Naira Appreciates To N498/$ As Reserves Hit $28.3bn

Having depreciated in value to N500 to the dollar at the parallel market, the value of the naira appreciated to N498 to the dollar, the value it had been trading for weeks or weeks, even as external reserves rose to $28.28 billion the highest in the year highest in a year.

The naira however remained stable at N305.25 to the dollar at the interbank market, on the website of the Association of Bureau de Change Operators; the naira was quoted at N315.38 to the dollar.

Demand for the greenback grew and the Central Bank of Nigeria rationed dollar supply, having sold $660 million in 3- and 5- month currency forwards at an auction aimed at clearing a backlog of dollar demand. Traders however said the dollar sale was not enough to satisfy the market.

Data on the website of the apex bank showed that the nation’s external reserves has risen by 7.89 per cent since the beginning of the year.

Traders said while the apex bank has been selling dollars on the official market to support the naira, dollar shortages were causing the naira to weaken on the black market.

Head of Africa Research at Standard Chartered Bank, Razia Khan said, “Despite rising foreign exchange reserves, it is the amount of forex that is supplied that matters.

http://www.kikiotolu.com/2017/02/naira-appreciates-to-n498-as-reserves.html

Comments

FG Secures $7.5bn Loan From China For Rail Project

The Federal Government has secured $7.5 billion loan for the construction of standard rail gauge from Lagos to Kano, an official has said. The $7.5 billion is part of the $30 billion loan the Federal Government seeks to take and for which it has sought approval from the National Assembly. The Minister of Transportation, Rotimi Amaechi, who disclosed this on Monday at the North Central Town Hall meeting held in Ilorin for the people of Kogi, Niger and Kwara states, urged Nigerians to impress it on the National Assembly to approve the loan request so that the Federal Government can go ahead with the project. But the Senate in a statement by its spokesperson, Aliyu Abdullahi, on Wednesday in Abuja, said that the minister’s claim was not only false but misrepresenting and contradictory to available facts. It insisted that the minister must withdraw the claim. According to Amaechi, the loan was secured from a Chinese bank and the ministry is waiting for approval of the National Asse...

Photo Of The Longest Yam In Nigeria Harvested In Delta State

This is a giant yellow yam called or okpai in ukwuani and igangan in yoruba. This yam was harvested at12 months old. It took the farmers three days to harvest the longest one. These yam was produced in umuaja, ukwuani local government, delta state, Nigeria.

Presidency Staff On Standby For Buhari's Return

Presidential aides were on Friday put on standby over the imminent return of President Muhammadu Buhari from London, United Kingdom. Buhari, who left Nigeria on January 19, was initially scheduled to return to the country last Sunday in preparation for resumption to office last Monday. However, the Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, later issued a statement announcing that Buhari had notified the National Assembly of his decision to extend his vacation. Adesina had attributed the extension to the need for the President to wait behind and receive the results of medical tests which he had undergone on the advice of his doctors. Sources at the Presidential Villa, Abuja told one of our correspondents on Friday that Buhari was being expected this weekend. The sources said that presidential aides and officials of the Protocol Unit, as well as security operatives, had been put on the alert over the President’s imminent arrival. One of the so...

NATURE CRIB

Search This Blog