The Nigerian Naira extended its gains against the US dollar across the foreign exchange market on Tuesday.

The local currency improved N4.06 at the interbank market to close at N304.75, from N308.81 it traded on Monday.

Accordingly, the Naira gained N3 at the parallel market to close at N465, from N468 it closes on Monday.

While, at the Bureau De Change segment, the Naira was exchanged at N385 to a US dollar — in line with CBN directive.

Forex traders have attributed the improvement to the increase in the market liquidity due to the weekly sale of forex by Travelex and First Bank of Nigeria.

The First Bank of Nigeria and Travelex were approved by the CBN to help boost market liquidity through the sales of diaspora remittances to the Bureau De Change operators in an effort to curb counterproductive activities of some financial institutions.

The Naira has since gained N35 on the parallel market, from N500 it traded about a month ago and appreciated N16 in the interbank market to close at N308.81 on Tuesday.

Experts expect liquidity in the market to improve once OPEC goes through with Algiers accord on November 20 in Vienna, Austria.

“This, is because oil is forecast to trade at $60 a barrel after production cut, and with Nigerian output currently averaging 2.1m barrels a day. The country is likely to boost its external reserves needed to service the economy and prop up the Naira value through the CBN intermittent intervention in the foreign exchange market,” said analysts at Investors King Ltd.

“The reality is that as of today and this morning, we are at 2.1 million barrels production. That’s substantial,” said Emmanuel Kachikwu, Minister of State for Petroleum.

The pound and Euro were exchanged at N565 and N504 respectively.

http://investorsking.com/naira-extend-gains-against-dollar-across-fx-markets/

Nice

The parallel market rate of N465 is still very high and unacceptable. They need to bring it down to under N400 before we can heave a sigh of relief.

seunmsg:
The parallel market rate of N465 is still very high and unacceptable. They need to bring it down to under N400 before we can heave a sigh of relief.

How do you bring down what you don't control? Parallel market rate is being determined by speculators, they will do anything to sabotage all efforts by CBN for few gains.

Truth234:


How do you bring down what you don't control? Parallel market rate is being determined by speculators, they will do anything to sabotage all efforts by CBN for few gains.

Preach bros, preach!!!

Truth234:


How do you bring down what you don't control? Parallel market rate is being determined by speculators, they will do anything to sabotage all efforts by CBN for few gains.

A month ago, it was N500 and today, it's N465. With the right policies and strict enforcement by CBN, it can still come down to below N400.

seunmsg:


A month ago, it was N500 and today, it's N465. With the right policies and strict enforcement by CBN, it can still come down to below N400.

It is a process.. but once all the measures filtered through key FX segments. Parallel market will adjust automatically.

Hmmm

Still not convinced

Watching...@Truth234, I hail o

Adesiji77:
Watching...@Truth234, I hail o

How that side Boss

Truth234:


How that side Boss

Chairman, we are managing

Truth234:


How do you bring down what you don't control? Parallel market rate is being determined by speculators, they will do anything to sabotage all efforts by CBN for few gains.

Not just that. This particular market is highly demand driven just like fuel. If I have a $1000 to sell and am not sure of getting another one easily once I sell this, I may have to inflate the price so as to cover for my future expenses when am not able to make sales. It's wrong but that's the reality on ground. High demand results in price increase.

hmmmm

Make i do go change my money b4 i loose

Mmmmmmm no comment

Now nairalanders help me get on LIS by Following me @ alphonsus Jennifer on to get inspired in d morning and night

Dis is not enticing

Which kind news bedis sef

alexarelano:
Dis is not enticing

wen we know it will still drop more dan dat

Rubbish....
Fx that was @214 during Gej now is 466 and ppl are praying for it to drop to 350-400. Madness

Okay na

Chai, We want to use this opportunity to thank Mr President, finance minister and cbn governor for showing me how we wasted time in Economics class

Truth234:


It is a process.. but once all the measures filtered through key FX segments. Parallel market will adjust automatically.

na una know that one. If una like make una blow more grammar, watine concern me na whether garri don fall enter 300naira?

the naira will be stronger than dollar if donald HILLARY CLINTON emerge as the US president, believe me.

Any perk attach to it

Genea:
Mmmmmmm no comment

Now nairalanders help me get on LIS by Following me @ alphonsus Jennifer on to get inspired in d morning and night

We will succeed inshallah

Genea:
Mmmmmmm no comment

Now nairalanders help me get on LIS by Following me @ alphonsus Jennifer on to get inspired in d morning and night

lol @ to get inspired in the morning and in the night.

Rubbish!

I tot it would be like 200 to a dollar sef
Still the same

AleAirHub:
Any perk attach to it

smiles, just trying to help lighten up ur days and nights with lovely inspirational quotes

groomed:
lol @ to get inspired in the morning and in the night.

smiles dearie
Remember to follow

Hummmmmmm.......just 3naira,and if it wanna depreciate,it wunt go less than 20naira.