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

Best Deal For You This Valentine What is Valentine’s Day? Valentine day is generally seen as lovers day, a day when most lovers make up, break up, get impregnated, get promised o...
See Nigerian Girl Who Tells a Guy To Send Her Mone... See Nigerian Girl Who Tells a Guy To Send Her Money Before She Gives Him Her Phone Number See Nigerian Girl Who Tells a Guy To Send Her Money Before ...
TOP Secret & Sacrifices Behind  Osomehegbe Vi... TOP Secret & Sacrifices Behind  Osomehegbe Village TOP Secret & Sacrifices Behind  Osomehegbe Village - Etsako central local government area h...
ASUU AND NANS AT WAR | ASUU GIVE DATE TO CALL UP S... ASUU AND NANS AT WAR | ASUU GIVE DATE TO CALL UP STRIKE Welcome to Karisas travel: Here we have complete details on Asuu, Nevertheless we have | LATES...
JOS CRISIS LATEST UPDATE | POLICE ON RAMPAGE SEE M... JOS CRISIS LATEST UPDATE | POLICE ON RAMPAGE SEE MORE Jos crisis: Police warn Plateau residents over inciting comments JOS CRISIS LATEST UPDATE | POLI...
Get Nigerian Peace Corps Guidelines & Recruit... Get Nigerian Peace Corps Guidelines & Recruitment Form 2017/2018 www.peacecorpsofnigeria.org. Get Nigerian Peace Corps Guidelines & Recruitmen...
Trump Bans Muslims From US News reaching us shows that Muslims have been barred from flying to United States, as those who successfully landed at the airports are been detain...
Receiving & Making Payment | Paying Federal G... Receiving & Making Payment | Paying Federal Government of Nigeria Bills Using Remita- www.remita.net Receiving & Making Payment | Paying Fede...
Naira Crashes Deeper Against Dollar The Naira on Friday crashes deeper at the black market as dollar scarcity worsened. What hopes does the Naira have in rising back to it lost ...
TY DANJUMA & TUKUR BURATAI DECLARES WAR ON AR... TY DANJUMA & TUKUR BURATAI DECLARES WAR ON ARMED HERDSMEN TY DANJUMA & TUKUR BURATAI DECLARES WAR ON ARMED HERDSMEN  | As Army set up panel o...
WAEC Timetable 2017/2018 (June/July Exam) – ... WAEC Timetable 2017/2018 (June/July Exam) - Download Here WAEC TIME TABLE NOW OUT DOWNLOAD WAEC TIMETABLE NOW WAEC MAY/JUNE WHEN IS WAEC 201...
JAMB News: 2017 UTME |JAMB Registration|JAMB Intro... 2017 UTME: JAMB Introduces Remita To Ease Pin Purchase For Registration JAMB NEWS JAMB 2017 JAMB REGISTRATION   This is Jam...
JAMB Begins Sales of 2017 UTME Form The Joint Admissions and Matriculation Board (JAMB) said all is set to convene with heads of other public examination bodies to address examin...
StakeHolders Not In Same Page WIth FG On Closure o... Reasons why we are shutting down Abuja Airport: The reason we chose to close down Abuja airport for 2months to use Kaduna Airport as alternative Fed...
Read Open Letter to FG By A Frustrated Prospectiv... UPDATED- Read Open Letter to FG By A  Frustrated Prospective Corper UPDATE ON NYSC: Open Letter to FG, NYSC By A Frustrated 2016 Batch B S...
NTA News Caster: Frank Olize Of NTA Newsline. How ... NTA News Caster: Frank Olize Of NTA Newsline. How Many Remember Him? (Photos)  NTA News Caster: Frank Olize Of NTA Newsline. How Many Remember Him? ...

Pin It on Pinterest

Share This