NAIRA DECLINES BY 0.82%, SETTLE AT $/N370
source: http://www.eyesoflagos.com/2017/06/naira-declines-by-082-settle-at-n370.html

Against its consistence appreciating streak in the last one week, the Naira, on Wednesday relapsed by 0.82 per cent at the unofficial market to close at N370 to a dollar against N367 closed on the first trading day of the week.
The fall in Naira is coming on the heels of Central Bank of Nigeria (CBN) Inter-bank Foreign Exchange market injection to the tune of $413.5 million, as speculators continued to drive the parallel market rate.
Also, at the official foreign exchange market, the local currency exchanged at N305.7 against a depreciated N305.65 sold on Monday compare to N305.55 traded last week, but gained against the pound at N388.9 and N342.6 respectively, against N400.93 and N352.06 sold respectively on Monday.
But the Naira, on Wednesday retained strengthened rate against the Pound sterling, closing at N465, the same amount it has been trading since Monday, which is better than N470 exchanged last week Friday and also recorded a slight gain against Euro to close at N407 compare to N411 sold the previous day.
At the Investor &Exports foreign exchange window, the naira depreciated improved slightly at N373.25 against the depreciated value of N373.28 closed at the beginning of the week.
Earlier in the week, while giving a breakdown of the latest round of forex intervention, acting director, corporate communications, CBN, Mr. Isaac Okorafor, said the sum of $100 million was offered to dealers in the wholesale window, while the Small and Medium Enterprises (SMEs) window was allocated $28 million. The invisibles segment was allocated the sum of $25.5 million to meet the needs of those requiring foreign exchange for Business/Personal Travel Allowances, school tuition, medicals, among others.
According to Okorafor, the bank also released the figures for the auction sales in the retail window last week, totaling $260million. He said the bank was optimistic that the Naira will continue its strong run against the dollar and other major currencies around the world, considering that transparency in the market has ensured greater stability.
On the Bank’s objective to achieve convergence between the foreign exchange rates at both the inter-bank and BDC segments, Okorafor said the CBN was confident of achieving the goal soon, particularly if all stakeholders played by the rules. He therefore charged all dealers, principally licensed Bureaux De Change (BDCs), to abide by the rule, for the sake of the economy. Meanwhile, the naira continued to maintain its stability in the foreign exchange market, exchanging at an average of $1/N362 in the BDC segment of the market.

Nigeria economy just tire me walai.

How far about the signed budget

Saraki sef...

See what CCT judgement has caused

Ok

How that one take be decline?

Ask the guy below me, he has another set of intelligence on this matter.

Dis one wey Naira dey do Ko ma Kuru Ko ma Ga

When an inept strategy to control USD/NGN FOREX rates is sustained over two years, it's no longer a mistake but a calculated policy of the government in power.

Riddle me this, who stands to gain when currency fluctuation is predictably consistent?

Somebody will now be saying 'corruption is fighting back'! Back ko Briskly ni

Those who voted for Buhari I hope they are satisfied now

upon all the pumping wey CBN dey do. maybe the economy is punctured that's why its keeps leaking while CBN keeps pumping

Naira and its seesaw game

okay oo.

Naira ...

This is exactly wat d CBN & Fed Gov re doing......

Pumping dollar into d........

Naira just dey bounce up and down despite all the interventions

ok

Chai. Upon all the money they injected.

Meanwhile My canon t4i is for sale with 18-55mm lens, two batteries and a free bag.

Check here https://www.nairaland.com/3846713/canon-t4i-650d-sale

Why?? ?

Mtchew

The naira keeps fluctuating. It is well.

The way dullardihio keep dribbling zombies brain even from London

SeniorZato:
How far about the signed budget

what Budget?,NIgeria do not follow normal economic thoeries. E nor dey work, awi own nah anyhow

When will Naira be stable? Ghana currency is stronger than Naira before Yardua passed away.

Load up on US dollars. The Feds has signalled that it stands willing to raise interest rate as US economy improves. Today it was 1/4% interest rate increase.

Also, crude oil price is back below $50 / barrel. CBN will run out of funds for interventions soon.

CBN will learn the hard way. Interventions in the currency markets are usually temporary relief. Russia, Japan, Switzerland and even US tried it and failed woefully. It is either the FG wants to fix the economic fundamentals that undermine the naira or they will continue throwing money after bad money.

ceteris paribus

realestniggah:
Those who voted for Buhari I hope they are satisfied now

If I hear Buhari for your mouth.

When Naira appreciates, you call Osinbajo;; when it depreciates, you call Buhari.

Is it Buhari that told the midget to sell $2b in 4 weeks for political reasons so he can be adjudged to be working, when reserves were falling, and oil price was falling?

Now the short devil's gamble is failing, you guys are calling Buhari that is resting in London.

This is the evidence of Osinbajo's financial recklessness. Buhari never sought to crash the rate when both reserves and oil price were falling. Only the dwarf would do that nonsense for political reasons.

I even thought he'd continue eating into the reserves to at least maintain consistency, then he falters this week to slow the fall of the reserves. Complete dunce. No wonder it took him 18 months to come up with an economic plan.

-Lord

Damn $2bn

LordAdam16:


If I hear Buhari for your mouth.

When Naira appreciates, you call Osinbajo;; when it depreciates, you call Buhari.

Is it Buhari that told the midget to sell $2b in 4 weeks for political reasons so he can be adjudged to be working, when reserves were falling, and oil price was falling?

Now the short devil's gamble is failing, you guys are calling Buhari that is resting in London.

This is the evidence of Osinbajo's financial recklessness. Buhari never sought to crash the rate when both reserves and oil price were falling. Only the dwarf would do that nonsense for political reasons.

I even thought he'd continue eating into the reserves to at least maintain consistency, then he falters this week to slow the fall of the reserves. Complete dunce. No wonder it took him 18 months to come up with an economic plan.

-Lord

twosquare:
Damn $2bn

Yep, the reckless midget spent in 1 month, one-third of what the government has spent on interventions in 5 months.

And he was only able to achieve a 25 naira fall which is now 20 naira, and all the gains are fading as the rate heads back to 390.

Complete waste.

-Lord

LordAdam16:


Yep, the reckless midget spent in 1 month, one-third of what the government has spent on interventions in 5 months.

And he was only able to achieve a 25 naira fall which is now 20 naira, and all the gains are fading as the rate heads back to 390.

Complete waste.

-Lord

That's enough to turn around the electricity problem in some states if we go for state independent power supply... I give up on this country.