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Naira Gains On Better Than Expected Economic Growth - Business - Nairaland

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Naira Gains On Better Than Expected Economic Growth by Truth234(m): 5:06am On Sep 06, 2017
The Naira on Tuesday advanced slightly against the United States dollar after the National Bureau of Statistics (NBS) announced the economy expanded at 0.55 percent in the second quarter.

The local currency gained N1 to N364 against the US dollar on the parallel market, up from N365 recorded on Monday. While both the Pound Sterling and the Euro-single currency closed at N470 and N430 respectively.

On the Bureau De Change Window, the Naira closed at N362 to a dollar, while the pound and the Euro-single currency traded at N470 and N430.

At the interbank market, the Naira exchanged at N305.8 to the dollar, while staying in range on the investors’ window, exchanging at N360.39 per dollar.

The economy emerged from recession in the second quarter of the year after contracting for five consecutive quarters.

According to the NBS, the economy grew at 0.55 percent in the second quarter, better than the revised -0.91 percent recorded in the first quarter of the year.

However, some experts have attributed the recovery to increased oil production and better than anticipated average oil prices. Suggesting that any further shock to the economy due to “the unpredictable nature of the global oil market would disrupt growth and render recovery temporary,” said Samed Olukoya, a foreign exchange analyst at Investors King Ltd.

For instance, “while the non-oil (0.45%), manufacturing (0.64%), and agricultural (3.01%) sectors that contributed the most to the economy sustained growth in the quarter, they expanded at a slower pace than preceding quarters. However, oil sector offset the shortfall by rebounding from -15.40 percent recorded in the first quarter to grow at 1.64 percent in the second quarter. Another indication that the economy largely depends on oil to thrive,” he added.

http://investorsking.com/naira-gains-better-expected-economic-growth/

4 Likes 1 Share

Re: Naira Gains On Better Than Expected Economic Growth by Clakyvip: 5:07am On Sep 06, 2017
Good one, let's hope they maintain this...God bless naija.

14 Likes 3 Shares

Re: Naira Gains On Better Than Expected Economic Growth by Nobody: 7:27am On Sep 06, 2017
MY PRESIDENT IS WORKING.

31 Likes 6 Shares

Re: Naira Gains On Better Than Expected Economic Growth by salabscholar01(m): 7:27am On Sep 06, 2017
ok
Re: Naira Gains On Better Than Expected Economic Growth by oksmart1992(m): 7:27am On Sep 06, 2017
smiley
Re: Naira Gains On Better Than Expected Economic Growth by PassingShot(m): 7:27am On Sep 06, 2017
Bad news for perpetual wailers

29 Likes 4 Shares

Re: Naira Gains On Better Than Expected Economic Growth by sunmike065(m): 7:28am On Sep 06, 2017
We pray and hope for more positive news..

12 Likes 3 Shares

Re: Naira Gains On Better Than Expected Economic Growth by Happibest22: 7:28am On Sep 06, 2017
Congratulations

5 Likes

Re: Naira Gains On Better Than Expected Economic Growth by Nobody: 7:28am On Sep 06, 2017
PassingShot:
Bad news for perpetual wailers
They will Wake Up with headaches along with a wet handkerchief this morning.
They all Hates good news about the country.
Their loss!!

27 Likes 8 Shares

Re: Naira Gains On Better Than Expected Economic Growth by Generalkaycee(m): 7:28am On Sep 06, 2017
Not impressed

6 Likes 1 Share

Re: Naira Gains On Better Than Expected Economic Growth by magoo10(m): 7:28am On Sep 06, 2017
Nigerians are waiting for when 1naira will equal 1dollar as promised by the dullard.
some gullible minded are already glorifying failure.what a shame

37 Likes 5 Shares

Re: Naira Gains On Better Than Expected Economic Growth by donbrowser(m): 7:28am On Sep 06, 2017
Good news

1 Like 1 Share

Re: Naira Gains On Better Than Expected Economic Growth by olaezebala: 7:29am On Sep 06, 2017
U met it at 198 made it worse and expect us to thank you for doing what exactly?

34 Likes 1 Share

Re: Naira Gains On Better Than Expected Economic Growth by Makanjuola89: 7:29am On Sep 06, 2017
We will get there In sha Allah

2 Likes

Re: Naira Gains On Better Than Expected Economic Growth by Kylekent59: 7:29am On Sep 06, 2017
Am tired of making front page ooooo
Re: Naira Gains On Better Than Expected Economic Growth by Nobody: 7:29am On Sep 06, 2017
Generalkaycee:
Not impressed
You see them?!

4 Likes 1 Share

Re: Naira Gains On Better Than Expected Economic Growth by AccessME(m): 7:30am On Sep 06, 2017
IPOB are still not convince with this news

4 Likes 1 Share

Re: Naira Gains On Better Than Expected Economic Growth by IMASTEX: 7:30am On Sep 06, 2017
Good news

2 Likes

Re: Naira Gains On Better Than Expected Economic Growth by Nobody: 7:30am On Sep 06, 2017
Kylekent59:
Am tired of making front page ooooo
Go make back page na!
... Or middle page!!

2 Likes

Re: Naira Gains On Better Than Expected Economic Growth by temptnow: 7:30am On Sep 06, 2017
Buhari return us back to N165 you are an idiott Dundee united

12 Likes

Re: Naira Gains On Better Than Expected Economic Growth by pinkyruledworld(m): 7:30am On Sep 06, 2017
Generalkaycee:
Not impressed
I swear, was expecting to see like #10 to #50 difference, who #1 help?

10 Likes 1 Share

Re: Naira Gains On Better Than Expected Economic Growth by tokrizy: 7:30am On Sep 06, 2017
ok next
Re: Naira Gains On Better Than Expected Economic Growth by frankmoney(m): 7:31am On Sep 06, 2017
Nice , hopefully the price of goods will go down soon

2 Likes

Re: Naira Gains On Better Than Expected Economic Growth by Nobody: 7:31am On Sep 06, 2017
temptnow:
Buhari return us back to N165 you are an idiott
Mynd44
Re: Naira Gains On Better Than Expected Economic Growth by oz4real83(m): 7:31am On Sep 06, 2017
.
Re: Naira Gains On Better Than Expected Economic Growth by frankmoney(m): 7:32am On Sep 06, 2017
olaezebala:
U met it at 198 made it worse and expect us to thank you for doing what exactly?


no he met it at 250

1 Like 1 Share

Re: Naira Gains On Better Than Expected Economic Growth by Sall(m): 7:32am On Sep 06, 2017
A welcome development there. I hope the non oil sector will continue with the growth trajectory.

1 Like

Re: Naira Gains On Better Than Expected Economic Growth by fumiswtpusy(f): 7:33am On Sep 06, 2017
Ohhh Why na.i wish it would keep falling down and be as useless as akara paper.
I just hate the zoo grin
Re: Naira Gains On Better Than Expected Economic Growth by JegaQuin: 7:34am On Sep 06, 2017
our Jew neihbours will not like this news! grin grin
Re: Naira Gains On Better Than Expected Economic Growth by JegaQuin: 7:37am On Sep 06, 2017
Generalkaycee:
Not impressed

are you from Biafra land? grin

4 Likes 2 Shares

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