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Naira To Remain Below 500/dollar This Week —experts - Business - Nairaland

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Naira To Remain Below 500/dollar This Week —experts by Truth234(m): 4:12am On Jan 23, 2017
Currency retailers and experts have said the naira will trade slightly below 500 per United States dollar this week despite the commencement of the sale of foreign exchange to Bureau De Change operators by the Central Bank of Nigeria last week.

The CBN had through the International Money Transfer Organisations resumed the sale of dollars to BDCs on Thursday, after stopping it for almost a month due to the Yuletide holiday.

Travelex, one of the IMTOs in the country, sold about $20m to 2,500 BDCs with each getting $8,000, the President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, said.

According to a Reuters report, the naira is seen unchanged on the parallel and official forex markets in the coming days even as the IMTOs continue the sale of dollars to the BDCs this week, boosting greenback liquidity.

The naira was quoted at 498/ dollar at the parallel market on Friday, down from 497 on Thursday. It traded flat at 497/dollar between Monday and Wednesday

On the official market, commercial banks quoted the naira at 305.75 a dollar on Friday, around the same level the local currency has traded at since August last year.

“Once dollar liquidity improves in the market I see the naira trading around 380-400 a dollar in the short-term,” Gwadabe said told Reuters.

The BDC operators are quoting the naira at 399 to the dollar.

But a professor of Economics, Akpan Ekpo, said the naira might not rise above 425/dollar on the parallel market over the next one year, even if crude oil price and production went up further.

Meanwhile, the Kenyan shilling is seen trading broadly stable in the coming days, helped by tight local currency liquidity.

The Zambia’s kwacha is expected to firm this week on improved currency inflows from a Treasury bill auction.

However, the Tanzanian shilling is expected to come under continued pressure against the US dollar in the days ahead, weighed down by a surge in demand for greenbacks from the energy sector and a slowdown in inflows.

Reuters reported that the Ghana’s cedi could stabilise in coming weeks on expected forex inflows for the purchase of a five-year 600m cedi ($138m) domestic bond at the end of the month and plans by the central bank to auction $120m of cocoa loans to banks.

The local unit had been fairly stable since December but came under pressure last week on surging dollar demand by local businesses.

The Ugandan shilling is expected to stay within a stable range over the coming days, helped by a mop up of 211bn shillings ($58.69m) of excess liquidity by the central bank and by commercial banks trimming their positions.

“We’re seeing some banks unwinding positions … and the removal of excess liquidity, I think we’ll see some support from these two (factors) ,” a trader at a leading commercial bank said.

http://investorsking.com/naira-to-remain-below-500dollar-this-week-experts/
Re: Naira To Remain Below 500/dollar This Week —experts by mykeljosef: 4:44am On Jan 23, 2017
FTC oooooooo

where is my cake and whiskey


some people will celebrate asif its good news

2 Likes

Re: Naira To Remain Below 500/dollar This Week —experts by Nobody: 4:55am On Jan 23, 2017
The economic charlatanism of APC grin grin

13 Likes 1 Share

Re: Naira To Remain Below 500/dollar This Week —experts by Jabioro: 4:56am On Jan 23, 2017
You pple should tell me another story.What is the signficants differences btw 497 & 500 naira especially in Nigeria market force?

11 Likes

Re: Naira To Remain Below 500/dollar This Week —experts by alphamodel1(m): 6:52am On Jan 23, 2017
Every time I see any news about the naira, I rush to read it, it saddens my heart always why my beloved naira has fallen from Glory.

2 Likes

Re: Naira To Remain Below 500/dollar This Week —experts by veekid(m): 7:17am On Jan 23, 2017
Yeye
Re: Naira To Remain Below 500/dollar This Week —experts by 2shur: 7:19am On Jan 23, 2017
i need dollar to be 700 to naira.
abeg..

1 Like

Re: Naira To Remain Below 500/dollar This Week —experts by Zi: 7:19am On Jan 23, 2017
Buhari has killed and buried the Nigerian Economy
2019 is too far abeg embarassed

5 Likes 1 Share

Re: Naira To Remain Below 500/dollar This Week —experts by patrickdaniel: 7:20am On Jan 23, 2017
mykeljosef:
lala et mynd44 comman see

some people will celebrate asif its good news
good
Re: Naira To Remain Below 500/dollar This Week —experts by jidxin(m): 7:20am On Jan 23, 2017
mtchewww but above 450.
Re: Naira To Remain Below 500/dollar This Week —experts by sakalisis(m): 7:22am On Jan 23, 2017
Hmmm
Re: Naira To Remain Below 500/dollar This Week —experts by Standardcosting(m): 7:22am On Jan 23, 2017
An achievement undecided
Re: Naira To Remain Below 500/dollar This Week —experts by abdulbnyusuf(m): 7:24am On Jan 23, 2017
Patiently waiting to see if the motto of APC will still be change by 2019

2 Likes

Re: Naira To Remain Below 500/dollar This Week —experts by elegantslayer(f): 7:24am On Jan 23, 2017
.
Re: Naira To Remain Below 500/dollar This Week —experts by Greenbullet(m): 7:24am On Jan 23, 2017
Thank God.
Re: Naira To Remain Below 500/dollar This Week —experts by Benjom(m): 7:25am On Jan 23, 2017
Taaa! It's unpredictable
Re: Naira To Remain Below 500/dollar This Week —experts by Miles300: 7:25am On Jan 23, 2017
Naija matter tire person , why wud a country av different exchange rate , 305, 399,450 and 500, corruption and disorganization is even worst in this administration !

