The naira on Monday stabilised at N497 to a dollar at the open market just as stakeholders expressed hope in its imminent recovery.

The Nigerian currency, however, strengthened against the Pounds Sterling, but weakened against the Euro at the open or parallel market as it closed at N595 and N517, respectively; from N597 and N515 posted on Friday.

At the Bureau De Change window, the naira traded at N399 to a dollar, a rate it would maintain for the rest of the week, while the Pound Sterling and the Euro traded at N604 and N522 respectively.

Trading at the interbank market saw the naira weakened further at N305.25 to a dollar, from N305 posted on Friday.

Traders at the market said that while the scarcity of the greenback remained visible, there were strong indications that the Naira was on its way to imminent recovery.

Since the closure in the sale of Forex to BDCs last December, the spike in the Naira exchange rate had continued unabated.

Worried by the development, the Association of Bureau De Change Operators of Nigeria last week pushed for the adoption of a single rate at the market.

The President ABCON, Alhaji Aminu Gwadabe, argued that multiple rates were frustrating efforts at stabilising the Naira and fast tracking its recovery trajectory.

Gwadabe expressed optimism that the resumption in the sale of about $250m to members of the association this week would help in addressing liquidity challenges in the market.

http://investorsking.com/naira-stabilises-at-n497-to-dollar/

FTC!




ALAS ALL POWERFUL MASTER









Can u c me

Akuko uwa

Useless nation

The way it is going now, naira might hit 500 soonest

@OP forgive my ignorance but why can't we have a single exchange rate instead of these numerous ones?

Amoto94:
@OP forgive my ignorance but why can't we have a single exchange rate instead of these numerous ones?

Because the Naira is not a free floated currency, tightly regulated by the CBN. That is why the CBN created different rates (interbank and BDCs), to aid importation of certain goods at cheaper rates, while the parallel market was created by the people to help those that can not access any of the two official rates.

Truth234:


Because the Naira is not a free floated currency, tightly regulated by the CBN. That is why the CBN created different rates (interbank and BDCs), to aid importation of certain goods at cheaper rates, while the parallel market was created by the people to help those that can not access any of the two official rates.

Thanks. I have another question what's the long-term solution to this?

If we can get Buhari out then things will be better the choice is ours to make.

RIP to our currency


one he goat was saying that Nigeria is better under Buhari than under GEJ, i was wondering how such people think

Amoto94:
Thanks. I have another question what's the long-term solution to this?

Diversification, as we are mainly mono-product economy, and does not generate enough foreign revenue to meet our forex daily demands.

Hence, the constant scarcity of forex due to market illiquidity. But once we can generate enough forex through various diversification strategies being implemented by the FG, the CBN should able to float the Naira and allow market forces to dictate its true rate going forward.

Truth234:


Diversification, as we are mainly mono-product economy, and does not generate enough foreign revenue to meet our forex daily demands.

Hence, the constant scarcity of forex due to market illiquidity. But once we can generate enough forex through various diversification strategies being implemented by the FG, the CBN should able to float the Naira and allow market forces to dictate its true rate going forward.

I'm quite impressed with your submission and some of the FG's policies on economic diversification, but my fear is how sustainable it is considering the Nigerian factor which can often prove destructive. Take for instance we need oil money to diversify our ailing economy but there's growing unrest in the oil producing region?

Wetin naira wan do now? He wan go up abi he wan calm down?

One country with eleven different exchange rates.


The way Buhari is running this government is sideways

Truth234:
The naira on Monday stabilised at N497 to a dollar at the open market just as stakeholders expressed hope in its imminent recovery.

The Nigerian currency, however, strengthened against the Pounds Sterling, but weakened against the Euro at the open or parallel market as it closed at N595 and N517, respectively; from N597 and N515 posted on Friday.

At the Bureau De Change window, the naira traded at N399 to a dollar, a rate it would maintain for the rest of the week, while the Pound Sterling and the Euro traded at N604 and N522 respectively.

Trading at the interbank market saw the naira weakened further at N305.25 to a dollar, from N305 posted on Friday.

