Naira Gains 5.2 Percent After CBN Intervenes - Business - Nairaland
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As Naira Gains, Neighbouring Countries Ease Rush For Nigerian Goods / Naira Surges As CBN Intervenes In Interbank Market / Speculators Get Burnt As Naira Gains Value (2) (3) (4)
| Naira Gains 5.2 Percent After CBN Intervenes by Truth234(m): 4:58pm On Aug 19, 2016 |
The Naira rose 5.2 percent to 308 against the US dollar on Friday after the Central Bank of Nigeria intervene to support the embattled currency at the interbank market. The local currency, which traded at 365.25 per dollar on Thursday, closed at 324 in the previous session. Since the Central Bank abandoned its fixed rate on June 20, the currency has plunged 38 percent. Forcing the apex bank to prop up the Naira value by intermittent sales of the US dollar to ease economic gridlock created by forex scarcity. "They’ve been selling dollars most days to keep it going above 320 and have done their best to try and keep it closing around 310. Managing the exchange rate is difficult because there’s pent-up demand. The central bank has been supplying them. They sold some at 309 on Wednesday to keep the rate down, said Craig Thompson of Nyon, a Switzerland-based brokerage Continental Capital Partners SA.” “There’s still a lot of demand for dollars,” he added. http://investorsking.com/naira-gains-5-2-percent-after-cbn-intervenes/ 1 Like 1 Share |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by kishimi8(m): 6:58pm On Aug 19, 2016 |
Don't know how this stuff works, tried testing my atm by depositing funds in my amazon gift card account only to be charged 396, where do they get their own rates, luckily it's was a 1 usd test transaction 28 Likes 1 Share |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by ezechueze(m): 7:47pm On Aug 19, 2016 |
good |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by Truth234(m): 4:03am On Aug 20, 2016 |
kishimi8: You were charged parallel rate, this is interbank rate. By Monday, BDCs would have reflects current development. 6 Likes 1 Share |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by Adesiji77: 6:26am On Aug 20, 2016 |
Truth234: The demand is just incredible bro! The foreign portfolio investors appeared not to be convinced yet. How long will CBN keep intervening? Besides, the intervention is not having much impact on the pent-up demand. Lots of LCs and BCs are on evergreen waiting lists  Cc: lalasticlala, dominique, Mynd44 11 Likes |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by joey150(m): 6:29am On Aug 20, 2016 |
Everyday na rat race..naira gains today..naira looses tomorrow. Buhari has to take responsibility, his leadership skills and organisation must be very poor. How else can you explain how nothing ever works anymore, no parasatal, no agency, no minister..just a bunch of below average individuals heading this country.. just confusion from jamb to olympics to economy to infrastructure.. 40 Likes 7 Shares |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by justi4jesu(f): 6:29am On Aug 20, 2016 |
Stories without effect. 1 Like |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by Nobody: 6:31am On Aug 20, 2016 |
The wailer above me though  Its funny that good news about Nigeria is bad news to some Nigerians To the topic: I will support any move by this government to reduce importation and encourage exports to grow our currency. CBN can not intervene for ever. 12 Likes 3 Shares |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by Abdullateeflawal(m): 6:32am On Aug 20, 2016 |
policy reversal...
they dont even know what to do.
