THE naira gained about 30 per cent on Wednesday against the dollar at the parallel market to trade between N250 and N280 from N364 at which it sold on Tuesday ending two weeks of free fall when it peaked at N403 against the greenback at the parallel market last week Thursday.
The local currency had begun a gradual recovery on Friday, firmed sharply at the parallel market yesterday as retail traders, having anticipated a cut in its official rate and stocked up on dollars, bought the local currency back after the government said it would not devalue.
The naira rate closed at N197.50 on Wednesday at the official interbank market, where the CBN limits introduced late last year to defend a currency peg have restricted access to dollars.

That has funnelled demand for dollars on to the parallel market, a flow further fuelled by speculation of a possible weakening of the peg.
The Acting President of the Association of Bureau de Change of Nigeria (ABCON), Aminu Gwadabe, said the market was reacting to President Muhammadu Buhari’s ‘no devaluation’ stance.

He, however, expressed ABCON’s support for President Buhari not to allow further devaluation of the naira.
Gwadabe, who said the association was in partnership with the authorities to step up efforts to rid the market of illegal currency traders stated: “Like the President indicated recently, since the only significant thing we export is crude oil, devaluation will do more harm to the economy than good. So we also say no to further devaluation of the naira!” he stated.
He also affirmed ABCON’s backing to ensure its members comply with the Central Bank of Nigeria’s regulation as well as operate within the approved margin of 3.5 per cent with the hope that the demand and supply situation would improve to restore calm and stability in the market.

- See more at: http://sambisanews.com/naira-gains-30-sells-for-n250dollar#sthash.tmezrGF3.dpuf

http://sunnewsonline.com/new/naira-gains-30-sells-for-n250dollar/

Okay

the kind of news to start the morning with.

read more breaking news http://sambisanews.com/naira-gains-30-sells-for-n250dollar#sthash.tmezrGF3.dpuf

Ok

This is serious

you dont understand forex, it will still get to 500 since it has crossed ichimoku resistance. so it is still wise to buy usd as no clear cut or intelligent has been made

Where are the enemies of Nigeria?



I'm sorry, ifeanyi uba is my man of the month!


*in adekunle Gold's voice(remix)* baba lalasticlala , pick up your call.

Many thanks to Dr Ifeanyi Ubah

Lobatan...where dem wailers ?

Where do you guys see dollar at 250, i will buy any quantity if it's true.

To all the wailers, Liberia is visa free, kindly relocate there.

That's awesome

Naira,

My dear naira.

Please find your square root back to #150.

okosodo:
you dont understand forex, it will still get to 500 since it has crossed ichimoku resistance. so it is still wise to buy usd as no clear cut or intelligent has been made

Don't mind the Zombs.
Nobody can truly prove why the dollar appreciated.
I won't be surprised if the last foreign reserve is being used to defend the naira.

prophet of doom

okosodo:
you dont understand forex, it will still get to 500 since it has crossed ichimoku resistance. so it is still wise to buy usd as no clear cut or intelligent has been made

And yet some people will sell pure water at N20 and still call the president wicked

Omo!! If people die of heart attack for this kind news wen una dey post this early morning, I no dey oo!!!

At least thank God for the Nairaland disclaimer. If anyone dies for this, the Op would be solely held responsible.



#Why hasn't Bruce Lee been tweeting lately I can imagine how many mentions he's got on his TL over his book. Hope he's not developed some sort of arthritis on his fingers making it impossible for him to type and promote his "commonsense agenda" oo.

Or is he bidding his time to give us a robust reply like the COZA pastor

Sai baba Buhari! waillers go hug transformer.

Zombs keep rejoicing until the bubble burst and dollar escalate to #1000 per dollar
Findout what is truly influencing the appreciation
Hope is not the last foreign reserve being used

I hope this not lie again

HiddenShadow:
Zombs keep rejoicing until the bubble burst and dollar escalate to #1000 per dollar
Findout what is truly influencing the appreciation
Hope is not the last foreign reserve being used

IpodEkpa Alert!! Buy a rope already.

Meringe:
Where do you guys see dollar at 250, i will buy any quantity if it's true.

Transacted at the rate of 280/$ late yesterday.

Those praising Uba should park well, he said he's going to make it 200/$ in a month but Buhari's resistance to devaluation of the currency made wonders within few days... From 403 to 250 that's a great leap

See ma [size=18pt] Naija people[/size]

Yee! Its Ifeanyin Uba

Yee! Its not Ifeanyin Uba

Where did you leave CBN,The Finance ministry,Local manufacturers,Labour Union,the TSA, FG fiscal measure etc .
How come selfish tribal possessive attitude has taken over our sense of reasoning, I don't know where one hand can wash itself clean without the other.
And jst keep your provincialism attitude.

Unity my foot. UP IPOB, up MASSOB, up ODUDUWA, up Fulani herdsmen,up Boko Haram and every movement that threaten our Integrity.

99% of all, Don't know what has caused the sudden upsurge. Smh!

HiddenShadow:
Zombs keep rejoicing until the bubble burst and dollar escalate to #1000 per dollar
Findout what is truly influencing the appreciation
Hope is not the last foreign reserve being used

Shows how sad and dejected you are hearing the news. Cuz ur wasteful ineffectual buffoon of a bro was booted out of Aso Rock doesn't mean you wish the nation bad

goodlifehyd:
Shows how sad and dejected you are hearing the news. Cuz ur wasteful ineffectual buffoon of a bro was booted out of Aso Rock doesn't mean you wish the nation bad

Two questions for an illit ..... like you
What is influencing the appreciation.?
How long will it last.?

I can see some Perpetual Wailing IPOD Ekpas and Defenders of the Legion of Crooks and Buffoons Wailing profusely over this, spitting all over the place about hoping the president isn't using the "last of our Foreign Reserve" to defend the Naira, and I ask- what business of theirs is it what Nigeria or Nigerian president does with their money?? Last time I checked, they aren't Nigerians, so this concern of theirs seem a little bit misplaced for me oo.

By the way, if we are to address their concerns we'd like to ask, what currency could be used to defend the naira (we know speculation was responsible for its depreciation)?? Biafran Dollars Reserve??

Some are Wailing "how long would it last that we are happy"?? And I ask them, did they ask how long the depreciation would last whenever they get news of the Naira losing 1kobo before hitting the street in uncontrollable jubilation??

These people are the most useless set of folks on this planet I tell you.

Meringe:
Where do you guys see dollar at 250, I WILL BUY ANY QUANTITY if it's true.

Na with that your bank balance wey resemble jamb score na him you wan use buy any quantity?

Cool down with the early morning lies boy!

Ifeanyi Uba you don see wetin your over sabi cause. After you don yarn for tv say you get the formula for naira/dollar friendly relationship naira come begin dey get weight now is N250. Make I no see you near Aso Rock, better face your petrol business for Apapa

Who are those praising Ifeanyi Ubah for the Naira appreciation?

Abeg o, who no know make know, Ubah has not done anything yet because the FG has not taken him up on his offer.

Buhari's stance against devaluation is responsible for this good news o.

Princewill1:
Many thanks to Dr Ifeanyi Ubah

Lol. U guys are clowns.

What did Ubah do?

goodlifehyd:
Transacted at the rate of 280/$ late yesterday.

Those praising Uba should park well, he said he's going to make it 200/$ in a month but Buhari's resistance to devaluation of the currency made wonders within few days... From 403 to 250 that's a great leap

U suppose no the clowns wey go sey sing Ubah na....