Monday, November 20, 2017 6:07:19 PM- Nigerian Stock Exchange.

  NAIRA recovers 3%


Feb 23 (Lagos) - Naira recovered to 365 against 1 USD from 375 yesterday. According to a trader many people are now aligning with the governments position on no devaluation. 

Naira can still be made stronger if the CBN takes up the issue of oversupply of Naira in the market due to low interest rate environment. 

The CBN should increase interest rates to support the Naira. Returning Naira to 220 levels is not out of reach of the government if crude oil prices can rise to $45 levels.

reporting of on Tuesday, Feb 23 2016 from Lagos, Nigeria

Readers's Opinion(1)
Yomi Fash
From my own point of view. My question is this: How much do the CBN think they can buy dollars from the world bank or IMF when they fixed their own official rate to N197.50 which is unsold?And how much our people in the diaspora are being charged for dollars when using their Naira Master card abroad. These are the questions needed to be answered to exhibit equilibrium or disquilibrium. We should not only pray for the rise in the price of crude oil because this is what makes FG lazy economically, but we should also consider prayers for early production of Non oil export trade investments from theFG on time, so that our external reserve can be flooded by dollars earnings. As a result of this, the pressures on Naira will be quenched technically to at least N220. God bless Nigerians.

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