Hopes of further appreciation of the naira brightened yesterday as the nation’s external reserve rose to $30 billion, the highest in 13 months.

Consequently, the external reserve has risen by $4.2 billion since the beginning of the year, and by $6.2 billion since October 19th, 2016 when it commenced its upward trend.

Meanwhile, the naira yesterday appreciated to N455 per dollar in the parallel market as the Central Bank of Nigeria (CBN) injected another $195 million into the foreifn exchange market. The apex bank sold $100 million in wholse forwards, $70 million to meet demand for personal and business travel allowance and $25 million to bureaux de change (BDCs).

President, Association of Bureaux De Change (ABCON), Alhaji Aminu Gwadabe, confirmed this development to Vanguard, saying 3,114 collected $8,000 each from the CBN yesterday.

The dollar supply prompted the parallel market exchange rate to drop to N455 per dollar from N465 per dollar on Monday, indicating N10 appreciation.

This development was in sharp contrast to the N17 depreciation suffered by the naira on Monday against the dollar, due to upsurge in demand by importers travelling to China.

Gwadabe expressed optimism that the naira will further appreciate in the coming week, based on expectation of increased dollar sales to BDCs by the CBN. He disclosed that the apex bank in furtherance of its intervention in the foreign exchange market has decided to increase weekly dollar sales to each BDCs to $15,000 from $8,000.

Since Monday February 20th 2017, when it announced new measures to boost dollar supply and forestall the declining fortunes of the naira in the parallel market, the CBN has intervened in the forex market six times as follows: Tuesday February 21st, $417 million; Thursday February 23rd, $231 million; Monday February 27th, $180 million; Friday March 3, $350 million, Monday March 6, N367 million; and on Tuesday with $100 million.

Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said that the move by the intervention by the CBN was to fund the commercial banks with enough forex to cater for the request of customers to meet personal travelling allowance (PTA), basic travelling allowance (BTA), medicals and tuition fees.

Commending the move, market analysts observe that it will further create problems for currency speculators who are yet to recover from the sudden appreciation of the Naira.

According to the former Economic Adviser to the President and Minister, National Planning Commission, Professor Ode Ojowu, “It appears this time around, the CBN has decided to become smarter than the market manipulators, by putting on its cap of authority to look beneath the market forces”

It will be recalled that the CBN, in February 2017, changed its forex rule supply to guarantee supply to both small and the big end-users. The policy has restored stability and bolstered market confidence which has ultimately boosted the value of the Naira.

Operators in the market have also commended the efforts of the CBN in ensuring the continuous appreciation of the naira. This they attributed to good policy and effective communication strategy, which has witnessed increased dollar supply to the market through a deliberate policy of the apex bank.

http://www.vanguardngr.com/2017/03/naira-appreciates-n455-external-reserves-hit-30bn/

As Buhari don come back now d naira go just dey fall anyhow

I hope PMB's return wont reverse this positive trend.

We are watching.

God dey!

Speculators can go and die.

When will this Naira, at least come down to 300...... I just tire ooo


Osibanjo is trying though....

And most of the APC topguns won't like this. They have brought in the enemy to thwart this progress.

Still a drop in the ocean but some improvement regardless.

God bless Nigeria.

Great

hope buhari does not turn things upside down

HOW TO FOOL A NIGERIAN
Increase his hardship from 0% to 300% after a period of time reduce it to 280%
He will love & praise you.

.

let's hope it keeps appreciating, make Naira no see bubu face come vex depreciate again oh.


I see someone saying get well soon, is the president still sick?

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K

Good work CBN governor....

Modified...in 2008...Soludo did what Emefiele has been doing.

The only reason why we did not feel it was because

1.The oil price fall of 2008 lasted a short time
2.It never fell below $60
3.We had $47bn in the savings.

Of course...we cannot rely on oil forever. Diversify the export base, and increase manufacturing.

Now that PMB is back...let that be his mantra.

Wailers see your life


Oya come and beat me

process of food commodities have even begun to fall

the impact of Buhari's return


SAI BABA

hi

Speculators and hoarders will soon appear on this thread to say it will not work.

Good one!

what were the CBN doing that it got to 465 now it reduces by 10 and they are happy.can't they hold back greed for at least a year to give us back our 150.oil price slump Nigerian economy becomes kwashiorkor immediately. when we were singing diversify they never gave a shit.

VirginFinder:
I hope PMB's return wont reverse this positive trend.

We are watching.

God dey!

Some people with quote PMB on every post they come across .
Some even don't have tangible reason to complain , they're complaining just because other's are complaining !

God Bless Nigeria !


By the way dollar na 462 now oooo no bi 455 abeg !

#1 will be equall to 1$ soon

May God gives, Osibanjo more wisdom to pilot this country

Firstcitizen:
Speculators will soon appear on this thread to say it will not work.

Well, they are right in a way.

Thing is....Emefielle and Adeosun have been able to keep reserves up by being so restrictive....and the oil prices are not going to shoot up to $94 per barrel that they were this time seven years ago.

We are also fortunate that we still have some domestic manufacturing (someting that differentiates us from other oil pridcuers like Venezuela who import everything....including toilet roll and chicken!)...and that helps save cash.

And we are now enforcing laws more strictly.Especially taxation.

But long term, we need a more stable source of dollars....and that is where agriculture, solid minerals come in. Fashola will also earn plaudits if he can negotiate a loan for improved power supply, in collaboration with the DISCOS and GENCOS.

nice one

I'm still expecting the rate buhari met it.

$1=N190 or even his campaign promise of

N1=$1.

N455 =$1 is still very embarrassing to Nigeria.

Meanwhile welcome home bubu.

Liar.
The Naira appreciated yesterday from N465 to N462

https://abokifx.com

Thats $1.645 billion intervention in a short period.

With peace on all sides, Naija will continue to grow.

When you finally meet your girlfriend's mother and she says, "So you are the one who is always dropping of my daughter at 3am with a black car ?"....But you ride a bike

Better don't get your hopes high... everything will start crashing the moment buhari land today