- The Naira has gained strength against the American Dollar at parallel market

- The local currency however crashed against the Pound but stayed firm against Euro

- Nigeria has five rates: the official rate, the black market, a rate for Muslim pilgrims going to Saudi Arabia, a retail rate set by licensed exchange BDC and a rate for foreign school fees

The Naira on Wednesday, May 17, continued its growth against the American Dollar at the parallel market.

This follows report that the local currency closed the day at N385 to the Dollar, one point stronger than the N386 it closed on Tuesday, May 16.

However, the local currency weakened against the Pound Sterling but stayed firm against the Euro at the same segment.

It dropped seven points against the Pound to close at N497 as against the previous rate of N490, but closed at N420 per Euro as it was yesterday, May 16.


The recent development comes on the heels of report that the Central Bank of Nigeria (CBN) on Monday, May 15, injected $457.3 million into various segments of the foreign exchange market.

The CBN also disclosed that the Investors and Exporters (I&E) foreign exchange window has so far attracted $600 million from autonomous sources and from the apex bank.

This was disclosed by Isaac Okorafor, the acting director, Corporate Communications at the CBN

Still no impact on d common man

Not until it reaches 300/$

When will the price of goods crash,the price of dollar to Naira is crashing and the price of goods remain constant.

ok

Back and forth movement? Is this progressive?

Still high sha

Food still cost

May God help us in this country...we still av a long way to go

Just gain by 1, and you wrote dollar crashes

Any time Osibanjo takes over the economy improves (using the value of the naira as a yardstick). Last time such news flooded the media was prior to Buhari's return. Now that he has gone, we're getting back on track. Is Buhari really cursed or a curse??

THE MERE COMMISSIONER IS WORKING

Maybe it's just me who thinks the rate at which the naira rises is slow.

What is the meaning of this?

naira is now a pendulum experiment apparatus

Things are still the way it is

I open this thread just to be disappointed... Just by One and it is on a front page... Thunder, why are you calm these days?

MoreWahala:
Just gain by 1, and you wrote dollar crashes

no mind d nonsense op, i rushed to open the thread expecting to see like 350 naira/dollar

At 385? Deceit.

What was it before if not 385

Does it make tomato's price any cheaper??

As if say, dollar na 150naira

EVEN IF IT GOES BACK TO #200, I DOUBT IT WILL HAVE ANY POSITIVE IMPACT ON PPLE.

Lies from the pit of hell.

If it's not yet the N150 I used to know, pls dont post it online.

Can we just stop deceiving our self with this naira gain n naira loose I don't really see any diff in it. Naira is really loosing against the dollar that's wah I knw and am sure everybody does too till 1$ is 150N I refuse to believe d rubbish gain n loose game pls

Please where do they exchange dollar to naira in Enugu?

marisdgreat:
Please where do they exchange dollar to naira in Enugu?

Straight down the road by your left hand side. You jump d gutter and see them there.

That's not my business right now, am happy things are moving, constructions going on . Thank God for PMB/Osinbajo, gradually we will get there.

Buhari travels, Naira gains.