March 23, 2017

Naira Recovering Fast; sells for 385/$1, first time in months

The value of the Naira continued to improve against the dollar as the local currency was traded at N385 to the greenback on Thursday evening in Abuja.

Naira had also appreciated against the Euro, exchanging at N400 while remaining stable against the Pound Sterling at N465.

The last time the naira traded at between N390 and N400 to the dollar at the parallel market was in August 2016.

On Wednesday, when the dollar first traded for N400, it marked the beginning of true convergence of official and black market foreign exchange rates.

A Bureau de Change (BDC) operator, who preferred anonymity in Abuja, told NAN that the gains made by naira over the dollar were due to CBN’s continued flooding of the market with dollars while there were very few or no customers to patronise them.

He said retail customers who used to resort to BDCs, which indirectly funded the parallel market, to fund invisible transactions now bought dollars at a lower rate from the banks, a policy that was started when Vice President Yemi Osinbajo was in-charge as Acting President.

19 comments:

Evestan said...

Wow!dis is great

Austine Gabriel said...

Good news

godwin progragrammer said...

better days ahead!

Nasiru Adoke said...

good news..atleast things go cheap small..nice 1 cbn

I. C Bruno said...

Abeeegi

okorochas justin said...

Wow...

Very good...

Go down to 150....

God help us...

Onifade Joseph said...

Slow and steady wins the race, Nigeria will get there
#Believe

Amos Mercy said...

Nigeria will definitely get better

STEPHEN OLUMUAL said...

Interesting

Ademola Adunola said...

VP Osibanjo well done sir

Sunshow said...

Rubbish,this fools have destroyed this great nation all for greed.

Rosemary Ezeji said...

We are getting there.

swift said...

owk

Hassan Aderemi said...

We pray is $1/N100 soon.

abdulrasaq abdulrafii said...

Good am happy

Olisayemk said...

This is good news, abeg let it continue coming down oh

inumidun said...

Gud 2 knw..

Queen Abiodun Ogunnika said...

All thanks to oshinbanjo

Queen Abiodun Ogunnika said...

Osinbanjo weldone sir
Buhari is brainless

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