The dollar free fall continued as the Naira strengthened across all segments.

The Nigerian Naira gained N20 against the US dollar on Tuesday to close at N425, from N445 it traded on Monday.

At the Bureau De Change segment, the local currency was sold at N425 to a dollar and bought at N415. While the Pound Sterling was bought at N500 and sold at N510, the Euro was sold for N425 and bought for N420.

Some of the BDC operators said that the provision of forex by the CBN to the commercial banks was responsible for the appreciation of the naira in the market.

Mr Sani Ahmed, one of the operators said that the best way to crash the high rate in the market was the continuous injection of liquidity into the market.

According to him, the appreciation of the naira is a good development for the BDC operators and other investors who require forex for their businesses.

He said, “Now that the naira is appreciating, we make more profit because if you buy at the lower rate, you sell and make gain.

“When the cost of dollar is high, we make little profit; but when it is low, we make more profit because we buy more to sell.”

He, however, said that there was the challenge of accessing the forex from the commercial banks because of the stringent measures stipulated by the deposit money banks to obtain the forex.

“If someone applies for forex from the banks, it takes time and the process is frustrating; sometimes, they make additional demands before they issue forex to you,” Ahmed said.

Experts have, however, expressed concern about the sustainability of the measures by the apex bank.

An economic expert, Prof. Uche Uwaleke, admitted that a complete currency float was capable of unifying rates and reducing round tripping and speculative activities in the market.

He, however, said that such a measure could be suicidal for an import-dependent economy that derived much of its forex inflow from a single commodity.

He, therefore, recommended coordinated fiscal policies designed to encourage import substitution and enhance competitiveness of local production to help reverse the downward trend in the value of naira.

http://investorsking.com/dollar-free-fall-continues-sells-n425dollar/

Deal with the currency issue and then confront inflation. Some Nigerians appear to be taking undue advantage of the situation. The prices of items, some of which have got absolutely nothing to do with our exchange rate, have been rising astronomically and these guys have found a convenient excuse in the cost of the dollar.

omenkaLives:
Deal with the currency issue and then confront inflation. Some Nigerians appear to be taking undue advantage of the situation. The prices of items, some of which have got absolutely nothing to do with our exchange rate, have been rising astronomically and these guys have found a convenient excuse in the cost of the dollar.

This is happening mostly in the East, greedy traders want to get rich over night by ripping us off our hard earn money.

omenkaLives:
[s]Deal with the currency issue and then confront inflation. Some Nigerians appear to be taking undue advantage of the situation. The prices of items, some of which have got absolutely nothing to do with our exchange rate, have been rising astronomically and these guys have found a convenient excuse in the cost of the dollar[/s].

Kudos to Osinbajo with his positive economic policies. God Bless My President Prof Yemi Osinbajo

Another bad news for liepods.

SamuelAnyawu:



Kudos to Osinbajo with his positive economic policies. God Bless My President Prof Yemi Osinbajo

Ag President pls, don't extend the confusion in the haters camp to APC.

ToriBlue:
[s]This is happening mostly in the East, greedy traders want to get rich over night by ripping us off our hard earn money[/s].

Okay it's only Southeasterners who increased the price of their goods and services right? I hope it's the westerners who also increases the price of eggs, also increased the price of guinea corn, Millet, sorghums in the north too, it's also the southeasterners who increased the price of yams in Benue,

Abeg God Bless My President Yemi Osinbajo "the man wey Sabi"

SamuelAnyawu:



Kudos to Osinbajo with his positive economic policies. God Bless My President Prof Yemi Osinbajo

Errrm, e be like say brain dey pain you this morning oo.

Of course our APC and NIGERIAN Ag. President is doing a great job and we all commend him for it, we dont need LiePob yoots to dickride him to make us appreciate that.

come lets praise the lord....Please lord may we never go backwards again as a nation, we'll continue going forward

SamuelAnyawu:



Okay it's only Southeasterners who increases the price of their goods and services right? I hope it's the westerners who also increases the price of eggs, also increased the price of guinea corn, Millet, sorghums in the north too, it's also the southeasterners who increased the price of yams in Benue,

Abeg God Bless My President Yemi Osinbajo "the man wey Sabi"

I'm from the East and I live there, its too much in the East.

nextprince:
Another bad news for liepods.

