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CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks - Business - Nairaland

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CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by fergie001: 8:39pm On Mar 22
The exchange rate between the Naira and the Dollar strengthened to N1,431/$ on Friday, March 22, 2024, closing the week on a positive note.

Data from the FMDQOTC, where the exchange rate is officially set, revealed that the official currency gained 1.52% at the close of business, continuing a rally that has now lasted 7 days.

The Naira has now gained over 12% in one week, suggesting the central bank’s policies, implemented aggressively since February, are beginning to show success.

WHAT THE DATA IS SAYING
The exchange rate closed at N1,431/$1, the best rate since February 5th when it closed at N1419.86/$1

According to the FMDQ, the Naira recorded an intra-day high and low of N1,468/$1 and N1,301/$1 respectively, while the NAFEX rate is currently N1,381.35/$1.

Daily turnover was $199.7 million culminating in a total turnover of $1 billion this week alone suggesting that improved liquidity is now been experienced in the market.

Nigeria’s external reserve position is currently $34.3 billion and is expected to rise to $35 billion according to projections from the apex bank.

On the parallel market where the exchange rate trades unofficially, traders still quoted between N1400-N1480/$1 depending on who is buying or selling.

The UK Pounds also fell below N2000/£1 in the parallel market.
CBN Interventions paying off

The Central Bank of Nigeria’s (CBN) recent policies have played a pivotal role in the strengthening of the Naira against the dollar, a trend highlighted by the significant appreciation in its value over the past week.

Among the measures that have contributed to this positive outcome, the CBN’s strategic interventions in the foreign exchange market stand out.

Traders who spoke to Nairametrics suggest the central bank was active in the official market during the week. The CBN likely sold over $50 million according to one trader with knowledge of the matter.

By increasing the supply of dollars, the apex bank is addressing the demand-supply mismatch that is perceived to have previously led to the Naira’s depreciation.

The CBN’s rigorous enforcement of foreign exchange regulations has curtailed speculative activities, contributing to exchange rate stability.

SOURCE

31 Likes 9 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by Arobaga: 8:40pm On Mar 22
Wetin be that CBN guy name




Cardiovascular abi wetin them dey call am




That guy na big failure



Now think about this, how much more billions of dollars can Nigeria afford to be paying off FX



This is just like paying dollar subsidy



Every week they’re pumping money to stop dollar from drinking viagra make e no rise



Shebi dollar was N1300 yesterday e don enter 1431 and una dey hype rubbish



Useless Tinubu

129 Likes 13 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by Kenosky1: 9:12pm On Mar 22
Quite embarrassing that the CBN will be announcing this as an achievement when they are very far cry from the N700 where Buhari left it and the N170 from Jonathan's era. APC is indeed a fraud and a BIG disaster to this country. HOW ON EARTH DID WE GET HERE. angry cry

84 Likes 8 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by Arobaga: 9:12pm On Mar 22
Obrigardo:
Nigeria and Mediocrity is 1+1=1




You dey mind them



Someone came within 7days the self acclaimed technocratic Buffon took dollar from 700 to 1500 and they’re celebrating



Na Mumu go rush go sell out him dollars and bitcoin



Is it not Tinubu again? Economy gi soon spoil more join the one e don spoil before

47 Likes 8 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by DenreleDave(m): 9:13pm On Mar 22
Arobaga:
Wetin be that CBN guy name

Cardiovascular abi wetin them dey call am

That guy na big failure

Now think about this, how much more billions of dollars can Nigeria afford to be paying off FX
This is just like paying dollar subsidy
Every week they’re pumping money to stop dollar from drinking viagra make e no rise

Useless Tinubu

You are always hunting for front page so that your fellow Obirodent can give u likes

If you are doing all these for likes, then u must be really not sane. Your mates are on twitter using Labour Party and eluppee to cash out money but u r looking for likes on nairaland grin grin

Taylor98 aka Lagosfirstson aka SpartaOfLagos aka Arobaga aka AlhajiCSO

You will surely get the likes u r looking for. But after that, what else

How much for dollar on kucoin abeg

134 Likes 13 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by yugoo: 9:13pm On Mar 22
Arobaga:
Wetin be that CBN guy name




Cardiovascular abi wetin them dey call am




That guy na big failure



Now think about this, how much more billions of dollars can Nigeria afford to be paying off FX



This is just like paying dollar subsidy



Every week they’re pumping money to stop dollar from drinking viagra make e no rise
Very well said . You hit the nail on the head


Useless Tinubu

4 Likes

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by Macmoni(m): 9:13pm On Mar 22
Watch how useless pipu will still be angry about this now, human beings ooo just to paint a narrative !
Tufia !

39 Likes 6 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by Peterpaul96: 9:13pm On Mar 22
Na wa
Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by MANNABBQGRILLS: 9:13pm On Mar 22
A good development.

