The Naira gained across all the foreign exchange segments on Monday following the additional sales of $170 million by the Central Bank of Nigeria (CBN) last week.

The local currency improved three points on the parallel market to exchange at N452, from N455 posted on Friday, while the Pound Sterling and the Euro closed at N550 and 476, respectively.

At the Bureau De Change window, the Naira was sold at N399 to a dollar, CBN stipulated rate, while the Pound Sterling and the Euro traded at N547 and N482, respectively.

On the interbank market window, the Nair closed at N306 to a US dollar.Trading on the floor of the interbank market saw the Naira closed at N306.00 to a dollar.

Traders at the market expressed delight in the interventions the CBN had made so far in boosting liquidity, adding that its sustenance would turn the economy around in the short to medium term.

Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria, said the association was expecting an increment in dollar sales to its members this week.

Gwadabe said that due to the stability in the oil sector and the increase in the price of oil at the international market, the CBN was now comfortable in entertaining ABCON’s request to increase the volume of dollar sales to its members.

The ABCON boss said that a boost in its weekly volume from 8,000 dollars weekly to 15,000 dollars would sustain the existing efforts in stabilising the Naira exchange rate at the FOREX market.

“We expect that the CBN will increase the weekly dollar sales to about 3200 registered BDC’s nationwide this week.

“This development will help to crash the high exchange rate at the parallel market, thereby stabilising the market that segment of the market.

“The CBN is also collaborating with ABCON to reduce the hiccups encountered by ABCON members in filling their returns to the apex bank,’’ Gwadabe said.

The financial expert added that the Naira was expected to extend appreciation across the major segments of the FOREX market this week.

Since the CBN began intervening in the FOREX market, it had spent an excess of $1.4bn in boosting liquidity at the market.

Some concerned Nigerians have hailed the effort of the CBN in boosting liquidity at the FOREX market, but added that the liquidity boost had not yet translated to the reduction in the price of goods and services in the country.

http://investorsking.com/naira-appreciates-across-forex-market/

Rubbish


Buhari needs to permanently resign

Not until it gets to N200 to 1USD, there's nothing to be happy about.

Jengem:
Rubbish


Buhari needs to permanently resign

My dear, why can't you just wait till 2019?
There's nothing you can do now about PMB!

[baba is back


let the naira defy gravity once again

What an improvement

Still needs to fall further

More and more

let it be steady

Ok

Ema tan ra yin

More incte

godfatherx:
Not until it gets to N200 to 1USD, there's nothing to be happy about.

Nah..vision #1 to 1dollar

My dear, why can't you just wait till 2019?
There's nothing you can do now about PMB!

godfatherx:
Not until it gets to N200 to 1USD, there's nothing to be happy about.



My dear, why can't you just wait till 2019?
There's nothing you can do now about PMB!

In sha Allah it will be better soon.

I'm not bothered.
I mean our leader is back.
I think those expenses spent on his lavish lifestyle in ik.
On tax payers money..myou think he gifs a fuc.
Def naira mist pay for this.

Buhari is back and dollar must go up.
So make naira deh form boss for corner.
Dollar must go up

Temporal solution to permanent problem.

How long more before there's no FX reserve to pump into the ailing economy?

What happens then, $1 V 60ngn?

Improving...

Let it be rising o.

Buhari is back
2-3 naira appreciation
Then it drops again like usual

the only time I can acknowledge a progress in the exchange rate is when dollar to naira rate is lesser than what PMB and PYO met when they took the mantle.

Wetin be difference btw Bureaus De Change & Parallel ( black) market?

Just going up nd down everyday

pls hide ropes nd sniper from speculators and hoarders

ifyalways:
Temporal solution to permanent problem.

How long more before there's no FX reserve to pump into the ailing economy?

What happens then, $1 V 60ngn?

So what's the solution according to you, oga World Bank?

What you guys don't know is that Soludo and Sanusi took these same measures during the global recession. How do you think forex rates remained relatively constant 2009-2014?

Temporary ***

And will continue to fall as far as there is no free money to buy up any excess $$

And also as far as Trumps ban continue and people didnt travel outside unnecessarily or due to availability of free money

How soon?

gloryman91:
In sha Allah it will be better soon.

Jengem:
Rubbish


Buhari needs to permanently resign

Nothing you can do more than ranting here on faceless network.Buhari is your president if you don't like it port out to Syria.

ifyalways:
Temporal solution to permanent problem.

How long more before there's no FX reserve to pump into the ailing economy?

What happens then, $1 V 60ngn?

Oil sales and production has increased and the reserve is now over $30BILLION from $24Billion. so you see?