₦airaland Forum

The Nigeria naira firmed sharply to 375 on the parallel market on Monday after importers started to reduce demand for dollars following the president's defiance over devaluing the currency, hit hard by the fall in global oil prices, one trader said.
The naira firmed 4 percent from Friday's close of 390 to the dollar, while the official interbank rate remained at 199.50 to the dollar at the close of trading on Monday.
Aminu Gwadabe, the head of Nigeria's bureaux de change association, said that retail currency operators were working to introduce a single quote across the parallel market and maintain a bid-ask spread of 3.5 percent for trades.
"We have set up a unit to monitor compliance with the new measures," he told Reuters, adding that the central bank has been informed of the measures.
President Muhammadu Buhari on Saturday again rejected the idea of devaluing the West African nation's currency, despite a hammering of the naira on the secondary market last week.
Gwadabe said the market was trying to adjust to the reality of no currency devaluation by the government.
The central bank has resisted the depreciation by imposing hard currency curbs. It banned dollar sales to retail currency outlets last month, sending the naira to record lows on the parallel market, and later stopped daily sales to the interbank market, in an effort to conserve reserves, now at their lowest in more than 11 years.
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http://www.dailytrust.com.ng/news/business/naira-firms-on-parallel-market-after-buhari-reject-devaluation/134785.html

Okay
www.nairaland.com/attachments/3428714_63303_jpegea1fcfe646294e4341cbf4228bc089f0

^^^ Nice one baba dogo, We are patiently waiting. Muna Jira.

SeverusSnape:
Okay

^^^ Nice one baba dogo, We are patiently waiting. Muna Jira.

According to the Daly Trust, he said Buhari only described the economic situation where value of the Naira dropped to as low as N230 as unacceptable, but that the former Military ruler was wrongly reported in
the media.
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https://www.naij.com/409058-buhari-addresses-making-naira-dollar-equality-claims.html

MalcoImX:
According to the Daly Trust, he said Buhari only described the economic situation where value of the Naira dropped to as low as N230 as unacceptable, but that the former Military ruler was wrongly reported in
the media.
//
https://www.naij.com/409058-buhari-addresses-making-naira-dollar-equality-claims.html

Its too late bro, If they can deny their other promises, Why won't they deny this one?

SeverusSnape:
Its too late bro, If they can deny their other promises, Why won't they deny this one?

This one is struggling to correct the destruction of that wasteful era, if you know what I mean. He's better than the other one who was 'eating' the dollars.

MalcoImX:
This one is struggling to correct the destruction of that wasteful era, if you know what I mean. He's better than the other one who was 'eating' the dollars.

Struggling to correct it with this fraudulent budget, right?

Struggling to correct it with frequent junketting around the world, right?

Rubbish.