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Naira Stays At 161.60 Against US Dollar - Business - Nairaland

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Naira Stays At 161.60 Against US Dollar by mukina2: 4:01pm On Jul 17, 2012
Nigeria’s naira firmed against the U.S dollar on the interbank market on Monday, supported by ample dollar sales by two energy companies to some lenders.

The naira closed at 161.60 against the dollar on the interbank market, stronger than the 162.10 to the dollar it closed at on Friday.

Traders said units of Royal Dutch Shell and Nigerian Liquefied Natural Gas (NLNG) company sold unspecified amount of dollars to some lenders, which raised the level of dollar liquidity in the market and provided support for the naira.

“Apart from the dollar inflows from Shell and NLNG, speculations on planned dollar sales this week by the NNPC (state-owned energy company) also helped the market rally,” one dealer said.

NNPC supplies the bulk of dollars traded on the interbank market and comes to the market twice in a month.

Traders said the naira is seen strengthening further in the week if the NNPC finally come to the market with some other oil companies sales as well.

On the bi-weekly forex auction, the Central Bank sold $200 million at $155.87 to the dollar, compared with $180 million sold at the same rate last Wednesday.

The naira closed weaker last week due to resurgence of demand for the dollar from importers and a drop in dollar liquidity.


http://www.channelstv.com/home/2012/07/16/naira-firms-to-161-6-against-us-dollar/?utm_source=&utm_medium=twitter
Re: Naira Stays At 161.60 Against US Dollar by Okijajuju1(m): 4:07pm On Jul 17, 2012
Ok.. Shey Coke is still 50 Naira a bottle?!

6 Likes

Re: Naira Stays At 161.60 Against US Dollar by ODB1: 4:44pm On Jul 17, 2012
[size=20pt]My sis and her entire family of 8 are in the U.S. now because of the summer hols.

Buy dollars during the xmass period, sell during summer. gain at least 20%.

works for me.[/size]
Re: Naira Stays At 161.60 Against US Dollar by miteolu(m): 4:45pm On Jul 17, 2012
If Naira no stay mak am run

2 Likes

Re: Naira Stays At 161.60 Against US Dollar by Pukkah: 4:46pm On Jul 17, 2012
The way to shore up the exchange rate of the naira is to develop local production capacity and tackle infrastructural challenges in Nigeria so as to reduce the demand for dollars. In addition, the governments at all levels need to diversify revenue from non-oil sources.
Re: Naira Stays At 161.60 Against US Dollar by jennyb2: 4:46pm On Jul 17, 2012
o ye naira recieve wings and fly IJN!
Re: Naira Stays At 161.60 Against US Dollar by tunapawizzy: 4:48pm On Jul 17, 2012
O.D.B.:
[size=20pt]My sis and her entire family of 8 are in the U.S. now because of the summer hols.

Buy dollars during the xmass period, sell during summer. gain at least 20%.

works for me.[/size]

oga abeg weytin u wan try achieve with this font size? u need prayers my brother
Re: Naira Stays At 161.60 Against US Dollar by miracle4(m): 4:49pm On Jul 17, 2012
this is no good news all
Re: Naira Stays At 161.60 Against US Dollar by Nobody: 4:50pm On Jul 17, 2012
This is an opportunity for brainers to go into export trades.
Re: Naira Stays At 161.60 Against US Dollar by tunapawizzy: 4:50pm On Jul 17, 2012
Pukkah: The way to shore up the exchange rate of the naira is to develop local production capacity and tackle infrastructural challenges in Nigeria so as to reduce the demand for dollars. In addition, the governments at all levels need to diversify revenue from non-oil sources.
ok sir/ma
Re: Naira Stays At 161.60 Against US Dollar by miteolu(m): 4:51pm On Jul 17, 2012
miracle4: this is no good news all

You be miracle. Act on your name & revive Naira
Re: Naira Stays At 161.60 Against US Dollar by ebamma(m): 4:51pm On Jul 17, 2012
as if i care
Re: Naira Stays At 161.60 Against US Dollar by NRIPRIEST(m): 4:52pm On Jul 17, 2012
Time for Omo Igbo to make money.
Re: Naira Stays At 161.60 Against US Dollar by tonyx4x44(m): 4:53pm On Jul 17, 2012
Any time price of gala change inform me
Re: Naira Stays At 161.60 Against US Dollar by badmrkt(m): 4:56pm On Jul 17, 2012
where aboki? mek hhhmm come change this dalla before e go be badmrkt for me
Re: Naira Stays At 161.60 Against US Dollar by Nobody: 4:57pm On Jul 17, 2012
I think that is good news for me and others who earn the USD online,by the time its convertd to our local currency,i'l make a fortune
Re: Naira Stays At 161.60 Against US Dollar by Tstark(m): 5:04pm On Jul 17, 2012
^^^^^^^^
Typical selfish Nigerian
Re: Naira Stays At 161.60 Against US Dollar by slimming: 5:07pm On Jul 17, 2012
Good price for those who dollar
Re: Naira Stays At 161.60 Against US Dollar by Pukkah: 5:09pm On Jul 17, 2012
binger: I think that is good news for me and others who earn the USD online,by the time its convertd to our local currency,i'l make a fortune

