and the Euro were exchanged at N555 and N500, respectively.

But Bureau de change operators said activities at the segment were low as Thursday’s raid by the Department of State Service and Economic and Financial Crimes Commission on market traders has weakened business sentiment.

Some experts have said the raid was a temporary measure, and not the solution to the illiquidity of the foreign exchange market.

“Until, the Central Bank of Nigeria increase its foreign exchange earnings, usually through diversification or on a short-term basis surge in global oil prices, which is currently tied to OPEC decision, the liquidity issue will persist,” said Samed Olukoya, a foreign exchange research analyst at Investors King Ltd.

However, in an effort to improve the Naira value, the CBN has licensed additional 21 international money transfer operators to augment current market liquidity. But on Friday, the apex bank alerted the public to the resurgence of illegal money transfer operators in the country.

In a statement signed by the Acting Director of Corporate Communications Department, Isaac Okorafor, the CBN explained that “this unscrupulous operators, lure unsuspecting customers with ridiculous exchange rate and use Naira accounts opened in local banks ostensibly for legal business to pay out the proceeds to the beneficiaries, while channeling the foreign currencies to fund the parallel market.”

He further stated that “This practice has led to non-reporting of such transactions to relevant authorities thereby undermining effective surveillance of the sector as well as leading to discrepancies in statistics on the transactions between countries of origin of remittance and the destination country, Nigeria.

http://investorsking.com/naira-appreciates-after-dss-and-efcc-raid-traders/

Well that's good to know


Some people here said forcing traders will make it scarce and naira will fall even more


Let's thank God that the President of the nation does not take advise from nairaland

Naira problem is internal. We are the harbinger of naira failure.

There should be a special task force to crack down on illegalities in this country. Some people are bent on making this country not to progress. Just what's wrong with us people?

There should also be a law in place that whoever patronises the BDC with the aim to exchange forex illegally should be reported, arrested and jailed for 2 years. With this, everyone will seat up.

Soon, naira will bounce back. I trust Buhari on this.

Haters can wail can hang....who cares

Wow. This is goodnews. Expecting more goodnews today

HtwoOw:
Well that's good to know


Some people here said forcing traders will make it scarce and naira will fall even more


Let's thank God that the President of the nation does not take advise from nairaland

They are not forcing the traders, the CBN had an agreement with BDCs to sell at N385 to the public, while Travelex and FBN are to sell at N381 to BDCs. But BDCs are selling at N400, gaining N19 a dollar.

This activity has steepened the gap between the official rates and parallel market rates, because no business person will buy at N400 and sell at official rate, rather he/she will head straight to the parallel market for N455-N470/$. Hindering all efforts by the CBN to boost market liquidity and improve the Naira value. This is one of the reasons parallel market is booming.

Although, the raid was the reason for low transaction at BDC segment on Friday, but those that will sell at agreed N385 will sell and if any operators want to sell at N400 and above, they should go and source for their forex elsewhere and not use CBN channel for personal gains.

k

This your assertion is false as i looked for dollar to buy yesterday without success. I was even ready to buy at 520. But to come here and start giving glory to fraud shows that nigeria will never make headway, sadly because i am a nigerian too

People do not think clearly, because the author of the story when it was posted on NL said the DSS raids would cause dollar scarcity and lead to further devaluation; almost all NL posters accepted it as gospel.

When you analyse it you should conclude that the raids, would only see reduction in transactions in the BDCs, which wouldn't be a bad thing because it would result in fewer imports.

At the same time, the likelyhood is that those who need to sell dollars would be more likely to sell to banks , meaning the dollar inflow to banks will increase.

Win win situation.

HtwoOw:
Well that's good to know


Some people here said forcing traders will make it scarce and naira will fall even more


Let's thank God that the President of the nation does not take advise from nairaland

I like you


Made your point without insult, then I thought you were GMbuhari my buddy


Anyhow follow me make I follow back


Enjoy your weekend

GenBuhari:
People do not think clearly, because the author of the story said the DSS raids would cause dollar scarcity and lead to further devaluation; almost all NL posters accepted it as gospel.

When you analyse it you should conclude that the raids, would only see reduction in transactions in the BDCs, which wouldn't be a bad thing because it would result in fewer imports.

At the same time, the likelyhood is that those who need to sell dollars would be more likely to sell to banks , meaning the dollar inflow to banks will increase.

Win win situation.

i dont understand these rates how much is dollar nw sold for in black marke nw

Nonsense

Following you

HtwoOw:
I like you


Made your point without insult, then I thought you were GMbuhari my buddy


Anyhow follow me make I follow back


Enjoy your weekend

Only Nigeria has two rates..Pituful..

Haaa...God Have mercy

Tomorrow e go still rise times 2, I see no reason we suppose dey happy

Buhari will neva sleep well since u like to dey mad

Țemporary measure if you ask me

k

Lol. Is the fear of EFCC and DSS the beginning of 'Wisdom'??

some youths want this govt to fail.but they fail to realise that the failure of the govt will affect them the most....smh

AfonjaStinks:


At N455 to $1 ??

I hope it gets to N700 to $1 before December

Enemy of progress.

lt will depreciate again based on the reality on ground!

Wow declare war on them . Officially a year older

ok

k, I don't know wat to comment anymore.

After all that has been promised, still....

Nonsense!




Wake me up when 1 dollar = 1 naira.

good news

Anyways



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We don hear, not until price of food go down the government is not doing anything. Help me tell them that people are dying of hunger.