1 Like

Re: Naira To Remain Below 500/dollar This Week —experts by Nobody: 7:26am On Jan 23, 2017
Soooooooo...................wen dollar is #1, alert me
Re: Naira To Remain Below 500/dollar This Week —experts by slimchimex(m): 7:26am On Jan 23, 2017
ok we don hear. Here in Chad we exchange naira/dollar @ N300/$1
Re: Naira To Remain Below 500/dollar This Week —experts by abdulbnyusuf(m): 7:26am On Jan 23, 2017
Zi:
Buhari has killed and buried the Nigerian Economy
2019 is too far abeg embarassed


seconded, but I still have small hope with him, na when we pass 2017 and nothing change then I will find my way out
Re: Naira To Remain Below 500/dollar This Week —experts by Lajet: 7:26am On Jan 23, 2017
Buhari is doing a good job. i dey hail you . i hope dollar price will increase more this week and next week i have some dollars to sell. Thank you once again Buhari .

1 Like

Re: Naira To Remain Below 500/dollar This Week —experts by Pavore9: 7:26am On Jan 23, 2017
I have refused to whine over whatever the dollar is exchanging for because it changes nothing rather working hard to benefit from the situation... that is smart work.
Re: Naira To Remain Below 500/dollar This Week —experts by Abdul9025(m): 7:26am On Jan 23, 2017
choi.. we blogger dei enjoy woo... adsense money will make sense sha
Re: Naira To Remain Below 500/dollar This Week —experts by johnbuck81(m): 7:27am On Jan 23, 2017
buhari no try at all...d guy fall hand.
Re: Naira To Remain Below 500/dollar This Week —experts by josephobaro(m): 7:28am On Jan 23, 2017
Sometimes I sit back and wonder what APC will promise us again in the next elections.

3 Likes

Re: Naira To Remain Below 500/dollar This Week —experts by Nobody: 7:29am On Jan 23, 2017
won jebi
Re: Naira To Remain Below 500/dollar This Week —experts by rottenegg: 7:31am On Jan 23, 2017
Welcome to a nation of lies, deceits and complete inability to manage the little we have left. I've been searching for the "said Baba" slogan everywhere online. It seems to have faded due to the hunger in the land...
By the time 2019 arrives...it will be N800 to $!
Re: Naira To Remain Below 500/dollar This Week —experts by Mouthgag: 7:34am On Jan 23, 2017
Where are we going in this country?....





This is very sad.
Re: Naira To Remain Below 500/dollar This Week —experts by chuose2: 7:44am On Jan 23, 2017
APC & Co promised us N1 to $1, instead we dey see the opposite. angry


THUNDER WILL FIRE ADEBOYE FOR MAKING US VOTE IN THIS GOVT BUILT ON LIES




APC & ADEBOYE ARE ALL LIARS!
ADEBOYE CANNOT SIMPLY PROPHECY AND TELL US WHEN THE FULANI HERDSMEN WILL STRIKE.
PROPHET IN DEED.
CHECK HIS NEW YEAR PROPHECY NOT ONE WORD ABOUT FULANI HERDSMEN.

HE SIMPLY REHASHES THE SAME "WE WILL BE BLESSED", FROM 2015 & 2016.
INSTEAD WE ARE ALL SEEING THE OPPOSITE WITH THIS JIHAD SEEKING GOVT, THAT IS FULL OF LAI LIES angry

4 Likes

Re: Naira To Remain Below 500/dollar This Week —experts by Ekpeitut: 7:51am On Jan 23, 2017
People can't we protest? This government don't know jack about reviving our dying economy and worse is the lackadaisical attitude they put up. It breaks my heart because we are all acting as if everything is OK. IT IS NOT Ok!!

This APC guys are strangling everything and everyone. If you don't know what to do why not swallow your pride and ask for assistance.

You say the previous government was corrupt, we agree. Shebi now you guys are fighting corruption which you claim was the bane of Jonathan's government. What stops you from adopting the policies that ensured companies stayed afloat and the masses weren't loosing their jobs in droves.

We have young and intelligent people in this country and the best you can come up with is 5k a month. This guys are bereft of good ideas and policies. I just weak.

Re: Naira To Remain Below 500/dollar This Week —experts by Nobody: 8:03am On Jan 23, 2017
Disgusting!!!...the dumb nomad is a monumental DISASTER!

1 Like

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