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Reports reaching Nairametrics suggest black market operators are currently buying dollars from speculators at a price of N210. They are in turn selling to Speculators at a price range of N215 to N220 depending on where you are buying from.

Some of the black market operators interviewed by Nairametrics also opine that the Naira is poised to strengthen further against Naira and see a price of N205/N210 in the horizon. They told us in broken English “if you wan buy dollar make you wait small because e go drop. Everybody dey rush to sell dollar quick quick because of the CBN.” Translated to If you want to buy dollars wait a bit more as the price will drop further. Everybody (Speculators) are rushing to sell dollars quickly due to CBN policies.

The Naira has strengthened in the last four days after the CBN pulled off another cat in the hat policy, albeit effective this time, restricting banks from accepting dollar cash deposits from their customers. The banks have also not been giving out PTA and BTA for travelers. Whilst this measure may have helped in reducing the exchange rate, it has also created arbitrage situation for sharp black market operators.

They know now that the Naira is King (at least for now) and as such speculators with no market use for the green back will have no choice but to sell to them at any price. However, those who need dollars for market reasons (like to import or travel on holiday) will have no choice but to buy at the price on offer.

No one knows how this back and forth will end with the CBN basically emptying its arsenal on trying to defend the Naira by all means. Whether it will rise or fall now depends on the next steps the CBN takes. For now Naira remains KING.


http://nairametrics.com/now-who-is-king-naira-trades-for-n210-with-the-price-expected-to-fall-even-lower/

Aha. All hail king Naira of Nairaland

Too sad its just for a period of time, then it will depreciate again.

It's time, we allow the naira float to its real place and let the fx market / interbank and parralel market be at peace.


After a week or two or three, the banks must have gotten a way to send or disposed the dollars in their vault off, the demand for dollars will arise again surpassing the supply this will re-shape the demand curve and lead to a graphic inequality scientifically termed elastic limit.

It's just temporary. The naira will depreciate again soon after a month

I love this, when we have a serious leader, everybody under him will sit tight and do their job accordingly, Buhari !!! Respect, you are a man of people, when the head is good, the rest of the will function well

K

Very good

Even if this is the only "change" (strengthen our economy) Buhari can do for us...I personally will be the happiest!