Sadly, Naira Now 520 To A Dollar

As at Monday, 20th of February, 2016, the naira hit 520 against the United States dollar at the parallel market. It had closed at 516/dollar on Friday, after hitting 510/dollar and 507/dollar last Thursday and Tuesday, respectively. We are not sure the rate it will hit today. May God show the government the way.

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Naira Now Sells 516/US Dollar

The naira now sells for 516 per United States dollar on the streets of Lagos as of yesterday. The naira plummeted at the parallel market from 510/dollar on Wednesday to 516/dollar on Thursday. We are not sure how it will end today. May God help us.

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Naira Appreciates at Interbank Market

There are indications that the greenback is set for a value revival following a latest development at the interbank rate.

 

The Naira on Monday gained 50k to exchange at N305.00 to a dollar at the interbank market, the News Agency of Nigeria (NAN) reports.

 

The Nigerian currency had closed at N305.50 for most part of last week at the interbank market.

However, naira remained stable at the parallel market, closing at N465 to a dollar, while Pound Sterling and Euro exchanged at N565 and N490, respectively.

Trading at the Bureau De Change (BDC) window saw the naira closing at N390 to a dollar, CBN controlled rate, while Pound Sterling and Euro traded at N562 and N500 respectively. Currency traders said that uneasy calm had prevailed at the market due to its raid by officials of the Department of State Security (DSS) in some parts of the country. NAN reports that in spite of the raid, the naira had remained pretty stable.

 

Meanwhile, stakeholders expect the Monetary Policy Committee (MPC) meeting being held in Abuja to come up with policies that would lead to a greater flexibility of the exchange rate.

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Naira Improves Dramatically at the Parallel Market...See Latest Value

The Nigerian naira in a dramatic turn of events has rallied to improve at the parallel market late Tuesday.

*Photo used for illustrative purpose*

 

The Naira on Tuesday extended its gains against the dollar across the Forex market.

 

The nation's currency gained N4.06 at the interbank market to close at N304.75, from N308.81 posted on Monday.

 

At the Bureau De Change window, the naira was sold at N385 to a dollar, CBN controlled rate, while Pound Sterling and Euro traded at N565 and N504 respectively.

 

Naira gained three points at the parallel market to close at N465 to a dollar against N468 posted on Monday.

 

Also, Pound Sterling and Euro closed at N560 and N510 respectively.

 

Traders at the market said that liquidity at the market was being boosted by the weekly sale of Forex by Travelex and First Bank of Nigeria.

 

Travelex, a licensed International Money Transfer Operator, had been selling the proceeds of diaspora remittances to BDCs for over a month.

 

Travelex and FBN have been working hard to ensure that liquidity challenges in the North and some other South-South states was reduced by selling Forex in these areas.

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