Your position is not correct. How is the naira firming up against the dollar good news for Nigerians who earn dollars?

1 Like

Re: Naira Stays At 161.60 Against US Dollar by Nobody: 5:12pm On Jul 17, 2012
binger: I think that is good news for me and others who earn the USD online,by the time its convertd to our local currency,i'l make a fortune
are u sure of what u are saying, i withdrew $100 from my forex account and my broker paid me 15,500 instead of 16,500. how does that favour me
Re: Naira Stays At 161.60 Against US Dollar by Aybank: 5:36pm On Jul 17, 2012
jux passin by......
Re: Naira Stays At 161.60 Against US Dollar by souleymon(m): 6:08pm On Jul 17, 2012
The Dollar I bought today 17-07-2012 at International AIRPORT Lagos
was at N164 Even the money pass 1k$
Re: Naira Stays At 161.60 Against US Dollar by chucky234(m): 6:17pm On Jul 17, 2012
This is no news, next
Re: Naira Stays At 161.60 Against US Dollar by Nightshift(m): 6:23pm On Jul 17, 2012
How much is Naira to Euro in black market?
Re: Naira Stays At 161.60 Against US Dollar by DammyFx: 7:20pm On Jul 17, 2012
approaching 200N per $ real soon
Re: Naira Stays At 161.60 Against US Dollar by RoyalRoy(m): 7:23pm On Jul 17, 2012
And to think Mr Inspired was still quoting 165 to a dollar as CBN rate by 2pm today. Am dissapointed in him.
Re: Naira Stays At 161.60 Against US Dollar by EyesWideOpen(m): 7:30pm On Jul 17, 2012
tonyx4x44: Any time price of gala change inform me
Gala is the single worse piece of Snack I've ever had. Wonder why anyone will like it, btw, 'one man's food ...'
Re: Naira Stays At 161.60 Against US Dollar by alienware(m): 7:52pm On Jul 17, 2012
Pukkah:

Your position is not correct. How is the naira firming up against the dollar good news for Nigerians who earn dollars?
isn't that the fact ? If it was @ 120 by the time u earn 10 dat translate to abt 1,200 naira. @ 162 u earn 1,620 naira ! Check out na.
Re: Naira Stays At 161.60 Against US Dollar by Pukkah: 8:03pm On Jul 17, 2012
alienware: isn't that the fact ? If it was @ 120 by the time u earn 10 dat translate to abt 1,200 naira. @ 162 u earn 1,620 naira ! Check out na.

You're not getting it. When the naira firms up against the dollar, it means the naira is getting stronger (and not weaker). As reported by the poster, the naira closed at N161.60 against N162.10 as at Friday.

This means that if you earned N16,210 from $100 last Friday, it is now N16,160 today from the same $100. Can you now see clearly the effect of the naira getting stronger on those who earn their income in dollars?
Re: Naira Stays At 161.60 Against US Dollar by manny4life(m): 8:26pm On Jul 17, 2012
Pukkah: The way to shore up the exchange rate of the naira is to develop local production capacity and tackle infrastructural challenges in Nigeria so as to reduce the demand for dollars. In addition, the governments at all levels need to diversify revenue from non-oil sources.

I endorse this message... smiley smiley smiley

binger:

I think that is good news for me and others who earn the USD online,by the time its convertd to our local currency,i'l make a fortune

I don't know how much fortune you're making giving that the movement in % points isn't that significant. Besides, this is not good news for you, rather, bad news. The more Naira gets stronger, the more weaker the almighty $$$ becomes.
Re: Naira Stays At 161.60 Against US Dollar by yinka2011: 3:08am On Jul 18, 2012
NAIRA CLOSED AT 160.29 against the US Dollar, stronger than what is mentioned here. and people if you want the latest Naira exchange rates live, hit the [size=18pt]EASYKOBO.COM finance website[/size], thats where i go for all my financial info.


and about buying dollars now and selling december? why not invest the money in some stocks?

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