Traders at the market said that while the scarcity of the greenback remained visible, there were strong indications that the Naira was on its way to imminent recovery.

Since the closure in the sale of Forex to BDCs last December, the spike in the Naira exchange rate had continued unabated.

Worried by the development, the Association of Bureau De Change Operators of Nigeria last week pushed for the adoption of a single rate at the market.

The President ABCON, Alhaji Aminu Gwadabe, argued that multiple rates were frustrating efforts at stabilising the Naira and fast tracking its recovery trajectory.

Gwadabe expressed optimism that the resumption in the sale of about $250m to members of the association this week would help in addressing liquidity challenges in the market.

http://investorsking.com/naira-stabilises-at-n497-to-dollar/

No waaaaooooo and they call this stabilizes at....

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497 stabilizes ? there was once a nation called Nigeria

Anticorruption:
RIP to our currency


one he goat was saying that Nigeria is better under Buhari than under GEJ, i was wondering how such people think

How is it not?

Between recession that started in 2014 as clarified by iweala

And the dollars buried in farm lands

And judges having 500M cash in foreign currency



How will Nigerian Naira compete?


Other aspects of Nigeria is growing


Two yesrs+ since Buhari was sworn in, if people concentrated on farming things would be better, there are generically engineered seeds, 2 months food is ready


But they'd rather wait for MMM free money, just like Npower free money and 5k stipend


Nigeria is better under Buhari in all ramifications, let's just beg saboteurs to leave Buhari be

₦500 already, can confirm that.

APC idea of stability is really ridiculous.

One mistake I will never make again is to vote an illiterate as president.

Naira is now stabilised against Dollar at #497.
APC! APC!! APC!!! Is this okay?

Buhari is a curse to nigeria. The thunder that will faya buhari and his team of destroyers, will come in doctors prescription.
4 in the morning, 4 in the afternoon, 4 in the night.

#17. Dollar to exchange for N615.... Apostle Suleiman Prophesy.

The worst is still coming.
Oh Bingohari, what have you done to Nigeria economy.

Iamwrath:



How is it not?

Between recession that started in 2014 as clarified by iweala

And the dollars buried in farm lands

And judges having 500M cash in foreign currency



How will Nigerian Naira compete?


Other aspects of Nigeria is growing


Two yesrs+ since Buhari was sworn in, if people concentrated on farming things would be better, there are generically engineered seeds, 2 months food is ready


But they'd rather wait for MMM free money, just like Npower free money and 5k stipend


Nigeria is better under Buhari in all ramifications, let's just beg saboteurs to leave Buhari be

Your zombiesm dey tie head warmer

Buhari f9 mathematics is genesis of nigerias problems

He no sabi anythin pass za oza room

Truth234:


Diversification, as we are mainly mono-product economy, and does not generate enough foreign revenue to meet our forex daily demands.

Hence, the constant scarcity of forex due to market illiquidity. But once we can generate enough forex through various diversification strategies being implemented by the FG, the CBN should able to float the Naira and allow market forces to dictate its true rate going forward.

Ach so. Gut gemacht!

Jengem:


Your zombiesm dey tie head warmer

Buhari f9 mathematics is genesis of nigerias problems

He no sabi anythin pass za oza room

Nothing reasonable to offer


Bye bye

so N497 has become stability. Chai Buhari

Amoto94:
I'm quite impressed with your submission and some of the FG's policies on economic diversification, but my fear is how sustainable it is considering the Nigerian factor which can often prove destructive. Take for instance we need oil money to diversify our ailing economy but there's growing unrest in the oil producing region?

That is our collective fear, the FG will need to reach a workable consensus with the militants to enjoy the current surge in oil prices. Because we need to increase our output from present 1.4mbpd to about 2.2mbpd if we must end recession by the second half of this year.

Truth234:


Because the Naira is not a free floated currency, tightly regulated by the CBN. That is why the CBN created different rates (interbank and BDCs), to aid importation of certain goods at cheaper rates, while the parallel market was created by the people to help those that can not access any of the two official rates.

what about students paying their school fees, will they use parrallel rate or interbank

It will soon stabilize at N1,000 to a dollar.