Business Naira Appreciates Against The Dollar

[LequteMan]

The Nigerian naira on Friday appreciated against the dollar at the parallel after weeks of free fall against the greenback.

The currency gained N10 to exchange at N270 to the dollar after it nosedived to N280 on Thursday.

At the official interbank window, it gained N0.03 to close at N196.97 to the dollar.

Traders said currency speculators were afraid that the naira could sell below their expectations and this forced them to release foreign exchange for sale.

Also Nigerians living abroad would be coming home with a lot of foreign currencies during the Yuletide period which will also help reduce the pressure on the foreign exchange market and strengthen the naira.


NAN

 

[stato]

hurrah!!

 

[LequteMan]

hurrah!!

I was expecting a further depreciation but this surprised me. The gap between the parallel and the official market is too wide- 197 to 270. The negative speculation, which is done mostly by Nigerians, is really killing the currency.

But it's yet to be uhuru for the naira, we (the patriotic Nigerians) should hold hands and start singing Kumbaya.

 

[stato]

I was expecting a further depreciation but this surprised me. The gap between the parallel and the official market is too wide- 197 to 270. The negative speculation, which is done mostly by Nigerians, is really killing the currency.

But it's yet to be uhuru for the naira, we (the patriotic Nigerians) should hold hands and start singing Kumbaya.

Somebody is making a lot of money from that margin. Do not expect them to do anything soon. Our banks were built on the round tripping business and it is like a drug to them (easy win). They will not be going cold turkey anytime soon.

 

[LequteMan]

Somebody is making a lot of money from that margin. Do not expect them to do anything soon. Our banks were built on the round tripping business and it is like a drug to them (easy win). They will not be going cold turkey anytime soon.

BVN is going to take care of that. They are going to be exposed - IF (capital + bold) the powers that be want them exposed.

'Kumbayah my Lord'

 

[stato]

BVN is going to take care of that. They are going to be exposed - IF (capital + bold) the powers that be want them exposed.

'Kumbayah my Lord'

BVN, like everything else only handles the poor man and some first time looters Where do you think the FX guys on the street get their money from?

 

[LequteMan]

BVN, like everything else only handles the poor man and some first time looters Where do you think the FX guys on the street get their money from?

Hence the "IF".

'Kumbayah, my Lord. Kumbaya'

 

[mrsam]

Buhari is worki...*dodges slap*. #runsaway

@ese would not see this o

 

[curator]

Buhari is worki...*dodges slap*. #runsaway

@ese would not see this o

@Samguine - it is not 1:1 yet so take this quick slap for now. Once @Lequte brings us the Bad News On Monday I will upgrade the slap

 

[mrsam]

@Samguine - it is not 1:1 yet so take this quick slap for now. Once @Lequte brings us the Bad News On Monday I will upgrade the slap

I can't take any slap this harmattan period, not even if I'm promised a share of the arms deal

So @Lequte is the official harbinger of bad news eh..

 

[LequteMan]

@Samguine - it is not 1:1 yet so take this quick slap for now. Once @Lequte brings us the Bad News On Monday I will upgrade the slap

I can't take any slap this harmattan period, not even if I'm promised a share of the arms deal

So @Lequte is the official harbinger of bad news eh..

I'm dead. No more news on the naira again.