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Naira Appreciates To ₦‎1,650/$ At Parallel Market - Business - Nairaland

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Naira Appreciates To ₦‎1,650/$ At Parallel Market by postbox: 11:28am On Feb 27
The naira, week on week, posted some recovery against the Dollar at the parallel market as the Central Bank of Nigeria (CBN) set in motion its first Monetary Policy Committee (MPC) meeting under Yemi Cardoso.


The naira appreciated at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,650/$1, an increase of 6.06 per cent against N1,750 it closed the previous day,

The naira initially traded around N1600 to the USDT early Monday posting a weekly gain of more than 25 per cent for the week, although this has moved above the N1600 mark as at the time of this report.



Many analysts are expecting a significant increase in the benchmark interest rate, also known as the monetary policy rate.


Following a few missed monetary policy sessions, Nigeria is expected to implement two aggressive interest rate hikes in less than two months to control inflation and strengthen the naira, according to a Reuters poll released on Friday.

Nigeria’s monetary policy rate is expected to increase by 225 basis points to 21.00 per cent on February 27 during Governor Olayemi Cardoso’s first monetary policy meeting, according to a survey conducted last week.

With the local currency still trading near its record low on the black market and January inflation increasing to 29.9 percent year over year, market pundits anticipate considerable policy tightening and the announcement of de facto system-wide tightening measures.

Throughout last week, the naira experienced a significant decline in value, hitting a low of N1,880 to the dollar on Thursday.

This depreciation has widened the disparity between the unofficial market rate and the official rate of the naira, presenting challenges to the government’s goal of unifying the two rates.

https://brandspurng.com/2024/02/27/naira-appreciates-to-n1650-at-parallel-market/

2 Likes

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by Paraman: 11:33am On Feb 27
The people who want it to be more than 2k to a $ will still wail in anger and gnash their teeth

64 Likes 8 Shares

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by Didijiji: 11:34am On Feb 27
YOUR RELATIONSHIP AND NAIRA WHICH ONE UNSTABLE PASS?

cheesy cheesy cheesy cheesy cheesy cheesy

6 Likes 1 Share

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by MrProlific95: 12:04pm On Feb 27
Where us your source?

1 Like 2 Shares

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by EmiloCorn: 12:06pm On Feb 27
Shebi I keep saying it that my oga is working.

Don't worry, very soon dollar will be down to N500 and below. Just 7 years more and we will finally get there. cool

On his mandate, I stand

21 Likes 2 Shares

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by MALLEOLUS2017(m): 12:06pm On Feb 27
Person gor sleep wakeup, dollar gor stil rise before person. 😏

2 Likes

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by haffaze777(m): 12:07pm On Feb 27
Paraman:
The people who want it to be more than 2k to a $ will still wail in anger and gnash their teeth


Wailing is their calling,please allow them to do what they're destiny for

64 Likes 7 Shares

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by Johnnyessence(m): 12:10pm On Feb 27
Shebi somebody was saying that dollar don hit #1400 before niii dey play

3 Likes

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by fineboynl(m): 12:13pm On Feb 27
It's responding to the recently dollars pump into the market. How many times will naira appreciate against the dollar?

Dollar will still respond back.

21 Likes 2 Shares

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by Toluwanise247(m): 12:17pm On Feb 27
Didijiji:
YOUR RELATIONSHIP AND NAIRA WHICH ONE UNSTABLE PASS?

cheesy cheesy cheesy cheesy cheesy cheesy
My relationship

65 Likes

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by Didijiji: 12:25pm On Feb 27
Toluwanise247:

My relationship
Tolu grin grin grin grin
Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by LadyExcellency: 1:05pm On Feb 27
The government should stop printing cash. This will be the best monetary policy in over a century.

The Argentine president has banned the printing of cash and is advocating stiffer punishment for the Central Bank Governor who prints money as a form of monetary policy without recourse to the laws and the constitution.

11 Likes 2 Shares

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by Toluwanise247(m): 1:05pm On Feb 27
Didijiji:
Tolu grin grin grin grin
Do you want me to lie

57 Likes 2 Shares

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by IduNaOba: 1:11pm On Feb 27
From 1350 to 1490 now at 1650 are you seeing it?
Okay o

15 Likes 3 Shares

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by datola: 2:17pm On Feb 27
We need real appreciation to N700 or N800 to a Dollar not geometrical depreciation and arithmetical appreciation kind of.

39 Likes 6 Shares

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by PortHarcourtcit(m): 2:17pm On Feb 27
This is lovely... GBAJUE'S crying... grin

3 Likes 1 Share

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by christejames(m): 2:17pm On Feb 27
😂 😂 😂



Propaganda doesn't run government 😏

9 Likes

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by Elidrisy20: 2:18pm On Feb 27
Appreciate my a$$
Depreciate my Foot

69 Likes

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by nurex01(m): 2:18pm On Feb 27
Where is the 1,314?
Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by alfredilly: 2:18pm On Feb 27
Is this appreciation, or depreciation?

3 Likes 1 Share

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by siraj1402(m): 2:19pm On Feb 27
I bet an average crypto/forex trader doesn't want the naira to come down, they only realise there is a problem when they want to buy things.

8 Likes 2 Shares

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by chukiz(m): 2:19pm On Feb 27
Ok, another propaganda
Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by nairalanda1(m): 2:19pm On Feb 27
grin

Naira can never appreciate so long as we are a resource depenent, oil dependent, economy, whose finances are dependent on the volatile price of oil.

The really strong currencies are those who are countries that manufacture and export manufactured goods and servicies

The government and the CBN is just fooling Nigerians.

74 Likes 1 Share

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by meum: 2:19pm On Feb 27
Ok. Whatever they are doing right, they should keep doing it so it gets to $1=N1 or $1=80k as it was in the 70s😂

2 Likes

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by Dbegining: 2:19pm On Feb 27
Why is there still a parallel market. The aim of this naira floating was to scrap and remove tge discrepancies between the parallel and black market. So by now, we should not be hearing anything such as parallel market or else the policy has failed. undecided

And for those jubilating 1600/1dollar is not a good thing FGS!!

3 Likes

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by Dagah2: 2:20pm On Feb 27
I believe in Tinubu's government!
Things will definitely ease off and get well in the latter days.

2 Likes

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by bigdammyj: 2:20pm On Feb 27
Noted.
Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by Franklyspeakin: 2:20pm On Feb 27
Ok
Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by Mitsurugi(m): 2:20pm On Feb 27
Agbadorians.... sigh. Well with the way you and your Balabluu Lord have been pummeled recently (due to his incompetence), it is good to celebrate the small victories.

Just pray it lasts

1 Like

Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by alfredilly: 2:20pm On Feb 27
Is this appreciation or depreciation?
Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by sweetkev(m): 2:20pm On Feb 27
EmiloCorn:
Shebi I keep saying it that my oga is working.

Don't worry, very soon dollar will ne down to N500 and below. Just 7 years more and we will finally get there. cool

On his mandate, I stand
Keep dreaming grin
Re: Naira Appreciates To ₦‎1,650/$ At Parallel Market by jmoore(m): 2:22pm On Feb 27
Paraman:
The people who want it to be more than 2k to a $ will still wail in anger and gnash their teeth

Novice, wetin you know? 1,600 is making you high. How much was it on July 31st 2023?

Dollar will hit above 2,500 naira before Dec 31st 2024. Save this post.

19 Likes 1 Share

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