The Naira, Tuesday, appreciated further to N420 per dollar in the parallel market prompted by increased dollar supply and declining demand.

Vanguard investigations revealed that the parallel market exchange rate, which closed N430 per dollar on Monday, dropped by N15, yesterday, to N420 per dollar. Consequently, the Naira has appreciated against the Dollar by N25 or 5.6 per cent, this week.
According to a Bureaux De Change (BDC) chief executive, who spoke on condition of anonymity, the market is experiencing boost in dollar supply due to the sustained intervention of the CBN in the foreign exchange market.

Also confirming this development, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe said this trend will continue provided the apex bank sustains its intervention in the interbank market. He however urged the CBN to also consider increasing weekly dollar sale to BDCs as well as aligning the exchange rate at which they purchase the dollar to the rate at which the CBN sells to the banks. The CBN sells dollars to BDCs at N381 per dollar while it sells to banks at exchange rate ranging from N315 to N360 per dollar.

Since Monday February 20th 2017, when it announced new measures to boost dollar supply and forestall the declining fortunes of the naira in the parallel market, the CBN has injected $2.26 billion by intervening in the forex market 11 times as follows:

Tuesday February 21st, $417 million; Thursday February 23rd, $231 million; Monday February 27th, $180 million; Friday March 3, $350 million; Monday March 6, N367 million; Tuesday March 7, $100 million; Thursday March 9, $170 million; Tuesday March 14, $190 million; Wednesday March 14, $150 million; Thursday March 16, $100 million and Monday March 20, $143 million.


http://www.vanguardngr.com/2017/03/naira-watch-naira-rises-n420/

nice one, economy oti' pick up!


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Nice one

Osinbajo has started ruling again; I guess

What some people don't understand is that even if Dollar goes down to 150naira, it doesn't concern the ordinary Nigerian man, unless price simple food items go back to normal. So as long as everything is still on the high side, Nigeria is still in recession to these ordinary Nigerians.

Cbn should not sell to bdc at the rate they sell to banks,let people go to the bank besides this bdc guys are not always loyal

And we are supposed to be happy!!!! When Jonathan was in power it was 217 and this mumu APC.. They complained, they said they had the knowledge to make 1 dollar equal 1 naira....

Now we are at 420 and they call it news?!!!! They psychologically bullied Nigerians to rejoice over their abject failure..

APC, pdp, apga, kowa and the rest of them, all of these fraternities will never have the interest of Nigerians at heart....

Today appreciate, tomorrow depreciate.

Thank God fot today!

Opeooo..hope the price of phones would drop

Nice one

Good news.

Time to return my China supplier's call at last that we will be moving goods. all those that benefited when the naira was down should know that life and business na turn by turn. Its our turn to shine. Thank God.

Okay

sinistermind:
What some people don't understand is that even if Dollar goes down to 150naira, it doesn't concern the ordinary Nigerian man, unless price simple food items go back to normal. So as long as everything is still on the high side, Nigeria is still in recession to these ordinary Nigerians.

Bros I hail

Slowly, but surely, we are getting there. I urge cbn to maintain the tempo of injecting more forex into the space and prevent the free fall of naira in the interim while we try to create import-export balance.

I hope they sustain it

It should fall

But cbn is only helping banks make money

The spread between the rate at which cbn sells to bank (320) and then bank now sells to customers (375) is too high

make e reduce Everyday abeg

I believe Nigeria will be better...... if cabals leave us alone

Gradually..

sinistermind:
What some people don't understand is that even if Dollar goes down to 150naira, it doesn't concern the ordinary Nigerian man, unless price simple food items go back to normal. So as long as everything is still on the high side, Nigeria is still in recession to these ordinary Nigerians.

Well said my brother.. What has the poor man got to do with dollar whether high or low. Some have never seen or touched it in real life self.

Hmmm

Good by 2019 1 dollar will be equivalent to 1 naira...... Sai buhari........ den i will travel to Paris with just 50k

Keep it going...

1 Naira to $1 is the TARGET.

Nice one.. but las las the thing still cost o

good..recession is over

Dear CBN,
Pls,dont listen to those asking for 1naira=1 dollar.make it float btw 298-300,so as to encourage local producers.

From a concerned nigerian

Good one!
By the time Baba finishes with dollars ehn! Even Pound Sterling go bow.

Yeye naira

We are getting there

sinistermind:
What some people don't understand is that even if Dollar goes down to 150naira, it doesn't concern the ordinary Nigerian man, unless price simple food items go back to normal. So as long as everything is still on the high side, Nigeria is still in recession to these ordinary Nigerians.

Who told you it doesn't concern the average Nigeria?? What do u think will happen to those commodities imported into the country Which the average Nigerian Use?
If the Naira keeps appreciating against the dollar what again do you think is the impact on our economy??

plx who is dollar??.....y ar ppl appreciation nd depreciating him/her?

Slowly but surely we will get there.

Only with peace and we being united can we make progress as a nation.