₦airaland Forum

The Nigerian naira dramatically recovered on Wednesday to 405 per dollar, less than 24 hours after the Central Bank of Nigeria (CBN) monetary policy committee (MPC) meeting.

In Abuja, the naira is currently trading between 405 to 410 per dollar, while the British pound is going for 520/523 — all at the parallel market.

For Lagos, Nigeria’s commercial capital, traders are selling at 415 per dollar, and buying at 410. The pound and euro were also going for 530 and 460 respectively.

On Tuesday, after the CBN MPC voted to keep existing monetary policies, Godwin Emefiele warned speculator that the bank had all it takes to sustain its prevailing interventions.

He said those who think the policy actions were not sustainable, are on the wrong side of the bet.

“I am happy, indeed very gratified that those interventions have proved very positive. We’ve seen the rates converging and we are strongly optimistic that the rates will converge further,” he had said.

“The fact that we have done this consistently for almost four to five weeks should tell everybody or those who doubt the strength of central bank to sustain this policy that they are taking a risk and they will lose in this bid to want to place a wrong bet on the direction that we are going.

“The direction is that there is a determination to see to the convergence of those rates and with what we have seen so far, we are very optimistic that those rates will converge.

“It is a program and I am happy to say that the program is looking good, in fact beyond our expectation and those who remain on the sideline doubting the level of CBN’s ability to sustain this policy are on the wrong side of the bet.”

omenkaLives:
If I say what's on my mind, i swear i MUST get banned.

Nevertheless, in the meantime, someone should call the bigoted Reno O'fuckery to come show us who to "blame" for this "depreciation".

What a useless man.

Infinitikoncept:
So u dey join in celebration of this mediocrity. Please let it appreciate to #200 and below so that history can for the first time in this administration change from negative to positive.

omenkaLives:
Oga shut the hell up. Reno said what he said just some days ago and since then, the naira has been growing stronger. I only want to know who exactly we are to blame for it growing stronger and you are telling me nonsense.

Go tell Reno O'fuckery to tell us who to blame and stop making noise around here jor.

Infinitikoncept:
So Reno is now your reason for masturbating? Dial his phone number and tell him yourself since he seems to be giving you high blood pressure. Check the screenshot well to read the whole jargons you are shouting for well. It's a conditional statement.

omenkaLives:
BSOATF.

Bye.

decode55:
This is the recovery? ₦405?!

omenkaLives:
If I say what's on my mind, i swear i MUST get banned.

Nevertheless, in the meantime, someone should call the bigoted Reno O'fuckery to come show us who to "blame" for this "depreciation".

What a useless man.

ESDKING:
Not impressed. Return it how you met it.

SalamRushdie:
Nigeria celebrating mediocrity since 2015