Good News! Naira Appreciates Against Dollar

 at N791.75/$1 at the official market.

According to data from the FMDQ Securities Exchange, the naira rose by 5.87 per cent or N49.39 compared to the previous day’s rate of N841.14/$ at the Nigerian Autonomous Foreign Exchange Market.

According to The Punch, naira’s gain was, however, expected due to the recent move of the Central Bank of Nigeria to clear some of its FX backlog.

Investors’ highest bid for the dollar was N1120/$1, while the intraday low was N701/$1, representing a wide spread of N419/$1.  Forex turnover at the close of the trading was $157.78m.

Meanwhile, the CBN last week said it had begun clearance of the backlog of foreign exchange forward contracts. The move, experts say is expected to bring relief to the naira, the business community, and the economy at large.

Comments

Post a Comment

Popular posts from this blog

PICTURES: US First Lady Melania Trump Reinvents Her Fashion, And Her Career (US)

Image
Melania is definitely passing a message across with her daring outfits lately. Herr severely, masculine-themed but  shapely-tailoted outfits is taking America, and the entire fashion world, by storm.     First Lady, Melania Trump, addressing Congress recently Credit: Internet  You'll hardly find Melania dressed in long, flowy gowns anymore. Rather, she is now sealed in shirts and ties with pants or skirts to match in dark brown, grey or black colours, usually with ties to match.            Credit: internet      Credit: internet Any message in this total image overhaul? Yes.  Melania is launching into corporate America with her crypto company which coincidentally launched on Inauguration Day, when her husband was sworn in as president for the second non conservatives term.     Melania, after a business meeting Credit: Internet  Now that Barron is a university student at New York University, and Pres...
Read more

Interesting Reasons Why Fubara & Bakare Visited Tinubu (Politics)

Image
President Tinubu (right) with Pastor Bakare  His abode has long been a mecca of sorts. Since he left office as governor of Lagos 18 years ago, Bourdillon has nearly become a reference for him and his immense political influence. This is because people seeking political patronage or one favour or the other, are known to throng this venue which he stays on the stretch of Lahos' road in highbrow Ikoyi called Bourdillon.  Street beggars anf road urchins are not left out. They literally make the entrance way into the place their abode anytime he is in town for cash gifts and sometimes,free daily meals .  Who? Your guess is as good as mine. It is about President Tinubu and his Bourdillon enclave turning to a hotbed of visits from the most influential, to the downtrodden.  But two fresh visits stir curiosity. Similayi Fubaru, embattled and suspended governor of Rivers State visited him yesterday. Details of the meeting were not revealed. But it goes beging Sallah felicitati...
Read more

President Tinubu's Actions To Reduce Hardship in Nigeria As Revealed in Today's National Broadcast (Nigeria & Economy)

Image
  The key highlights of the economic measures by President Tinubu as annoinced in the national broadcast to the #endbadgovernance protesters are: "In the past 14 months, our government has made significant strides in rebuilding the foundation of our economy to...over 9.1 trillion Naira in the first half of 2024 compared to the first half of 2023, due to our efforts at blocking leakages, introducing automation, and mobilising funding creatively without additional burden on the people. Productivity is gradually increasing in the non-oil sector, reaching new levels and taking advantage of the opportunities in the current economic ambience." "...From a place where our country spent 97% of all our revenue on debt service; we have been able to reduce that to 68% in the last 13 months. We have also cleared legitimate outstanding foreign exchange obligations of about $5billion without any adverse impact on our programmes." "More financial freedom and the room to sp...
Read more