manutd1:

It seems you didn't have a good deal.

I thot as much too, but when you are not someone to take care of things yourself, that usually happens.
However, for biz to move forward, one has to accept what he gets and move on.

hubreality:

Sell $/154 and buy $/155-156. Good bargains with aboki can get you raw$ @ N155 at Alade market Ikeja, Lagos.
You could ask and know from your bank the official rates. Good to use www.xe.com for world currency conversion rates.

That site is not a true reflection of what what happening in the exchange market in Nigeria, it is usually even lower than the official bank rate, not to talk of the black market

My mum just told me that it's now N155.5 per $.

FBS:

My mum just told me that it's now N155.5 per $.

to buy or sell?

manutd1:

to buy or sell?

To sell.

Where is that Lagos? and where in Lagos?

Bought dollar @156 today @ Ikeja

I bought dollar @ 155 Naira in Ibadan.

A friend sold today @ $156 per dollar in Cross river.

manutd1:

Bought dollar @156 today @ Ikeja

hi friend or anyone in the know, please where in ikeja can i buy or sell currencies? pls respon ASAP. THANKS.

So many of them on Awolowo Road, and Alade market

Exchanged the Dollar on Saturday for N155 in Surulere.

Alade market Ikeja. Yesterday evening. My people sold for me at N155.00

i bought at 156 at black market.

Na wa oh, everyone is buying at good price and me buy higher, how unfair could that be?

Hello mjay, what is your mallam phone number?

08023699110 . His name is Sheu

mjay:

08023699110 . His name is Sheu

Sheu said na 156.5 him go sell today

This Sheu sef na wa o! Thanks for the info

defman:

This Sheu sef na wa o! Thanks for the info

i am surely gonna start using the guy oh for the following reasons:
1. respectful.
2. Biz minded.
3. his customer service is next to none i have seen, in Nigeria where almost everyone just talk anyhow and be rude and besides, it is a sellers market in Nija

Pls i wd like to know how much is GB pounds sterling currently in black market. Thanks!

I got it at N155 today at Alade Market Allen!

How much is dollars in the black market?

I changed the dollar for #154 today in benin.

charles88:

I changed the dollar for #154 today in benin.

Wow, that sounds good, that means it'll be less in Lagos. Hopefully it'll drop to 150 by weekend

If you think dollar is gonna drop think again, the price is already going up at the dutch auction system, the only reason it has not reflected in the black market is (a) the already high margin level (b) the mallams/alhajis are trying hard not to make it look as if their own (lamido) is weak when it comes to forex. When the bubble becomes to heavy it will burst then we all will confess. The current price at the black market is artificial, i say hold on to your dollars if you have any, and if you need to buy, buy now.

dinggle:

If you think dollar is gonna drop think again, the price is already going up at the dutch auction system, the only reason it has not reflected in the black market is (a) the already high margin level (b) the mallams/alhajis are trying hard not to make it look as if their own (lamido) is weak when it comes to forex. When the bubble becomes to heavy it will burst then we all will confess. The current price at the black market is artificial, i say hold on to your dollars if you have any, and if you need to buy, buy now.

I think its more of the oil price stabilising above the $50 mark,thats the only bubble that can burst the present rate of exchange.Panic buying shouldnt be encouraged.

nice to post there men,




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I tried to buy $ today but the mallan told me that it has gone up again. I changed last week for $156, yesterday, he told me it is 155, today when I tried to buy, he said it has gone up to 157. I have not purchased it. PLEASE anyone bought today?

Forex: Naira strengthens at parallel market

Contrary to the marginal losses of the naira to the dollar as witnessed from last week, the local currency appreciated at the parallel market yesterday.


The dollar was exchanged for the naira at N152 against N154 last Monday, indicating a gain of N2.

Should the trend continue, the traders said a convergence of the parallel and official market rates was possible within the next two weeks.

Naira had lost N1.03 to the dollar last Monday, been the first auction day in the bi-weekly Wholesale Dutch Auction System (WDAS). The local currency had closed last weekend at N147.38 to the greenback.

Inter-bank foreign exchange rate was N152.50/$1 yesterday as against N152/$1 last Monday and N149.50/$1 last weekend.

The dealers said the black market was responding to the liberalisation of the market, which they admitted has enhanced the funding of that window.

The CBN had in furtherance of an efficient foreign exchange market liberalised the transactions.

Among the steps taken, which operators said had buoyed the market especially the parallel segment include the Integration of both classes ‘A’ and ‘B’ BDCs to the official window.

The CBN is currently implementing cash sales to Bureaux de Change as a key component of the liberalised forex market.

It had announced that it would disburse foreign exchange to BDCs at the clearing rate of the immediate past WDAS session and that all BDCs were required to sell at no more than two per cent spread above the CBN selling rate. That, the dealers said was also helping to moderate the rates at the retail end of the market.

Meanwhile, rates at the inter-bank money trading remained within the region of last week. The Nigerian Interbank Offer Rate (NIBOR) for call was yesterday at 10.4588 per cent and the 7 day paper 12.4167 per cent. The 30 day NIBOR was 14.6667 per cent; 60 day 15.6250 per cent; 180 day 16.9167 per cent and the 365 day fund 17.0838 per cent.



Source: http://odili.net/news/source/2009/jul/29/206.html




We go soon begin to buy dollar for N149 - N152   

I bought $ for 155-156 NGN today, Aboki

Bank don't wanna sell USD!! shit!!

In the UK we are watching Nigeria closely. I don't know how they will sustain the strength of Naira in the long term when the amount of oil barrels coming out of Nigeria has reduced considerably. I am waiting to see where we are at the end of next quarter. Naira is not set free yet in my own opinion DYOR

todays currency exchange of dollar to Naira is 152 Naira to 1 dollar.You may choose to confirm on www.coinmill.com.

Sleekfun:

todays currency exchange of dollar to Naira is 152 Naira to 1 dollar.You may choose to confirm on www.coinmill.com.

The same link coinmill.com has it at 157 naira to a dollar today. Guess the sudden rise might be attributed to this

Naira Slumps as CBN Protects Reserves

The naira declined to its weakest level in at least 15 years yesterday as the Central Bank of Nigeria limited  the supply of dollars at its weekly auctions to protect the nation’s foreign reserves.
“The naira slipped to N156.85 to the dollar by 11 a.m. yesterday. That’s the weakest level since at least 1994, according to Bloomberg data,” Citigroup Inc said in a client note yesterday.
The CBN manages the naira exchange rate by controlling the amount of dollars it supplies to banks at auctions held on Mondays and Wednesdays every week.
CBN sold $183.7 million to commercial banks at its most recent auction on Wednesday, July 29, below the demand of $604.84 million.
The decline in the naira sparked off “panic” sales of naira for dollars by Nigerian businesses “who feared the local currency could dip further and hurt their operations,” Citigroup noted.
“The central bank simply isn’t meeting the demand for dollars in Nigeria at its bi-weekly auctions. We suspect it’s because they don’t want to run down their foreign reserves,” Leon Myburgh, a fixed-income and currency strategist for sub-Saharan Africa at Citigroup, said in an interview.
Nigeria’s foreign reserves slumped 19 per cent to $43.2 billion by July 3, compared with $53 billion at the end of December, CBN Governor, Sanusi Lamido Sanusi said on July 7.
The naira has lost almost a quarter of its value since the end of November last year when the global financial crisis first began, sparking a slump in the price of oil, which accounts for about 90 percent of Nigeria’s export revenue.

Do i sense another rise in the exchange rate of dollars to naira, next few days will tell,
http://www.thisdayonline.com/nview.php?id=150327