Nigeria’s naira has finally strengthened against the US
dollar after weeks of free fall on the parallel market.
On Friday, February 19, the currency gained N360 against
the American dollar which means that the pressure on the
national currency has eased. However, some unofficial
traders sell it at N370 per dollar and buy at N367.
Reuters reports that Nigeria’s overnight interbank lending
rate dropped to an average of 1% on Friday from around
4.5% on Thursday as the market anticipated refunds of cash
deposited by commercial lenders for foreign exchange
purchases.
According to traders, liquidity dropped sharply and the cost
of borrowing climbed after commercial lenders moved cash
to their naira accounts with the central bank to enable them
to take part in the weekly forex intervention on Thursday.
On Tuesday, February 16, banks deposited about 700 billion
naira to back their planned forex purchases, draining
liquidity in the banking system and pushing the lending rate
above 4%.
“The cost of funds dropped today (Friday) based on
expectation that the central bank will refund a portion of
cash deposited for forex intervention before the close of
business,” one dealer said.
Once a week, the central bank usually intervenes in the
official interbank foreign exchange market to provide
dollars for eligible importers. It requires commercial
lenders to fund its naira account 48 hours ahead of the
intervention.
Traders said that they were expecting around 450
billion-500 billion naira in refunds from the central bank,
raising the level of cash credits in favour of commercial
lenders and helping to hold down interbank lending.
Meanwhile, President Muhammadu Buhari has rejected
calls to devalue the currency of Nigeria, stressing that he
would not “kill the naira.”
https://www.naij.com/737073-breaking-naira-strengthens-dollar-black-market.html/?anna&utm_source=facebook&utm_medium=social&utm_group=free

Sources or i dnt believe it...

modified....
If this is true, I think it will relieve us a bit from the untold hardship that we are passing through now.
lalasticlala confirm and do d needful.
FTC... all thanks to made in naija server...5g loading

kentuta:
Sources or i dnt believe it...

Keep deceiving yourself!
But if your pastor was bashing a prophesy into your life, you will accept it without asking for SOURCE!
Haters of anything Good news!

Lalasticlala confirm this news and send it to promise land joor!

kentuta:
Sources or i dnt believe it...

u can see the source after the text

Agubushmenyo:


Keep deceiving yourself!
But if your pastor was bashing a prophesy into your life, you will accept it without asking for SOURCE!
Haters of anything Good news!

Lalasticlala confirm this news and send it to promise land joor!

bro na quarrel i still maintain my stand...source or....and for my pastor, I know his source and if he uses that Mighty Name to lie eehh...chai na sorry em name go turn to...wink...I understand ur pain...food scarcity

Agubushmenyo:


Keep deceiving yourself!
But if your pastor was bashing a prophesy into your life, you will accept it without asking for SOURCE!
Haters of anything Good news!

Lalasticlala confirm this news and send it to promise land joor!

bro na quarrel i still maintain my stand...source or....and for my pastor, I know his source and if he uses that Mighty Name to lie eehh...chai na sorry em name go turn to...wink...I understand ur pain...food scarcity

Dead bones shall rise again!

Hmmmmm...

I hope this is true

Baba Bubu abeg don't devalue our Naira but just try on BDC price... #9jagobetter

I will not praise that nepa certificate holder till he brings 1 dollars equal to naira