Having depreciated in value to N500 to the dollar at the parallel market, the value of the naira appreciated to N498 to the dollar, the value it had been trading for weeks or weeks, even as external reserves rose to $28.28 billion the highest in the year highest in a year.

The naira however remained stable at N305.25 to the dollar at the interbank market, on the website of the Association of Bureau de Change Operators; the naira was quoted at N315.38 to the dollar.

Demand for the greenback grew and the Central Bank of Nigeria rationed dollar supply, having sold $660 million in 3- and 5- month currency forwards at an auction aimed at clearing a backlog of dollar demand. Traders however said the dollar sale was not enough to satisfy the market.

Data on the website of the apex bank showed that the nation’s external reserves has risen by 7.89 per cent since the beginning of the year.

Traders said while the apex bank has been selling dollars on the official market to support the naira, dollar shortages were causing the naira to weaken on the black market.

Head of Africa Research at Standard Chartered Bank, Razia Khan said, “Despite rising foreign exchange reserves, it is the amount of forex that is supplied that matters.

http://www.kikiotolu.com/2017/02/naira-appreciates-to-n498-as-reserves.html

Lalasticlala Mynd44 seun Dominique

Good news and bad news.
The good is that it appreciated by around #2 and the bad is that it depreciated from 220 to #498 in less than 2yrs, no thanks to our careless govt.

Meanwhile, [size=14pt]today is my day,happy birthday to me[/size].

Show your love to me and your hatred to this unwanted recession.


to the poster below, whenever you see a post of a alphabet or more or a very short sentence on FP try to understand that it is the usual habit of booking space. It happens everywhere especially on landed properties so it is on Nairaland. Therefore, hesitate to conclude on what the poster actually intend to post. Thank you

seunlayi:
Good news

Sorry for asking, what is good about the news? A step forward and several steps backward. 2morro we go hear 505/$ mtchewww.

Interbank. 305. BDC 315! Black market: 498. This is stupidity. 3 diff rates?

Total Rubbish

Ftp

People are dying of hunger and iidiots are blabbing about fabricated reserve figures.

Osinbanjo promise us 5000 monthly said recession will be over see here.... https://www.wikinaija.net/2017/02/osinbajo-assures-nigerians-recession-will-soon-history/

Pls What Is The Difference?

N498 is approximately N500. I learnt that in primary 3.

seunlayi:
Good news

1 step forward, ten steps backward

lifter1000:
Interbank. 305. BDC 315! Black market: 498. This is stupidity. 3 diff rates?

"3 diff rates"? You didn't even say 6 or 7!

ok

Which is bdc and black market? They are supposed to mean same thing my dear.

lifter1000:
Interbank. 305. BDC 315! Black market: 498. This is stupidity. 3 diff rates?

Why can't govt borrow the equivalent of this and get our economy booming? Since investors are not coming. A very good morning from here

We have too many operators in the exchange rate market. Probably by the influence of evil cabals for personal enrichment.

I believe Nigeria will be great again

So what is the different


500/ 498

Nigeria dey sick

Appreciate Kwa?

Buhari has finished this country

With osinbajo in charge u could see we are appreciating dollae wise even though at a slow rate .sometime speed kills ,sllow and steady naira wins the race.

how is this good news Abeg. It's shameful

This is no meaningful appreciation
It's swinging between 495 and 500
I hope naija gets back to pre buhari era

498 .500 whats the difference

mtshewww

We know who is controlling the price in the black market. We need to do something to those abokis

JONATHAN and his crew will jst be laughing at Us,

Seriously?? Appreciation? Hopeless

shamecurls:
God bless the present administration for there tremendous efforts in trying to stabilize the economy of our great country.


God bless His Excellence, President Mohammadu Buhari

God bless The Federal republic of Nigeria

Do u enjoy being stupid?

lifter1000:
Interbank. 305. BDC 315! Black market: 498. This is stupidity. 3 diff rates?

There are even 5 of them.. In just one country .

Do we even have an economic team in this country