Bad news? We All want a better economy

Abi APC fauthfuls buy goods and services from a different market in Nigeria?

omenkaLives:
Errrm, e be like say brain dey pain you this morning oo.

Of course our APC and NIGERIAN Ag. President is doing a great job and we all commend him for it, we dont need LiePob yoots to dickride him to make us appreciate that.

All kudos to Osinbajo and not APC. If it's based on party and not individuals then we should praise the Hard Working Governor of Benue Dr Samuel Ortom

ToriBlue:
This is happening mostly in the East, greedy traders want to get rich over night by ripping us off our hard earn money.

Theirs is understandable because they tend to import a few things that assist in the production processs. I was referring, in my earlier post, to things like "bushmeat". An antelope which used to cost 8k is now being sold for no less than 11k and when one protests, they are told "oga, dollar don go up, things cost"!

You are left dumbfounded, wondering what the dollar has got to do with some unlucky antelope!

ToriBlue:
I'm from the East and I live there, its too much in the East.

Oga I'm from the east tooand live in Maiduguri right now goods here are more expensive than southeast.

omenkaLives:
Theirs is understandable because they tend to import a few things that assist in the production processs. I was referring, in my earlier post, to things like "bushmeat". An antelope which used to cost 8k is now being sold for no less than 11k and when one protests, they are told "oga, dollar don go up, things cost"!

You are left dumbfounded, wondering what the dollar has got to do with some unlucky antelope!

Do they also import food stuffs like vegetable, palm oil or better still yam?


What am saying comprises all these.

SamuelAnyawu:



Oga I'm from the east tooand live in Maiduguri right now goods here are more expensive than southeast.

Lies.

SamuelAnyawu:


Bad news? We All want a better economy

Abi APC fauthfuls buy goods and services from a different market in Nigeria?

One of them spotted.

SamuelAnyawu:



All kudos to Osinbajo and not APC. If it's based on party and not individuals then we should praise the Hard Working Governor of Benue Dr Samuel Ortom

Ortom is a failure. No one denies that. And no one said anything about giving credit to the party, except of course besides your brain, your eyes too dey pain you.

What i'm saying is, we dont need LiePob yoots to dickride our hardworking VeePee and Ag President for us to know he's doing well- we see it, and we recognise it.

That said, how about you told us about your governor? Hope you dont deny your state- Ebonyi. He's a PDP governor of EBONYI state.




Edit:

@ SamuelAnyawu, imagine how far this thread has gone yet you cant even answer a simple question of which state in the EAST you are from; and you dare mock someone who isnt ashamed of saying where he's from.

You should be ashamed of yourself.

The key challenge is how to sustain it. Policy makers must do more to encourage import substitution/local production and exports.

Watching in 3D...

ToriBlue:
Lies.

Ask him to tell us which state in the "East" he is from. I'm from Benue and everyone on this forum knows that, and i'm not ashamed of saying so.

Most of the Igbo guys on the forum, like the Sam dude, who come from Ebonyi state, would admit it over their dead bodies!

ToriBlue:
Lies.

Lies? Ask anyone here Oga. ... Try traveling around Nigeria

I know black don't like to progress, they will still try to frustrate this effort, expect God didn't give them the chance.

ToriBlue:
I'm from the East and I live there, its too much in the East.

Keep quiet.


You need to travel to other states to confirm prices before making that ridiculous comment up there

Since last year, I have been coming down east to buy stuffs and bring them back here(North) to sell because they're cheaper in the east.

Kondomatic:
Keep quiet.


You need to travel to other states to confirm prices before making that ridiculous comment up there

Since last year, I have been coming down east to buy stuffs and bring them back here(North) to sell because they're cheaper in the east.

Linus mba.

ToriBlue:
Linus mba.

A liar always thinks others are lying like her.


Travel and See.

Double post

Great

I don't blame the tough Apex bank/CBN policies for commercial banks to ensure full compliance for forex trade customers because if the policies are not stringent, lot of people will buy the dollars and hoard in their home making it scarce for manufacturers and other people who needs it genuinely for business, Education, etc.

My own is the steady appreciation in naira continues as we hope to see imported good price crash in market and also those local goods price attributed to naira depreciation as claimed by greedy retailers (especially car dealers, FMCG distributors/resellers, etc) being reduced drastically. Afterall we don't import palm oil, egusi, yam, cow meat

Those aboki wont like this

Good to hear