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Naira Extends Gains As Dollar Glut Hits Market - Business - Nairaland

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Naira Extends Gains As Dollar Glut Hits Market by ijustdey: 7:28am On Apr 21
• CBN revises documentation requirements to boost trade


Chika Amanze-Nwachuku in Lagos and Obinna Chima in Washington D.C.


The naira sustained its momentum on the parallel market yesterday, appreciating significantly by N20 in one day to close at N380 to the dollar, stronger than N400 to the greenback at the close of trading the day before.

Similarly, the local currency firmed up on the Bureau de Change (BDC) segment of the market yesterday, trading at between N376 and N378 to the dollar in Lagos, Abuja and Kano.

The gains were largely influenced by increased dollar liquidity in the economy, as the Central Bank of Nigeria (CBN) sustains its intervention in the foreign exchange (FX) market.

The CBN pumped a total of $380 million into the market between Tuesday and Wednesday this week.

It also simplified the documentation process for small and medium sized businesses to enable them import eligible items and increased both the amount and number of sales to BDCs.

According to a source at the central bank, the naira is expected to appreciate further when the BDCs get another tranche of $20,000 from the CBN today.

Analysts had rightly forecast that with the forays by the CBN in the various segments of the market, the naira would strengthen against the greenback and other convertible currencies this week.

Financial Derivatives Company Limited yesterday said that the naira would strengthen further on the parallel market “in the days to come”.

CBN spokesman, Mr. Isaac Okorafor recently assured FX end-users that the central bank would sustain its dollar injection in the market.

He also asked market participants to abide by the rules to ensure the preservation of the external reserves, stability of the financial system, and growth of the economy.

Despite all dollars pumped into the market by the central bank, the accretion of Nigeria’s external reserves remained undented, rising by $279 million to $30.586 billion as of Wednesday, from $30.307 billion two weeks before.

Also, following the federal government’s bid to create the enabling environment for doing business in Nigeria, the central bank yesterday announced the reduction of documentation requirements for imports and exports.

The timeline for processing the Nigerian Export Proceeds (NXP) Form was also revised.

The CBN stated this in a circular signed by its Director, Trade and Exchange Department, CBN, W.D. Gotring.

It said the timeline for processing Form ‘NXP’ by authorised dealers shall be a maximum of 48 hours from the receipt of the application, subject to appropriate documentation.

Furthermore, authorised dealers are expected to submit returns to the CBN in compliance with the 48-hour timeline.
“All authorised dealers are therefore advised to take note and bring the circular to the attention of their customers,” it added.

It listed the revised import documentation as follows: Bill of Lading, Certificate of Origin (formerly Combined Certificate of Value of Origin), Commercial Invoice, Exit Note (formerly Exit Gate), Form ‘M’, Packing List, Single Goods Declaration, and Product Certificate.

Revised export documentation, according to the central bank, include Bill of Lading, Certificate of Origin, Commercial Invoice, Single Goods Declaration, Nigerian Export Proceeds Form, Clean Certificate of Inspection (CCI), and Packing List.


https://www.thisdaylive.com/index.php/2017/04/21/naira-extends-gains-as-dollar-glut-hits-market/

lalasticlala
Re: Naira Extends Gains As Dollar Glut Hits Market by HungerBAD: 7:28am On Apr 21
Nice.

Good News from the Government of Buhari.

To the writer below me,please be patient. The $ will soon be N120 by the time we finish locating all the Dollars your hero Jonathan and his 40 Thieves Stole.

We just recovered $43 Million.

So be patient.

69 Likes 5 Shares

Re: Naira Extends Gains As Dollar Glut Hits Market by RIPEnglish: 7:40am On Apr 21
Still rubbish, brought it back to how you met it on 140 for 1 dollars. undecided

23 Likes 2 Shares

Re: Naira Extends Gains As Dollar Glut Hits Market by CuteCeo: 7:40am On Apr 21
Issokay
Re: Naira Extends Gains As Dollar Glut Hits Market by olujastro: 7:40am On Apr 21
Let me use this medium to school the not-so-smart brains in the CBN on how to force down the black market rate really close to the official value of the $ which is 306 once and for all.
1. As the CBN is giving Nigerians fx at 360 for overseas fees, PTA/BTA, manufacturers, etc. the black market cannot go below 365. The CBN should gradually reduce their rate for these invisibles to say 315 till they achieve a black market rate of say 320.
2. The CBN should never officially devalue the naira which is my suspicion at the moment. Wait till we become a somewhat productive economy and have lesser import demands(petroleum products and rice) after year 2020 to float the naira. Instead of further unnecessary devaluation, float the currency now instead.
3. Lastly, as oil price is still around $50-55bbl, use a 50/50 approach to continually increase the foreign reserves and give out fx to Nigerians who genuinely need it.

17 Likes 1 Share

Re: Naira Extends Gains As Dollar Glut Hits Market by tstx(m): 7:41am On Apr 21
okay
Re: Naira Extends Gains As Dollar Glut Hits Market by amanikondo: 7:41am On Apr 21
$$$ is unstable like relationships.

