The surplus supply of dollars has again jolted speculators and caused a further increase in value of the Naira.

The foreign exchange market closed on Friday without selling off all the foreign currency released by the Central Bank of Nigeria (CBN).

Fresh 100 million dollars was released at the interbank market to meet customers’ demands, but the dealers were only able to pick about 81.35 million dollars, leaving surplus.

Mr Isaac Okorafor, the Acting Director, Corporate Communications, CBN, attributed the inability of authorised dealers to pick up the entire offer of the CBN to increasing dollar supply.

In a statement, he said another reason was the current sense of apprehension among dealers who anticipate a further crash in the rate of the dollar.

He reiterated the determination of the Bank to sustain its current interventions in the market.

“Those who doubt the capacity of the Bank to sustain the intervention in the FOREX market are beginning to have a change of mind,” he said.

The Naira has continued to sustain its ride against major currencies, especially the United States dollar, since CBN consistently pumped in more dollars.

The dollar exchanged at about N380 in Abuja, and N385 to N390 in Lagos.

At the Bureau De Change (BDC) window, the Naira was sold at N399 to the dollar, while the pound sterling and the Euro were sold at N500 and N400.

The Nigerian currency appreciated at the interbank market, closing at N307 to the dollar.

Traders believe that the continued intervention by the CBN have triggered further apprehension among speculators, who anticipate further losses given the continued crash of the dollar.

Some BDCs in Abuja stopped selling dollar due to the current price in order to curtail further losses, but they were opened to customers willing to sell at N370 to a dollar.

An Abuja-based BDC operator, said besides the dollar sales by the CBN, steady supply have been coming in from individuals who had once hoarded the currency for whatever purpose.

The President of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, said that appreciation of the Naira, especially in Abuja though good, was causing panic among BDCs.

He said this was because the CBN presently sells dollars to BDCs at N381 per dollar, and expects them to sell to the public at N399 per dollar.

Gwadabe called attention to the sharp difference between the Lagos and Abuja parallel market exchange rates.

He said the Abuja market was smaller in terms of demand, being dominated by civil servants, while Lagos has higher demand as it service most private businesses in the country.

Experts are of the opinion that the dollar may likely sell even lower than N380 during the weekend as the future looks dim for the rise of the currency. (NAN)

http://www.metronaija.com/2017/03/surplus-dollars-hit-nigeria-market.html

Good news.

Great, keep it coming. Naira getting stronger everyday, thank God.

I'll like to consider this a great news and I pray it remains constant. Lord, please let it keep flowing in.

Good news we hope it's continues crashing

keep pumping the $

The change is here!

Thats good for the construction industry as Prices of building materials continue to decline;

See latest prices of building materials in Nigeria and consult a professional on www.engineerosaz..com for free.

Success on your project!

I've sold mine at 11naira loss. Make I get rest of mind.

ok

Wake me up when the dollar is less than N200

From having no dollar in supply to surplus dollars?

When will the prices of goods be reduced?


Enemies of the nation and currency speculators will be like:

GREAT NEWS

haha...emefiele psychological play on hoarders worked,afterall

nigeria,a developing nation, exit recession faster than greece,argentina,brazil etc

a
CBN should keep releasing dollars for another week.this will shut speculators down completely

Wherez it

CoolFreeday:
Great, keep it coming. Naira getting stronger everyday, thank God.

at least let's get back to the good luck period

CBN 2 Speculators 0

Igbos WILL NOT LYKS DIS NEWS BECAUSE OF THAt BASTERD IN KUJE PRISON.

Osibanjo is working

This is good news but government should intervene or put measures in place to bring down the cost of items in the market. Then and only then will the poor man feel the impact of the much touted change.

we pray that it gets better and we also hope our greedy people around will not criple it in jesus name.

SO Y R FOREIGN ITEMS STILL EXPENSIVE.

Good news, let it come.

I thought somebody said parallel market is now $378 yester day on the street

Build more exporting based companies now and earn dollars,simple logic

OgaJonah:
Igbos WILL NOT LYKS DIS NEWS BECAUSE OF THAt BASTERD IN KUJE PRISON.

C D DIFFERENCE BW IGBOS N UR PPLE. NO MATTER HOW MUCH WE IGBOS HATE OBJ, WE WILL NEVA CALL HIM A BASTERD. UNLIKE UR PPLE.

This is the good work of VP Osibanjo. Now the DAURA GWORO Chewing Paedophile will jump up to take glory. Thank God soon he will go back to UK to continue with his medication while Osibanjo remains here to fix the mess.

Untill its returned back to N218 as the failed APC govt met it.They have not started,

we know they cant fulfill the N1=$1 fake lying deceitful promise to deceive gullible folks during the campaigns, at least return it to default mode of 218.