The value of the Dollar continued to diminish against the Naira as the Nigerian currency was traded at N390 on Thursday in Abuja.
The News Agency of Nigeria (NAN) reports that the Naira had also appreciated against the Euro, exchanging at N400 while remaining stable against the Pound Sterling at N465.
The last time the naira traded at between N390 and N400 to the dollar at the parallel market was in August 2016.
With the gains made by the local currency in the last five weeks, the naira inched closer to one of the Central Bank of Nigeria’s (CBN) key foreign exchange policy objectives of an exchange rate convergence.
On Wednesday, when the dollar traded for N400, it marked the beginning of true convergence of official and black market foreign exchange rates.
At the Foreign Exchange (FX) interbank market, the naira traded for N375 to the dollar for invisibles and N307 to the dollar for manufacturers and importers of raw materials eligible to buy Forex from the segment of the market.
The significant gains made by the naira at the parallel market, according to market analysts, is a reflection of the improved confidence in the Forex market following the sustained dollar interventions by the CBN since February.
A Bureau de Change (BDC) operator, who preferred anonymity in Abuja, told NAN that the gains made by naira over the dollar were due to CBN’s continued flooding of the market with dollars while there were very few or no customers to patronise them.
He said several retail customers who used to resort to the BDCs, which indirectly funded the parallel market, to fund invisible transactions now bought dollars at a lower rate from the banks.
In all, the Central Bank has auctioned a total of 1.9 billion dollars through forward sales as well as targeted intervention for invisibles.
This amount does not include its daily intervention of 1.5 million dollars on the interbank market.
The CBN Governor, Mr Godwin Emefiele, on Tuesday expressed optimism about the convergence of the Forex rates at the official and parallel markets, stating that the gains made by the naira against the greenback in the last five weeks were not a fluke.
Emefiele said he was happy that the central bank’s intervention was yielding positive results.
“I am happy, indeed very gratified, that the interventions have been positive; we have seen the rates now converging and we are strongly optimistic that the rates will converge further.
“In terms of sustainability, I think it is important for us to say that the foreign reserves at this time are still trending upwards to almost 31 billion dollars as I speak with you.
“The fact that we have done this consistently for close to five weeks should tell everybody, or those who doubt, the strength of the central bank to sustain this policy.” (NAN)

http://thenationonlineng.net/dollar-records-loss-sells-n390-parallel-market/

Better days are coming back. We would soon get there.

If it is true that means osinbajo has really taught buhari how to fix it.

Children of hate, where una dey? My president is working

Yyeske:
Children of hate, where una dey? My president is working

Is it not what apc spoilt that they are repairing? how much was dollar when they took over? zombie, rejoicing over everything whether good or bad.

Cc: Reno Wendel Simlin O'fockery!!!

That degenerate one-testicled dishevelled idiot should come tell us who to blame!!

His slaves right now..

sorry1:
Is it not what apc spoilt that they are repairing? how much was dollar when they took over? zombie, rejoicing over everything whether good or bad.

How To Govern Zombies:


Increase Their Suffering By 300%, Later Reduce It To 280% & They Will Start Hailing You..


You can see how the guy you quoted was celebrating mediocrity

BeeBeeOoh:
How To Govern Zombies:


Increase Their Suffering By 300%, Later Reduce It To 280% & They Will Start Hailing You..


You can see how the guy you quoted was celebrating mediocrity

Relax Mr speculator, the dollar nightmare is over.

sorry1:
Is it not what apc spoilt that they are repairing? how much was dollar when they took over? zombie, rejoicing over everything whether good or bad.

Spoted!

BeeBeeOoh:
How To Govern Zombies:


Increase Their Suffering By 300%, Later Reduce It To 280% & They Will Start Hailing You..


You can see how the guy you quoted was celebrating mediocrity

Another..

Some ipob quarter Jews are already hyperventilating

Let me invoke Jetleeee to come ace them where they belong.

omenkaLives:
Another..

Who be this one

omenkaLives:
Some ipob quarter Jews are already hyperventilating

Let me invoke Jetleeee to come ace them where they belong.

Shiitposter:


Relax Mr speculator, the dollar nightmare is over.

You are right, bit do you mind telling us how much was USD to NGN before Buhari took over. Thanks

BeeBeeOoh:
How To Govern Zombies:


Increase Their Suffering By 300%, Later Reduce It To 280% & They Will Start Hailing You..


You can see how the guy you quoted was celebrating mediocrity

as in eh...I just weak...how can people be so dumb and still feel alive? it's really pitiable to be a zombie.

sorry1:
as in eh...I just weak...how can people be so dumb and still feel alive? it's really pitiable to be a zombie.

Pity those goons bro! What do you expect when a full grown man decides to exchange his/her sense die f reasoning for a plate of Aisha's oily rice??


Remind them in your prayers at times

omenkaLives:
Spoted!

zombie

BeeBeeOoh:
Pity those goons bro! What do you expect when a full grown man decides to exchange his/her sense die f reasoning for a plate of Aisha's oily rice??


Remind them in your prayers at times

Lol... I will definitely do bro, they really do need the prayers.

sorry1:
Lol... I will definitely do bro, they really do need the prayers.

Nothing do you. Chop e-Knucle jare

sorry1:
zombie

I swear, I wanna use one of Jetleeee's pics on this one, but if i do, na ban straight!

omenkaLives:
I swear, I wanna use one of Jetleeee's pics on this one, but if i do, na ban straight!

You shouldn't get banned for using the one on this thread. We gats circulate that gif all over the forum

https://www.nairaland.com/3698189/female-bishop-arrested-lagos-fraud#54850962

omenkaLives:
I swear, I wanna use one of Jetleeee's pics on this one, but if i do, na ban straight!

y u come dey fear ban na?? your level of zombiesm never upgrade sha, if not u for no reason ban.

Jetleeee:


You shouldn't get banned for using the one on this thread. We gats circulate that gif all over the forum

https://www.nairaland.com/3698189/female-bishop-arrested-lagos-fraud#54850962

Nooo. This is the one I prefer.

380

BeeBeeOoh:
You are right, bit do you mind telling us how much was USD to NGN before Buhari took over. Thanks

Do you mind telling us how much was the forex earning b4 Buhari took over? Thanks.

Oh please shut that poo up!!

sorry1:
Is it not what apc spoilt that they are repairing? how much was dollar when they took over? zombie, rejoicing over everything whether good or bad.

omenkaLives:
Nooo. This is the one I prefer.

Lwtmb! That's a Bonobopob

Na NL jail sure pass If you post that one

omenkaLives:
Nooo. This is the one I prefer.

Choi, this baboon reminds me of one creature around kuje general area.

Rilwayne001:
Oh please shut that poo up!!

another wanderer, lost soul.