The naira recorded a gain against the United States dollar on the parallel market on Tuesday, a day after the Central Bank of Nigeria injected $240m into the foreign exchange market.

The local unit rose from 395/dollar on Monday to 390/dollar on Tuesday as the new forex supply weighed on the market.

The CBN had on Monday released the sum of $90m to meet requests for invisibles such as business travel and personal travel allowances, medical and school fees.

The apex bank also offered a total of $150m to authorised foreign exchange dealers in the interbank wholesale auction window same day.

The development brought to $240m the total amount of forex released by the regulator on Monday.

The regulator also adjusted the sale day of forex to Bureau De Change operators to Tuesdays only to reduce logistical difficulties.

As a result, the central bank would sell $10,000 only to low-end forex dealers once a week, instead of $8000 a week previously.

Economic and financial analysts said the spate of interventions and dollar supply by the central bank would determine the direction of the naira in the coming weeks.

On the back of the previous forex supply by the CBN, the naira had appreciated to 375/dollar early last week.

The local currency, however, weakened to 383/dollar on Thursday before dropping to 390/dollar on Friday.

“The latest dollar injection is yet to fully percolate into the forex market; when that happens, the naira will appreciate further,” a currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, said.

The naira closed at 306.25 to the dollar on Tuesday at the interbank market, compared with 306.30 the previous day.

Meanwhile, the CBN said on Tuesday it would offer dollar forwards to be delivered within two months to offset a backlog of matured foreign exchange obligations to manufacturers, airlines, fuel importers and agriculture businesses.

“Authorised dealers’ accounts with the central bank will be debited in full for the naira equivalent of the dollar bid amount on a spot basis,” the bank said in a notice to commercial lenders.

“The central bank will settle the bids through forward settlements of two months,” the CBN added without specifying the amount of dollars to be sold.

http://investorsking.com/naira-gains-fresh-dollar-supply-now-390dollar/

The dollar should keep crashing , kudos to CBN

Good news to start the morning with


Check my signature guys

Hopefully we are getting there....#1 = $1

For me there is nothing to celebrate until we witness a crash in the prices of commodities. If prices of food items and other things had to shoot up using the increasing dollar/naira rate as excuse, the prices should come down now that the naira is gaining upper hand against the dollar and other currencies.

The government should force marketers, sellers, importers, manufacturers and their likes to crash prices if no we are only artificially increasing the value of the naira to make some select greedy bastardos rich.

The dollar, pound, euro and other currencies have been crashing against the naira for over 3 weeks now yet no impact is felt. Things are still as expensive as ever then what's the point?

I personally am not happy one bit. And it is because I earn in dollars. I don't mind dollar crashing if my buying power does not diminish but I seriously mind now that prices are still as high as they were. Bag of rice is still 20k+, my baby's food is still as expensive as before, Milton solution for my baby that was hitherto 700 naira is still 1200, pican teething that was just 1200 is now 2,000.

It is f*cking annoying and the government needs to do something very fast.

Una Naira can never stay one place. Always running around.

Ok

E

Even grasshopper stays one place than naira.

Anyway.....

Naira learn it from buhari when he was travelling up and down

Hmmn... But for how long can this be sustainable?

What CBN and FMF need to do are as follows:-

1. Create a CBN dollar card and mandate all dollar users to make use of this card for all dollar based transaction. Go cashless on dollars too.

2. Get a presidential order to outlaw the use of or sale of physical dollars in Nigeria. Dollar bills should be out of circulation in Nigeria. If you need dollars, apply for it through a bank or a bureau De change and once approved, your dollar card will be credited with electronic dollars backed by CBN real dollars.

These 2 measures will eliminate the parallel markets effectively. As for hoarders of dollars, this policy should be put in place:-

3. All electronic dollar monies approved and sold to end users must have an expiry date of 3 months. If you don't use it, you loose it! You can re-sell back to your source before the expiration of your e-dollars but after 3 months, it will vanish into oblivion.

This will effectively deal a great blow on speculators and hoarders of dollars who indeed are the enemies of Nigeria. 60% of our naira depreciation problem are caused by these people. The rest are caused by importers and Nigerians schooling, shopping and touring abroad frequently.

The solution to these is beyond CBN (Central Bank of Nigeria) and FMF (Federal Ministry of Finance), it is another topic for another day.

If my suggestions are adopted, the likes of Andrew Yakubu and even all those who have alot of dollars in their domiciliary accounts would all be forced to sell in exchange for a CBN dollar card and e-dollars which can now be pegged to #300 for now until we are able to start producing most of the things we are currently importing before further reduction should be done.

