The Central Bank of Nigeria came up with a new policy that has since made Naira to Appreciate positively against the Dollars.

The sudden slide of the US dollar and other foreign currencies has made export to neighbouring countries such as Niger Republic, Burkina Faso and Chad unattractive, traders have said.
Visits to Tsohuwar Kasuwa and other markets in Sokoto recently revealed that the number of trucks that load goods to Niger and Burkina Faso on daily basis has dropped drastically from about 20 to about five trucks.
Merchants from the neighbouring countries had taken advantage of the depreciation of the naira in recent times to ship more goods out of the country with little amount of their currencies, especially the CFA. 
Local traders who spoke to our reporter said merchants from neighbouring countries no longer found it attractive to exchange a CFA at N62 to do business in Nigeria even as the price of the goods still remained high at their markets.
Alhaji Usman Salihu Mai Sugar, told our reporter that patronage by the merchants dropped since last week when the naira began to appreciate, adding “Before now there was hardly space here, even to pass was difficult.”
He said some of the reasons why the export business has gotten less attractive was “Because we are still selling the old stocks in the market; the appreciation of naira is yet to bring down prices in the market.”
Ismaila Illela said some of his customers at Niger told him they were studying the market for now before returning to Nigeria.
Also, some traders in Kano said there is a sharp dropped in patronage by merchants from Niger Republic as well as Chad
“About 20 to 30 trucks fully loaded usually leave Kano every evening before the appreciation of the naira but the number of trucks has reduced minimally as of last week,” a trader, Shuaibu Rijiyar Lemo, told our reporter recently.
The naira appreciated by about 20 percent since February 21 after the Central Bank of Nigeria released some new rules on the forex market. 
Some Nigerians expressed joy over the naira appreciation hoping that things would get better in the nearest future.
Meanwhile, Nigerians have expressed joy over as the naira appreciated, saying that no one was happy with the high rate of inflation in the country due to forex scarcity.
According to Alhaji Salihu, “No one was happy with the high cost of materials in the market, even us the traders, we are not making much gain as speculated, we spend a lot to buy few goods.”
The naira jumped by about 18 percent at the parallel market – from N520 on February 23, to N425 a dollar Wednesday. However, some reports said the local currency closed the week at about 465 a dollar.
take a look at searches related to naira gains
naira dollar
naira exchange rate
naira bet
naira symbol
dollar to naira black market
naira meaning
nairabet mobile
nairabet new mobile

Related Post

‘Hailey is coming soon’ | Davido reveals name of s... NOT ABLE TO HIDE HIS FEELINGS - ‘Hailey is coming soon’ | Davido reveals name of second daughter DAVID-O NOT ABLE TO HIDE HIS FEELINGS - ‘Hailey is...
Coded Recruitment Or Replacement Going On In NIS ?   Coded Replacement Going On? Please, don’t quote Karisas Blog wrong. Nigeria Immigration Service is doing a coded replacement. Looks ...
See 5 Top Basic Annoying Things Anyone That Uses A... See 5 Top Basic Annoying Things Anyone That Uses A Nigerian Bank Can Understand See 5 Top Basic Annoying Things Anyone That Uses A Nigerian Bank Can ...
Kenyan Couple Who Wedded In Tshirts Cry During Lav... The beautiful Kenyan couple that spent only KSh 100 ($1, N500) for their wedding finally had a dream, lavish ceremony yesterday February14, Valentin...
WAEC TIME TABLE- DOWNLOAD 2017/2018 – When i... WAEC TIME TABLE- DOWNLOAD 2017/2018 - When is WAEC 2017/2018 Starting?  Here are some questions sent to us over the years Waec 2017 Timetabl...
Positive Effects of Social Media | Impact of Socia... Positive Effects of Social Media | Impact of Social Networking Sites on Society | Why Social Media is Good For Society Social Media: Social Network Si...
Chapecoense Colombia plane crash –history about t... Chapecoense  Colombia plane crash –history about the airline Chapecoense hired an aircraft which was operated by LaMia, LaMia pur...
Gossipmongers On President Buhari’s Health To Be A... Presidency angry with the way and manner some media houses are spreading fake news on the health of President Buhari like wild fire, According to Mi...
FIRST LADY MELANIA TRUMP TO SERVE AS SPECIAL GUEST... FIRST LADY MELANIA TRUMP TO SERVE AS SPECIAL GUEST AT STATE DEPARTMENT CEREMONY US.First Lady-Wife of President Donal Trump-Melania Trump will be ...
Nigeria Airport To Be Closed For 6 weeks     Nnamdi Azikiwe International Airport, Abuja, will be temporarily closed for complete six weeks in February and March next year 201...
UniMaid Bomb Blast:Phot of A Victim UniMaid Bomb Blast: Photo of A Victim  BOKO BOYSboko haram boy massacrehow many child soldiers in nigeriaboy kidnapped sexually assaul...
Pat Utomi Defends Nnamdi Kanu Pat Utomi Defends Nnamdi Kanu Nnamdi Kanu the leader of the Indigenous people of Biafra has been in detention for so long a time according to th...
Nigerians Advised to Postpone U.S Trip For Now Nigerians has been advised to be on the safe side by postponing their planned trip to U.S until the new Administration’s Policy on Immigration is se...
Nnamdi Kanu, Set To Expose Secrets That Will Break... Federal High Court in Abuja Trial Justice Binta Nyako has just permitted Federal Government to shield identities of witnesses ready to testify again...
BEST WAYS TO DONATE CAR CALIFORNIA | CALIFORNIA CA... BEST WAYS TO DONATE CAR CALIFORNIA | CALIFORNIA CAR'S DONATE 2017/2018 California Car Donations | Donate Car California – CA | BEST WAYS TO DONATE CA...
N-power Second Batch List of Successful Shortliste... N-power Second Batch List of Successful Shortlisted Candidates | Npower Batch B Successful Applicants | N power Second Phase Batch List Details on...

Pin It on Pinterest

Share This