• Privacy Policy
  • Terms
  • About us
  • Contact Us
Friday, August 12, 2022
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Naira gathers strength against dollar

The Matters Press by The Matters Press
September 2, 2020
Reading Time: 2 mins read
0
Jaiz Bank expands with new branches

Naira

Naira

By Moses Uwagbale
After weeks of losing steam, the naira strengthened to N435 to a dollar at the parallel market on September 1, 2020 as against about N480 to a dollar it had traded.

RELATED POSTS

MTN boss tasks youths on self-development

Equity market posts losses, market capitalisation down by 0.12%

NEPC urges exporters to utilise bank interventions for exports

The development showed a gain of N45, representing about 9.3 per cent rise.

Forex stakeholders have attributed the gain to the planned resumption of sales dollars to operators of Bureau De Change (BDC) by the Central Bank of Nigeria (CBN).

The resumption of sales of dollars is expected to bolster dollar liquidity in the market.

ALSO READ  Naira gains against dollar by 0.52%

CBN had announced its intention to resume forex sales to the retail segment of the market, but was forced to postpone it because of the extension of the date for resumption of international flights to September 5.

The President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, said the forex sales to the currency dealers was the major factor that led to the gain recorded by the nation’s currency against the greenback.

“The plan to resume forex sales to BDCs was what broke the camel’s back. Dollar supply to BDCs is a potent weapon to fight against speculation. For those still speculating in the market, they are already burning their fingers and taking losses.

ALSO READ  Price of bread to be reviewed upwards again

“So, my advice is that when you don’t have a genuine and effective need to use dollars, stop stockpiling the currency. From what we are seeing, this trajectory is going to continue and I advise members of the public to always buy when you have a purpose for it and not buying to keep.

“What we saw in the market in the past few weeks was not a true reflection of the value of the naira against the dollar. We saw, even during the lockdown when flights were not flying, everybody literally became a forex dealer. It is unfortunate. That cannot happen in other countries. When you don’t need to make payments abroad, what are you hoarding dollars for? It’s unfortunate.”
More
https://www.thisdaylive.com/index.php/2020/09/02/naira-gains-9-3-at-parallel-market-on-planned-cbns-intervention/

ALSO READ  CBN to begin payment of N65 rebate to exporters to boost forex inflow
Tags: Naira
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Central Bank, MTN resolve crisis
Business

MTN boss tasks youths on self-development

August 11, 2022
Trading in Nigerian stock market dips further N83bn
Business

Equity market posts losses, market capitalisation down by 0.12%

August 11, 2022
Nigeria targets $1.2bn export capacity for every state
Business

NEPC urges exporters to utilise bank interventions for exports

August 11, 2022
Experts seek implementation of economic development plans
Economy

ACAMB seeks enhanced synergy for economic growth

August 11, 2022
Vulnerable Nigerian farmers to get $1m grant
Agriculture

Expert calls for end to over reliance on agro-imports

August 11, 2022
Edo unveils plans for investment desks
Business

Nigeria seeks $400m private investment to complete millennium tower

August 11, 2022
Next Post
China’s trade surplus with U.S dips

Nigeria records trade deficit

Recession hits Brazil, records heavy covid-19 cases

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

$2.7b Ibom Deep Seaport ready soon

Dredging key for Onitsha River Port concession benefits – Shippers

February 8, 2022
Nigeria targets $1.2bn export capacity for every state

OPEXA wants NASS to expedite ratification of N375bn export grant

June 26, 2022

Echoes of Nigeria’s rising debt

July 15, 2022

Popular Stories

  • Rising prices of goods causes protests in Morocco

    Rising prices of goods causes protests in Morocco

    0 shares
    Share 0 Tweet 0
  • INEC wants to make you rich, bid for new jobs

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Universities approved to operate distance learning centres

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • MTN boss tasks youths on self-development
  • Equity market posts losses, market capitalisation down by 0.12%
  • NEPC urges exporters to utilise bank interventions for exports

Categories

  • Agriculture
  • Business
  • Economy
  • Entertainment, Religion
  • Features
  • Foreign
  • Health
  • Multimedia
  • News
  • Oil, gas, solid mineral
  • Opinion
  • Photo
  • Politics
  • Security
  • Sports
  • Technology
  • Thematterspress
  • Uncategorized
  • Video

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?