By Babajide Komolafe The naira maintained its upward trend in the parallel market yesterday, appreciating to N345 per dollar in response to decline in demand for dollars occasioned by anxiety over the possible outcome of the Monetary Policy Committee (MPC) meeting coming up next week.
Vanguard investigation revealed that the parallel market exchange rate fell to N345 per dollar yesterday from N350 per dollar on Monday, implying appreciation of N5 for the nation’s currency. The naira has appreciated by N25 against the dollar since Friday when the parallel market exchange rate stood at N370 per dollar in response to anticipated increase in demand due to deregulation of petroleum products importation and rumours about imminent official devaluation of the naira by the Central Bank of Nigeria (CBN). Bureaux De Change operators attributed the increased appreciation of the naira to anxiety over the possible outcome of the MPC meeting scheduled to hold from Monday to Tuesday next week. “Demand for dollars is weak today because market participants, especially, buyers are anxious about the outcome of the MPC meeting”, said Aminu Gwadabe, President Association of Bureaux De Change Operators of Nigeria (ABCON). Confirming this development, Financial Derivatives Company Limited, said “Nigerians are extremely nervous about the possible outcomes of the next MPC meeting. This is because of a confluence of negative developments ranging from a sharp fall in the production of oil, deepening external reserves, spiralling inflation and sharply lower Gross Domestic Product (GDP) growth. There has hardly been a time in the history of Nigeria that the Central Bank has been faced with such stark and hard choices. Unfortunately, there is no silver bullet. Reviewing the impact of the sharp increase in inflation rate to 13.6 percent in April on the financial markets and the outcome of the MPC meeting, “The Company stated, “The MPC is expected to seriously consider the consequence of high inflation on investor returns. A tighter monetary environment (hiking interest rates) could result in investors shifting to the fixed income market due to attractive interest rates. In addition, NIBOR and T-bill rates would be expected to increase. “Given the underperformance of the stock market with a negative YTD return of (6.35%), we expect capital outflow from the Nigerian bourse, as investors become attracted to high interest fixed income instruments. “We expect a cocktail of measures or a sequence of steps aimed at controlling inflation, maintaining currency stability and stimulating growth. The order in which these decisions will be taken is a subject of great uncertainty and anticipation.”
Source: http://www.vanguardngr.com/2016/05/fear-mpc-outcome-fuels-naira-appreciation/

K

FTC, space for sale

Chai d guy above ripped me of FTC space ni sha na 5g u dey use??

Nigga be chilling on FP since 2011

Moral lesson: don't stop talking until someone is ready to listen

Abeg,
Na the same naira were been exchange for 200naira April last year be this?

[i][/i] Legalise illegal refineries


#legaliseiilegalrefineries

The high cost of PMS is as a result of the umavailability and high cost of procuring the US dollars. As long as we are still an importing country with little or no product to export, this situation will continue till eternity.A good way of making petrol available at a cheap price is to refine locally. All our refineries are not working to capacity as at present. The private refineries granted licence have not started working.A short term solution is to legalise all the so called illegal refineries. The more they are, the more availabilty of fuel.Government should also regulate and monitor the quality of their products. In the end, more jobs, more cheap fuel will be our gain.

Ok


IAMLOOSEWEIGHT

Buhari has always been a confused He-Goat.. Below is a picture of his displayed stupidity

Dollar Dollar Dollar!

Its well

Today is my Birthday show some love.

.

Dollar heading for 400

Where is Buhari's Chinese RMB?

We will get there!

mostyg:
[i][/i] Legalise illegal refineries


#legaliseiilegalrefineries

that will be a good step to take.

....'they' wouldn't allow that to happen.

Is it the same naira that has depreciated to #385 in the black market in 48 hours?

zeezyoung:
Today is my Birthday show some love.

Happy Birthday

All this one na story, na everyday hardship dey skyrocket under bubu

Buhari and is 1889 economic policies is why we are here today ... SMH ..

Gf

CHANGE is constant... NAIRA is a living testimony

another propaganda in the news

Probably it will depreciate again. Nonsense

zeezyoung:
Today is my Birthday show some love.

Today is also my Birthday, show some love

Hmmmmm!!!

GHANGE! CHANGE!! CHANGE!!!

hear what the bible says about CHANGE

Proverb 24:21-22

My son, fear thou the LORD
and the king: and meddle not with
them that are given to CHANGE:

For their calamity shall rise
suddenly; and who knoweth the ruin
of them both?


check my signature

nairayouthcom:
K

For Kerosene

@ topic

What should I do with this piece of news? It is not good and it is not bad so I should just put it aside till it is N1 = $1.


Space Bookers Association Of Nigeria - S B A N -, I hail una o.

Are they going on strike or not?

zeezyoung:
Today is my Birthday show some love.

Happy Birthday.

Breaking News

At 345 naira to a dollar! Naira appreciation my foot.

Lie, Mallam Musa, is selling @ 370 per dollar

And buying frm you @ 360 per dollar

Check My Signature

Let us continue to pray 4 dis country & our leaders. stop d blame game & name calling. Nigeria will be great again. IJN.

the way d naira is depreciating eh