Slow and steady we will get to the nation of our dreams,
A land flowing with milk and honey.

God bless Nigeria 🇳🇬.

We Rise.

115 Likes 8 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by MANNABBQGRILLS: 9:13pm On Mar 22
Haters shame on you.
This is a very good way to go.....

Enemies of the nation that never pray to see any good things in their frustrated and hateful life will still wail.
Nothing in life make them happy.
Miserable souls.

God bless all good, honest and hardworking Nigerians out there.

If this post hit you like a bazooka,
Search your life to see if you are moving forward or stagnant in your hatred.
Shame to all enemies of our darling country, no matter what part of the country y'all from.

109 Likes 10 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by WebSurfer(m): 9:13pm On Mar 22
grin
Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by Houseofglam7(f): 9:13pm On Mar 22
🤦🏽‍♀️
Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by hafeeanubasy: 9:13pm On Mar 22
Hj
Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by Eriggs: 9:13pm On Mar 22
Some idiots will be so pained by this good
news now.
The same pigs and buffons crying for the past few weeks about naira going to 2000.
Mad people dem

109 Likes 8 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by Obrigardo: 9:14pm On Mar 22
Nigeria and Mediocrity is 1+1=1

4 Likes

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by hafeeanubasy: 9:14pm On Mar 22
Arobaga:
Wetin be that CBN guy name




Cardiovascular abi wetin them dey call am




That guy na big failure



Now think about this, how much more billions of dollars can Nigeria afford to be paying off FX



This is just like paying dollar subsidy



Every week they’re pumping money to stop dollar from drinking viagra make e no rise



Useless Tinubu

33 Likes 6 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by DCmonster: 9:14pm On Mar 22
Bastards take it back to 750 parallel market rate that your illegitimate Government met it then we would believe your shitty propaganda.

You had an agreement with IMF to devalue your currency by 75% which made the naira to lose more than 100% its value to a dollar yet you are deceiving yourselves that you floated the naira.
Fools.

18 Likes 4 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by PHIPEX(m): 9:15pm On Mar 22
See how badly damaged we have become. We are now to celebrate naira at over 1400 to a dollar as improvement

14 Likes 2 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by Adebaba1(m): 9:15pm On Mar 22
Lets us be postive and hope it will fall to below 1k

4 Likes 2 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by jojothaiv(m): 9:15pm On Mar 22
Lol!

Nothing to see here, until it goes back to where they met it.

I stan Immortalcrown on his assertion.

PHIPEX:
See how badly damaged we have become. We are now to celebrate naira at over 1400 to a dollar as improvement
Be specific please.

All of us can't be hossana boys.

2 Likes

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by RecentHistory: 9:16pm On Mar 22
All eyes on the judiciary. grin

The Agulu comedian dey Kano dey chop indomie for iftar.

19 Likes 2 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by Shakirababy(f): 9:16pm On Mar 22
Dem wan tell us another story again 🤣🤣🤣

1 Like 1 Share

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by PoliteActivist: 9:16pm On Mar 22
The trick is sustaining it OVER TIME!

Dialpad:
Hope prices of goods and services will reduce as people have taken undue advantage of this situation

Once they rise, prices RARELY permanently reduce. You ought know that by now
Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by Eagle360(m): 9:16pm On Mar 22
But prices of basic and non basic commodities keep rising. Why?

1 Like

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by osigiepurr(m): 9:16pm On Mar 22
Arobaga:
Wetin be that CBN guy name




Cardiovascular abi wetin them dey call am




That guy na big failure



Now think about this, how much more billions of dollars can Nigeria afford to be paying off FX



This is just like paying dollar subsidy



Every week they’re pumping money to stop dollar from drinking viagra make e no rise



Useless Tinubu
You be noise maker. You go soon tire like expired tyre. Continue your gragra.

21 Likes 1 Share

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by Dialpad: 9:16pm On Mar 22
Hope prices of goods and services will reduce as people have taken undue advantage of this situation

4 Likes 2 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by santaclaws: 9:17pm On Mar 22
If it can go below 1k in the next few months, I'd doff my hat for Cardoso...

4 Likes

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by Shakirababy(f): 9:17pm On Mar 22
Eriggs:
Some idiots will be so pained by this good
news now.
The same pigs and buffons crying for the past few weeks about naira going to 2000.
Mad people dem

Dem swear for una?

Which good news? To slap you dey hungry me I swear

5 Likes 2 Shares

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by mkoabiola: 9:17pm On Mar 22
Nothing to celebrate here

Return bck to what it was bf may 29

5 Likes 1 Share

Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by oluseyiforjesus(m): 9:17pm On Mar 22
Channel tv said 1,384 NL say 1,4..... Which one we go believe
Re: CBN Policies Paying Off as exchange rate (N1431/$) posts Best Gain in 6 Weeks by HUMANIIST(m): 9:17pm On Mar 22
Until it gets to 219

3 Likes 1 Share

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