Stella Dimoko According To Experts - Naira To Remain Below 500/dollar This Week


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Monday, January 23, 2017

According To Experts - Naira To Remain Below 500/dollar This Week

Currency retailers and experts have said the naira will trade slightly below 500 per United States dollar this week despite the commencement of the sale of foreign exchange to Bureau De Change operators by the Central Bank of Nigeria last week.

The CBN had through the International Money Transfer Organisations resumed the sale of dollars to BDCs on Thursday, after stopping it for almost a month due to the Yuletide holiday.

Travelex, one of the IMTOs in the country, sold about $20m to 2,500 BDCs with each getting $8,000, the President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, said.

According to a Reuters report, the naira is seen unchanged on the parallel and official forex markets in the coming days even as the IMTOs continue the sale of dollars to the BDCs this week, boosting greenback liquidity.

The naira was quoted at 498/ dollar at the parallel market on Friday, down from 497 on Thursday. It traded flat at 497/dollar between Monday and Wednesday

On the official market, commercial banks quoted the naira at 305.75 a dollar on Friday, around the same level the local currency has traded at since August last year.

“Once dollar liquidity improves in the market I see the naira trading around 380-400 a dollar in the short-term,” Gwadabe said told Reuters.

The BDC operators are quoting the naira at 399 to the dollar.

But a professor of Economics, Akpan Ekpo, said the naira might not rise above 425/dollar on the parallel market over the next one year, even if crude oil price and production went up further.

*So the Dollar will not come down again to 200?


  1. Chai...and vuhari is busy stretching leg in london

  2. Trinity, your comment on Vhuari's post on #500 for $1 made my heart skip.
    This should be referred to as goodnews, abi?

  3. I don't even care anymore again. Am really all over it.

  4. What a shame. Shame to CBN and APC government. A big shame to una very well

  5. Tor! Which way Nigeria....

  6. See where olodo Buhari brought on our Naira........2019 should do and come, so we can send this Daura caveman back to Daura

  7. what is the diff btw 498 and 500


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