We should also step up on our quality control. If we have quality schools, quality products and a developed tourism, then people would not need to source for these abroad with scarce dollars. With less demand for dollars, over time dollar to naira can slowly but surely be 1 to 1 like the good old 80s before SAP.

Oooops

nice one

Government we need stable forex, to reduce the price of commodity. And make it stable.

Naira is gone! You can take it or continue leaving in illusions.

Naira going up and down like see-saw

Good one bt still yet to see d impact

Naira is rising, thanks to almighty God.

We need to diversified our economy and encourage local production ,if not is just a temporary solution

can't wait for it to get back to 150 cuz we know #1 turn 1$ is impossible....

pls keep supplying until it gets to #210 where you met it...


bunch of incompetent dull*ardeen and fellows

This dollar issue don tire ,,,I tell u

F

Wat cud be a lasting solution to this dollar things self?

if e reach 190 to 1 dollar. let me know

Still high

Truth234:
The naira recorded a gain against the United States dollar on the parallel market on Tuesday, a day after the Central Bank of Nigeria injected $240m into the foreign exchange market.

The local unit rose from 395/dollar on Monday to 390/dollar on Tuesday as the new forex supply weighed on the market.

The CBN had on Monday released the sum of $90m to meet requests for invisibles such as business travel and personal travel allowances, medical and school fees.

The apex bank also offered a total of $150m to authorised foreign exchange dealers in the interbank wholesale auction window same day.

The development brought to $240m the total amount of forex released by the regulator on Monday.

The regulator also adjusted the sale day of forex to Bureau De Change operators to Tuesdays only to reduce logistical difficulties.

As a result, the central bank would sell $10,000 only to low-end forex dealers once a week, instead of $8000 a week previously.

Economic and financial analysts said the spate of interventions and dollar supply by the central bank would determine the direction of the naira in the coming weeks.

On the back of the previous forex supply by the CBN, the naira had appreciated to 375/dollar early last week.

The local currency, however, weakened to 383/dollar on Thursday before dropping to 390/dollar on Friday.

“The latest dollar injection is yet to fully percolate into the forex market; when that happens, the naira will appreciate further,” a currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, said.

The naira closed at 306.25 to the dollar on Tuesday at the interbank market, compared with 306.30 the previous day.

Meanwhile, the CBN said on Tuesday it would offer dollar forwards to be delivered within two months to offset a backlog of matured foreign exchange obligations to manufacturers, airlines, fuel importers and agriculture businesses.

“Authorised dealers’ accounts with the central bank will be debited in full for the naira equivalent of the dollar bid amount on a spot basis,” the bank said in a notice to commercial lenders.

“The central bank will settle the bids through forward settlements of two months,” the CBN added without specifying the amount of dollars to be sold.

http://investorsking.com/naira-gains-fresh-dollar-supply-now-390dollar/

What are they talking . The pounds gained 5 naira today from 460 to 465

We shall get there in due course.
Full-scale diversification of our economy where manufacturing of goods and offering of services will earn us more funds than we spend is the way forward. Drum it to those who have ears.

With the uncertainty and fluctuations on forex, how would the trader be confident enough to adjust the price of thier goods lower in the market?

Whether high or low forex, stability remains the most important factor. If not, it will not translate into reduced cost of products in the market which is the most important thing to the common man on the street.

At end of the day, the economy has to be fixed if we must get a stable forex.

Sadly marketers and producers can't crash their prices just like that. The naira is still very unstable, and in a country that prices goes up and never comes down, that may likely not happen.

My prayer is for the naira to gain more weight and stay stable because truth be told we are still not yet sure of the new policy whether it might work or not.

abescom:
For me there is nothing to celebrate until we witness a crash in the prices of commodities. If prices of food items and other things had to shoot up using the increasing dollar/naira rate as excuse, the prices should come down now that the naira is gaining upper hand against the dollar and other currencies.

The government should force marketers, sellers, importers, manufacturers and their likes to crash prices if no we are only artificially increasing the value of the naira to make some select greedy bastardos rich.

The dollar, pound, euro and other currencies have been crashing against the naira for over 3 weeks now yet no impact is felt. Things are still as expensive as ever then what's the point?

I personally am not happy one bit. And it is because I earn in dollars. I don't mind dollar crashing if my buying power does not diminish but I seriously mind now that prices are still as high as they were. Bag of rice is still 20k+, my baby's food is still as expensive as before, Milton solution for my baby that was hitherto 700 naira is still 1200, pican teething that was just 1200 is now 2,000.

It is f*cking annoying and the government needs to do something very fast.

These are all on media and paper..I sell cars and nothing my country people...nothing has changed.....