₦airaland Forum

Oyetunji Abioye

The naira recorded a major gain on Wednesday , closing at 390 per United States dollar at the parallel market , up from 405 /dollar on Tuesday.

This came barely 24 hours after the Central Bank of Nigeria announced the injection of $ 280 m into the various segments of the forex market and the commencement of its weekly $ 20 , 000 sale to licensed Bureau De Change operators .

Before closing at 405 /dollar on Tuesday , a day after the Easter holidays , the local unit had closed flat at 410 /dollar for seven consecutive days .

As a result , currency analysts had expressed concerns over the exchange rate resistance to the CBN’ s continued dollar supply into the forex market aimed at bridging the gap between parallel and official exchange rates .

Last week , some currency analysts predicted the naira would appreciate this week if the central bank sustained its interventions in the market .

Some experts, however , expressed doubt that the CBN possessed the stock of forex to wage the currency war against speculators .

But the regulator has assured the market participants that with the external reserves currently at $ 30 bn and with oil hovering above $ 50 / barrel , it will sustain the regular dollar injections.

The local currency had closed at 375 /dollar about three weeks ago amid record dollar injections by the central bank .

Last week , commercial banks could not purchase $ 39 m out of the $ 100 m offered for sale by the CBN on Thursday due to shortage of naira .

A breakdown of the CBN ’s $ 280 intervention on Tuesday showed that invisibles such as Business Travel Allowance , Personal Travel Allowance , medical bills and tuition received $ 80m, while the Small and Medium Enterprises window received $ 100 m . Together with the wholesale bid auction of $ 100 m, the CBN sold $ 280 m into the market .

The bank ’s spokesman , Mr. Isaac Okorafor, said the CBN was committed to supplying forex to genuine bank customers .

http://punchng.com/naira-gains-momentum-closes-at-390dollar/

Momentum Kwa

It ought to have crashed to 320 naira to the dollar by now.
Why the delay?

This one Na gain?

hisgrace090:
It ought to have crashed to 320 naira to the dollar by now.
Why the delay?

I wonder ooo