Naira stays firm at N465/$1 as Buhari makes new appointments


This comes just two days after the naira had dropped 10 points from N455 on Wednesday, November 16, to close the day exchanging at N465.

But with a bit of stability witnessed in last two days, there is hope the local currency will likely make some gains over the dollar next week.
The recent depreciation of the local currency can be attributed to the raid on the market by the operatives of the Department of State Service (DSS) and Economic and Financial Crimes Commission (EFCC) last week.

It was gathered that the raid had instilled fear among BDCs.

The clampdown followed a meeting between the Central Bank of Nigeria (CBN), the SSS and leadership of the Bureau de Change (BDC) association aimed at finding solutions to the poor performance of the national currency against other international currencies, particularly the dollar, in the money market.

However, experts have predicted that the naira may likely make some gains over the dollar next week, although it may not be sustained.

An economist said: “We expect further appreciation of the currency in the parallel market over the short-term following the raid, but acknowledge that it may not be sustained for a prolonged period of time.”

Meanwhile, President Muhammadu Buhari on Friday, November 18, inaugurated board of three parastatals in the Ministry of Petroleum Resources in State House.

They include the Nigerian National Petroleum Corporation, Nigerian Content Development Monitoring Board and the Nigeria Nuclear Regulatory Authority.

Ibe Kachikwu, the minister of state for petroleum resources, will be the chairman of all the boards.

Comments

Post a Comment

Popular posts from this blog

Update on Total Bellas,

Image
On Wednesday's episode of  Total Bellas , Bryan's doctors informed him that he wouldn't be able to get back into the ring and Brie Bella  explained to  Nikki Bella  that Bryan just needs to "go home" by himself because he needs "alone time." As if retiring from the WWE wasn't enough, Bryan recently lost his dad and Brie now thinks her husband has hit "rock bottom." "I honestly feel that his depression is out of control," Brie said on the episode. Take a look at the recap to see what else Brie had to say about her husband and to see more OMG moments from this episode. E! 1. Nikki Tells Brie "You're Not My Sister Anymore": While driving together, Nikki asks Brie about her "dream home." Brie and Bryan want to build a 2000 square foot house, but Brie's family thinks it should be larger. When Nikki presses Brie to do five bedrooms instead of four, Brie tells her she doesn't "
Read more

Chris Brown And His Baby Mama Drag Themselves On Instagram

Image
Chris Brown posted a story by TMZ on his IG page where he talked about Child services visitng him following the alleged gun incident where a former beauty queen accused him of pointing a gun at her face. Why he attacked his baby Mama Nia Guzman is not known but he attacked her and basically called her a gold digger. She didn't ignore the comments. She came back at him after she disabled comments on her own IG page knowing Chris Brown's fans could attack her on his behalf. Read the rest after the cut... Then he added a comment saying that she was shaped like a wisdom tooth. She continued with the blast.. Then when Baller Alert posted the story, he left this as a comment on their page.. After the back and forth, he took to his IG page and posted a video why he responded. Baby Mama Problems. Use protection guys to avoid this !!!
Read more

First mother and daughter to competit in Miss Bum Bum competition in Brazil with pictures

Image
A mother and daughter that are competing in Brazil's Miss Bumbum competition have disclosed how their obsession to win the coveted prize led to the mother's spouse of six years walking out on them. The 35-year-old Bruna Ferraz, and her daughter Eduarda Morais, 19, both admitted they are desperate to be crowned the country's queen of shapely bottoms. 'It was an easy decision to make. I would never let anything get in the way of realising my dream, and certainly no man,' Bruna told MailOnline. Her daughter on the other hand had this to say; 'Winning means everything to me; it will change my life forever. But I know it means everything to my mum too. Now we're both in the final it will all depend on who's got the most beautiful bottom. I admire my mum's bottom. I hope mine will be as firm as hers when I'm her age,' Eduarda disclosed. Meanwhile, this is the first time a mother and daughter would reach the final of the popular pageant; Miss Bumbu
Read more