The naira continued its rebound against the dollar on Friday, strengthening to N950/$ on the average in the parallel market.

This represents a N170 gain or a 15.18 per cent appreciation of the local currency compared to the N1,120 it traded for on Thursday. This is also the second day of recovery for the naira following a move by the Central Bank of Nigeria to clear some of its FX backlog on Thursday.

According to Bureaux De Change operators, who spoke to The PUNCH, the naira is still gaining as the market continues to react positively to the CBN’s move.

A trader who only gave his name as Awolu said, “The dollar is N950 today if you want to buy it.”

Kadri, another trader, stated that he currently buys at N900/$ but sells at N950. He declared, “Dollar is coming down. It is N900 if you want to sell. But is N950 if you want to buy.”

Taura, another currency trader, stated that the naira was N1,015/$ in his area. He told The PUNCH, “If you want to sell, it is N980. But if you want to buy it is N1,015.”

Naira weakens to 1,180/$ after recent gains

Muhammad, added, “The naira is falling drastically. It is still failing. It is N970 now. The difference between buying and selling is N10.”

The President of the Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, affirmed to The PUNCH on Thursday that the CBN’s move to clear some of its backlog has been responsible for the firming of the naira.

He said, “Yes, this is because of the CBN’s move to clear its backlogs. There is a kind signal in the market. The CBN should continue to make clarifications.”

On Thursday, The PUNCH reported that the apex bank of the country had commenced the payment of outstanding matured FX forwards owed to various creditors.

Unconfirmed sources noted that three banks, namely Citi Bank, Stanbic IBTC, and Standard Chartered Bank, received full payment of debts owed from the CBN.

Source: https://punchng.com/naira-continues-recovery-strengthens-to-n950/

This is great news! However, we cannot continue to borrow money to strengthen the naira.

Look for means of selling our cash crops and selling our oil/gas and other natural resources to rev up Nigeria's USD (since dem use foreign goods swear for us).

My food vendor increased the price today.

It should keep moving

It should go down to 700 or less by December.. that's our prayer.

Where are the dollar rate monitoring Obidients? I am not surprised they are not here to celebrate this little gain after all the tears they have been shedding about this issue.

ElSudani:
Where are the dollar rate monitoring Obidients?

On their way to go insult the living daylight out of Tinubu.

LeoDeKing:
This report go pain some people enter their bone marrow.

They will so cry today as if they want to die.

They know themselves and they will soon respond.

Oya, let the crying begin

Nobody is crying let your EMILOKON hit the ground running .


let him continue with his try and error economics


first class graduate under my foot

ElSudani:
Where are the dollar rate monitoring Obidients? I am not surprised they are not here to celebrate this little gain after all the tears they have been shedding about this issue.

Is it only obidient that are suffering the impact of the bad economic policy.

Emperor5:

Is it only obidient that are suffering the impact of the bad economic policy.

They cry the loudest which is not entirely bad but they are strangely never happy about any good news regarding Nigeria.
They used to open like 50 threads a day to wail about the dropping rate of the naira.
Where are they to spread this good news?

Very good news

Emperor5:

Is it only obidient that are suffering the impact of the bad economic policy.

You don't owe those agbadorians any explanations. The approach Tinubu is taking to stabilise the naira is not sustainable.

You cannot continue to borrow to strengthen your currency. You must find legitimate means of making Nigeria's economy attract foreign currency or reduce our overdependence on it.

successmatters:
My food vendor increased the price today.

It's normal for Nîgèrîans to exploit themselves always.

SoNature:


You don't owe those agbadorians any explanations. The approach Tinubu is taking to stabilise the naira is not sustainable.

You cannot continue to borrow to strengthen your currency. You must find legitimate means of making Nigeria's economy attract foreign currency or reduce our overdependence on it.

So what were previous Governments doing to stabilize the naira?
Producing to stabilize it?

Na to rush go buy before it goes back up
Everybody must chop from the cake

SoNature:


You don't owe those agbadorians any explanations. The approach Tinubu is taking to stabilise the naira is not sustainable.

You cannot continue to borrow to strengthen your currency. You must find legitimate means of making Nigeria's economy attract foreign currency or reduce our overdependence on it.

I think these are short-term urgent measures the FG is doing which is commendable.

As time goes on those more "legitimate means" you speak of will start kicking in.. especially the refineries production/export and more importantly Solid minerals export!

commoditiesnig:

I think these are short-term urgent measures the FG is doing which is commendable.

As time goes on those more "legitimate means" you speak of will start kicking in.. especially the refineries production/export and more importantly Solid minerals export!

Stop thinking; you don't speak for the government. We heard a lot of this nonsense when Buhari was in charge and he still made this country a mess while his bunch of e-warriors egged him on.

JagabanB:

Same trial and error Obi did for 8 years and u still want him as president?

Go and verify his records while he held sway as the Governor.

EMILOKON the acclaimed first class graduate is still beating around the bush with common elementary economics

lol, 1300 is not entirely bad? Lmao

ElSudani:


They cry the loudest which is not entirely bad but they are strangely never happy about any good news regarding Nigeria.
They used to open like 50 threads a day to wail about the dropping rate of the naira.
Where are they to spread this good news?

Dubetex96:



Go and verify his records while he held sway as the Governor.

EMILOKON the acclaimed first class graduate is still beating around the bush with common elementary economics

I verified his records and he didn't provide basic amenities for his people, students protested expensive tuition fees, doctors were on strike for long.
He annexed the 3rd arm of government and his state funds in banks to yield profits for him.
I see all these in his records and the most important thing in his records is that Anambra people were counting days for him to leave office.

JagabanB:

I verified his records and he didn't provide basic amenities for his people, students protested expensive tuition fees, doctors were on strike for long.
He annexed the 3rd arm of government and his state funds in banks to yield profits for him.
I see all these in his records and the most important thing in his records is that Anambra people were counting days for him to leave office.

Save your self from this long unverified epistle.


Tell your Emilokan to hit the ground running


Nigerians are suffering


Na statistics we go chop

Dubetex96:




Save your self from this long unverified epistle.


Tell your Emilokan to hit the ground running


Nigerians are suffering


Na statistics we go chop

Reality hits hard.
That's why Obidents love avoiding it.

JagabanB:

Reality hits hard.
That's why Obidents love avoiding it.

What other reality pass wetin Agbado miscreants are passing through rn. Una no dey Ronu again

Renewed shege no be any body mate

election get consequences


Deal with it or u Bleep out