The Naira on Tuesday advanced slightly against the United States dollar after the National Bureau of Statistics (NBS) announced the economy expanded at 0.55 percent in the second quarter.

The local currency gained N1 to N364 against the US dollar on the parallel market, up from N365 recorded on Monday. While both the Pound Sterling and the Euro-single currency closed at N470 and N430 respectively.

On the Bureau De Change Window, the Naira closed at N362 to a dollar, while the pound and the Euro-single currency traded at N470 and N430.

At the interbank market, the Naira exchanged at N305.8 to the dollar, while staying in range on the investors’ window, exchanging at N360.39 per dollar.

The economy emerged from recession in the second quarter of the year after contracting for five consecutive quarters.

According to the NBS, the economy grew at 0.55 percent in the second quarter, better than the revised -0.91 percent recorded in the first quarter of the year.

However, some experts have attributed the recovery to increased oil production and better than anticipated average oil prices. Suggesting that any further shock to the economy due to “the unpredictable nature of the global oil market would disrupt growth and render recovery temporary,” said Samed Olukoya, a foreign exchange analyst at Investors King Ltd.

For instance, “while the non-oil (0.45%), manufacturing (0.64%), and agricultural (3.01%) sectors that contributed the most to the economy sustained growth in the quarter, they expanded at a slower pace than preceding quarters. However, oil sector offset the shortfall by rebounding from -15.40 percent recorded in the first quarter to grow at 1.64 percent in the second quarter. Another indication that the economy largely depends on oil to thrive,” he added.

http://investorsking.com/naira-gains-better-expected-economic-growth/

Good one, let's hope they maintain this...God bless naija.

MY PRESIDENT IS WORKING.

ok

Bad news for perpetual wailers

We pray and hope for more positive news..

Congratulations

PassingShot:
Bad news for perpetual wailers

They will Wake Up with headaches along with a wet handkerchief this morning.
They all Hates good news about the country.
Their loss!!

Not impressed

Nigerians are waiting for when 1naira will equal 1dollar as promised by the dullard.
some gullible minded are already glorifying failure.what a shame

Good news

U met it at 198 made it worse and expect us to thank you for doing what exactly?

We will get there In sha Allah

Am tired of making front page ooooo

Generalkaycee:
Not impressed

You see them?!

IPOB are still not convince with this news

Good news

Kylekent59:
Am tired of making front page ooooo

Go make back page na!
... Or middle page!!

Buhari return us back to N165 you are an idiott Dundee united

Generalkaycee:
Not impressed

I swear, was expecting to see like #10 to #50 difference, who #1 help?

ok next

Nice , hopefully the price of goods will go down soon

temptnow:
Buhari return us back to N165 you are an idiott

Mynd44

.

olaezebala:
U met it at 198 made it worse and expect us to thank you for doing what exactly?

no he met it at 250

A welcome development there. I hope the non oil sector will continue with the growth trajectory.

Ohhh Why na.i wish it would keep falling down and be as useless as akara paper.
I just hate the zoo

our Jew neihbours will not like this news!

Generalkaycee:
Not impressed

are you from Biafra land?