BREAKING NEWS

Metro

World

Spiritual

Wednesday, 2 November 2016

Naira Stabilises at Interbank Market...See Latest Value

Following a poor run of form in the week, the naira stabilized at the interbank market while losing grounds at the parallel market.

The naira on Wednesday stabilised at N304.75 to a dollar at the official interbank market.

At the Bureau De Change window, the nation’s currency traded at N385 to a dollar, Central Bank of Nigeria controlled rate, while the Pound Sterling and the Euro closed at N564 and N509, respectively.

The naira, however, weakened at the parallel market, losing five points to exchange at N470, from N465 traded on Tuesday, while the Pound Sterling and the Euro closed at N565 and 510 respectively.

A senior Economist at the Olabisi Onabanjo University, Ago Iwoye in Ogun, Prof. Sheiffdeen Tella, said that the naira required a continuous inflow to sustain its appreciation at the market.

Tella said that the market had been witnessing marginal appreciation because the inflow was not based on production.

He said that speculators take advantage of the movement of the naira to manipulate the market.

The don explained that manufacturers were also looking the way of the parallel market to source for forex, thereby putting undue pressures on the naira.

The sale of the proceeds of Diaspora remittances to BDCs had helped in sustaining the appreciation of the naira for about four weeks.

Stakeholders are, however, troubled that in spite of the weekly sale of Forex by Travelex and First Bank of Nigeria  in Lagos and Abuja, the naira was still struggling to survive.

-NAN

PLACE YOUR CONTENTS ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

Click Here To Download A Free Guide That Shows How To Make 100k Weekly Without Lifting Your Finger (Using An Autopilot System)

Click Here To Discover Why Experts Conclude This Money Making Secret Is 100% Legal, 446.67% Better and 217% Safer Than MMM.

Loading...

THANK YOU FOR VISITING 247 NIGERIA NEWS UPDATE AND KINDLY VISIT US AGAIN! CLICK HERE TO JOIN OUR FACEBOOK FAN PAGE FOR NEWS UPDATES

For Instant Updates On Twitter Page @247NGNEWSUPDATE

1 comment :

  1. NIGERIA CUSTOM AUCTION SERVICE WE SALE ALL KIND OF CLEAN TOKUNBO {IMPOUND} CARS AND BAGS OF RICE AVAILABLE FOR SALES 8,500 PER BAG OF ANY PRODUCT OF RICE YOU ARE GOING FOR AT CHEAPER AND AFFORDABLE PRICE INTERESTED BUYER SHOULD PLEASE CONTACT CUSTOM ALHAJI SANNI YUSUF ON 07030266890 FOR CLEARANCE,ALSO CUSTOM RECRUITMENT FORM IS NOW ON... NOTE: ALL BUYERS MUST HAVE A VALID ID CARD,DRIVER LINCENCE AND MUST COME FOR INSPECTION IN OUR OFFICE DELIVERING, REQUITMENT FORM AND REGISTRATION AND JOB:SOME OF THE CARS LISTED ARE

    Golf3 & 4 N250,000. to =N300,000
    Toyota Camry big.daddy=N400,000
    Toyota Camry Tiny-Light =N350,000.
    Toyota Avensis=N500,000.
    Toyota Avalon=N500,000.
    Toyota Rav4=600,000.
    Toyota Prodo=700,000.
    Toyota Sienna=600,000:
    Toyota Corolla=600,000
    Toyota Matrix=N500,000.
    Honda Accord=600,000.
    Honda CRV=600,000.
    Honda Pilot=700,000.
    Nissan Pathfinder=600,000.
    Nisaan Amanda=N550,000.
    Nissan Exterra =N500,000.
    Infinity Jeepfx35=N800,000.
    & fx45=850,000. Benz Ml350=900,000. Lexus Rx350=750,000. & RX330=N650,000.
    RANGEROVER SPORT N1.4M.
    AND MANY MORE EXCLUSIVE BAGS OF RICE IS 8,500. PER BAG OF ANY PRODUCT OF RICE IS NOW ON.. NOTE: ALL BUYERS MUST HAVE A VALID ID CARD,DRIVER LINCENCE AND MUST COME FOR INSPECTION IN OUR OFFICE... AUCTION SALES IS TAKING PLACE AT LAGOS STATE BADAGRY EXPRESS,SEME BORDER,CLOSE TO CONOIL STATION All VEHICLES ENGINES ARE IN GOOD CONDITION CONTACT ALHAJI SANNI YUSUF ON 07030266890.
    THANKS

    ReplyDelete

 
Copyright © 2015 247 Nigeria News Update
Website by Tech Guardian