5 Likes

Re: Naira Extends Gains As Dollar Glut Hits Market by sankky: 7:41am On Apr 21
Ok
From N216 per dollar before this govt of many presidents came in, to N380/$. Next week we hear it has lost N50 to the dollar and so on and so forth. Back and forth story.
The funny thing is, you will hear the unscrupulous BMC internet crooks pretentiously hail this.
This govt's argument that if they had not come to power, naija would have been worse off is analogous to this my story:

MR JOHN IS TRAVELING FROM LAGOS TO ABUJA IN A PUBLIC BUS. HALF-WAY INTO THE JOURNEY WHICH HAD SO FAR GONE SMOOTHLY WITH NO ACCIDENTS OR TRAUMAS TO ANY PASSENGER, ANOTHER DRIVER COMES IN AND TAKES CONTROL OF THE STEERING WHEEL WITH THE ARGUMENT THAT HE CAN DRIVE BETTER THAN THE FIRST DRIVER.
SO, THE JOURNEY CONTINUED WITH THE SECOND DRIVER WHO CLAIMED TO KNOW HOW TO DRIVE MUCH BETTER BEING IN CHARGE OF THE WHEELS. SOMEWHERE ALONG THE ROAD, HE HAS AN ACCIDENT WHICH CAUSED A LOT OF CASUALTIES AND INJURIES TO THE PASSENGERS.
AS THE PEOPLE WAILED, HE TELLS THEM HOW LUCKY THEY WERE TO HAVE HIM AS THE DRIVER AT THE VERY TIME THE ACCIDENT HAPPENED BECAUSE HAD IT BEEN THE FIRST DRIVER WAS IN CHARGE, THE ACCIDENT WOULD HAVE BEEN MUCH MORE DEADLY. THIS IS THE ARGUMENTS AND LOGIC THAT THE BMCs ARGUE DAILY ALL OVER THE INTERNET.

49 Likes 3 Shares

Re: Naira Extends Gains As Dollar Glut Hits Market by NubiLove(m): 7:42am On Apr 21
Are there still dollar hoarders?

4 Likes

Re: Naira Extends Gains As Dollar Glut Hits Market by GreenMavro: 7:42am On Apr 21
shocked
Re: Naira Extends Gains As Dollar Glut Hits Market by orlarbissy(f): 7:42am On Apr 21
Hmmmmmmmmm
Re: Naira Extends Gains As Dollar Glut Hits Market by TeflonBlixx: 7:43am On Apr 21
Economics isn't my forte, so. . .


I reserve this space for Economics gurus. . cheesy
Re: Naira Extends Gains As Dollar Glut Hits Market by Ogbehadanyel(m): 7:44am On Apr 21
ijustdey:
we need a stabilize naira gain to doller and not a sinosodial gain, today its 380 and tomaro its 390. Ha!!






• CBN revises documentation requirements to boost trade





https://www.thisdaylive.com/index.php/2017/04/21/naira-extends-gains-as-dollar-glut-hits-market/



Re: Naira Extends Gains As Dollar Glut Hits Market by crispinkc(m): 7:44am On Apr 21
Good but still insignificant compared to what it was b4 but then at least we are moving forward.

1 Like

Re: Naira Extends Gains As Dollar Glut Hits Market by paddybrown(m): 7:44am On Apr 21
nice one.....we will soon be there
Re: Naira Extends Gains As Dollar Glut Hits Market by 1metre: 7:45am On Apr 21
PapiSmith:
We are surely getting there... cheesy

$1 = 200 naira is still very much possible, let's do this cheesy


Tomorrow is the pool party by the way
cheesy
getting one dollar to one naira with skyrocketed prices of commodity is rubbish.

2 Likes

Re: Naira Extends Gains As Dollar Glut Hits Market by henrimoto(m): 7:45am On Apr 21
RIPEnglish:
Still rubbish, brought it back to how you met it on 140 for 1 dollars. undecided
0ga, bi sincere for once. Se na #140 per dollar Buharia meet the thing?

7 Likes 1 Share

Re: Naira Extends Gains As Dollar Glut Hits Market by clems88(m): 7:45am On Apr 21
If it like let it gain or reduce . all I know is that MTN is still 110 in my area angry

1 Like

Re: Naira Extends Gains As Dollar Glut Hits Market by ise82(m): 7:46am On Apr 21
God bless Nigeria
Re: Naira Extends Gains As Dollar Glut Hits Market by mikeycharles(m): 7:46am On Apr 21
That's not good enough
Re: Naira Extends Gains As Dollar Glut Hits Market by RIPEnglish: 7:48am On Apr 21
henrimoto:
0ga, bi sincere for once. Se na #140 per dollar Buharia meet the thing?
how much

1 Like

Re: Naira Extends Gains As Dollar Glut Hits Market by clems88(m): 7:48am On Apr 21
paddybrown:
nice one.....we will soon be there
ofcos by 2070 I guess angry

5 Likes

Re: Naira Extends Gains As Dollar Glut Hits Market by olaezebala: 7:49am On Apr 21
I still never fill the impact sha o

1 Like

Re: Naira Extends Gains As Dollar Glut Hits Market by Realdeals(m): 7:50am On Apr 21
They should allow us to use Naira MasterCard for online transactions even if it will be capped at $300/month.

6 Likes

Re: Naira Extends Gains As Dollar Glut Hits Market by iykepromotions: 7:50am On Apr 21
Getting interesting... Hope this will reflect in the prices of goods and commodities outside there.
Re: Naira Extends Gains As Dollar Glut Hits Market by smartty68(m): 7:52am On Apr 21
All I've got to say for now is...

1 Like

Re: Naira Extends Gains As Dollar Glut Hits Market by championer: 7:57am On Apr 21
That was how we were happy when it was coming down, next thing we know it returned to 410 to 1dollar.

Please let's stop celebrating their mess that they are trying to clean.

3 Likes 1 Share

Re: Naira Extends Gains As Dollar Glut Hits Market by aragon4realz(m): 8:00am On Apr 21
Nigerian economy needs and over dose of this injection into its buttocks,like if you concur

1 Like

Re: Naira Extends Gains As Dollar Glut Hits Market by jericco1(m): 8:00am On Apr 21
Nigerians can be insatiable, let's do with what we have

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