God save Nigeria 1 Like |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by fuadnero(m): 6:32am On Aug 20, 2016 |
Use www.abokifx.com to check the daily rates kishimi8: |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by samx4real(m): 6:34am On Aug 20, 2016 |
Even reporting this as news, sounds like bad news to me! #Badnews 2 Likes |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by hobermener: 6:35am On Aug 20, 2016 |
Mtchwwww 1 Like |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by lashout1: 6:36am On Aug 20, 2016 |
Truth234:And I ask, why do we have parallel mkt/rate in a flexible policy with different market forces? 3 Likes |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by Nobody: 6:37am On Aug 20, 2016 |
Na wash, thats what they said before floating Naira. Clueless government. After travelling everywhere, delaying minister selection, budget drama, discouraging investors, this government is doing trial and error. Na grazing land concern them, APC will provide food security, na wash. Diversify economy, na wash, they are looking for oil in the north. "we recovered loot", yet we keep borrowing. Now we know this isn't the change Nigerians voted for under the sun, under the rain and at night. The excitement and enthusiasm that greeted the election of M. Buhari has slowed faded away. To all final year medical student of Obafemi Awolowo University. You have come this far, victory is near 23 Likes 2 Shares |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by Realdeals(m): 6:39am On Aug 20, 2016 |
I'm not surprised about the high exchange rate, Nigerians can import anything $5 billion weekly demand is not small at all. 2 Likes |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by abumeinben(m): 6:39am On Aug 20, 2016 |
Thought they said demand and supply forces would rule the Naira tussle...why would CBN intervene? Someone should tutor me. 3 Likes 1 Share |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by Tallesty1(m): 6:41am On Aug 20, 2016 |
And how long will their intervention last? Too much tumbo tumbo policies in this administration 6 Likes 1 Share |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by Adonis3: 6:41am On Aug 20, 2016 |
Pprovost: can we just be realistic We keep hearing how the naira has appreciated but what do we still meet at the black markets?? BTW, so the fall of naira is now "a move by the government to reduce importation"  I see#Adonis3HasSpoken 4 Likes |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by horpeyemmi66(m): 6:45am On Aug 20, 2016 |
| Can someone who did Economics, Business Administration, Banking and Finance or Accounting break all that jargon down. What I can say is that the present Nigerian government is a grotesque catastrophe. 11 Likes
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| Re: Naira Gains 5.2 Percent After CBN Intervenes by Amah70: 6:45am On Aug 20, 2016 |
But if one may ask: was Buhari on Owerri weed when he promised to make one Naira exchange for one Dollar if we voted him to become president of Nigeria? 13 Likes 2 Shares |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by Kaybaba5(m): 6:48am On Aug 20, 2016 |
Nigeria will be good again 1 Like |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by jazinogold(m): 6:48am On Aug 20, 2016 |
naira keep gaining until it will gain independence from dollars! Then 1 naira = 1 dollars may be lie Mohammed will be the President of Nigeria then 11 Likes |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by ajeleseujn(m): 6:48am On Aug 20, 2016 |
These Niger-Delta guys should please seize fire, and let Nigeria have more dollars to sell. Meanwhile, until we start looking inward, our breakthrough from dollar slavery won't come around. 5 Likes |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by UltimateDaniel(m): 6:49am On Aug 20, 2016 |
That's good tl hear Read devotional @ www.openheavensdaily.org |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by KINGwax007(m): 6:49am On Aug 20, 2016 |
I dnt knw whybqe Nigerians are so bent on destroying ourselves! The demand for naira in this country is alarming... It all boils down to fraud and the ease to launder money... 1 Like |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by bobo65(m): 6:50am On Aug 20, 2016 |
Pprovost: What's d good news pls 2 Likes |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by bobo65(m): 6:50am On Aug 20, 2016 |
Amah70: Lol 2 Likes |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by ABIOLAXYZ(m): 6:53am On Aug 20, 2016 |
FAKE PROMISES 1 Like |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by Localamos(m): 6:56am On Aug 20, 2016 |
joey150: You, my friend, are the result of a poor education system. If you don't know the workings of an economy, then shut your trap  3 Likes |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by SurePresident: 6:56am On Aug 20, 2016 |
Better days ahead fr Nigeria."He that rays fr the Peace of Jerusalem shall eat the good of the land" Psalm 122:6. If you believe that Nigeria shall one day be Great click Like, if you've given up on Nigeria click Share. For guaranteed practical profitable, easy and affordable ideas, go to investberich.com Thank me later. 6 Likes 4 Shares |
| Re: Naira Gains 5.2 Percent After CBN Intervenes by Localamos(m): 6:58am On Aug 20, 2016 |
ajeleseujn: Well said! 1 Like |
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