Naira Strenghtens As, Neighbouring Countries Stops Rush For Nigerian Goods

block;width:300px;height:250px" data-ad-client="ca-pub-6421572098224086" data-ad-slot="3363741150">

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

READ  Travel News: Embassy of Ecuador Address in Abuja, Visa Fee Nigeria

Please follow and like us:

Related Post

NWABUEZE REJECT PEACE TALKS WITH FG READ WHY HE SA... NWABUEZE REJECT PEACE TALKS WITH FG READ WHY NWABUEZE REJECT PEACE TALKS WITH FG READ WHY | I won’t be part of any peace talk until FG unproscribes IP...
NABTEB 2017/2018 Timetable for May/June Certificat... NABTEB 2017/2018 Timetable for May/June Certificate Examinations | Download|Download TimeTable |NABTEB Registration Student are now free to check...
Nnamdi Kanu The Freedom Fighter From the time of his arraignment and that of other accused persons, Nnamdi Kanu the freedom fighter have always appeared in the court wearing a var...
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...
POLICE AT WAR WITH JOS RESIDENTS | WARNS AGAINST I... POLICE AT WAR WITH JOS RESIDENTS | WARNS AGAINST INCITING COMMENTS JOS CRISIS LATEST UPDATE | POLICE ON RAMPAGE SEE MORE | POLICE AT WAR WITH JOS RESI...
President Buhari Fighting Corruption With One Fing... President Buhari Fighting Corruption With One Finger Recall That yesterday President Buhari Suspended ths SGF and NIA DG-SGF Lawal leaving the pres...
Delta communities Under Attack By Herdsmen Delta communities Under Attack By Herdsmen Information Reaching us reveals that Delta state and its communities are under attack by so called herds...
Apostle Suleman&Stephanie Otobo: Sleeping Wit... Apostle Suleman: I regreted sleeping with a married man – Stephanie Otobo Update: supposed mistress Stephanie Otobo of the General Overseer of Ome...
List Of Disqualified npower volunteers | Npower BV... List Of Disqualified npower volunteers | Npower BVN 2017 NPOWER BVN VALIDATION | N-POWER STEM LOGIN 2017/2018 | List Of Disqualified npower volunteers...
Glo Mega Music Tour|Glo Nigeria|Unlimited Glo to storm 27 cities with mega music, comedy shows | Glo Nigeria ...www.gloworld.com Benin City, 54 Other Towns Set for Glo Mega Shows  Gl...
Is Buhari Dead? Mr Ike Oye, of All Progressives Grand Alliance (APGA) has placed a called on Nigerians to help in praying for the health of President Muhammadu Buha...
See TOP 10 Tips For Protecting Your Debit Card Fro...  See TOP 10 Tips For Protecting Your Debit Card From Fraudsters How well do you keep your debit card (ATM card)? Would you give anyone access ...
Former CAN President – Pastor Oritsejafor Gi... Pastor Oritsejafor Gives Church Members N5m To Start Small Scale Businesses  Former CAN Presiden...
N’Assembly Must pass 2017 budget Come May 9 – Sen.... N’Assembly Must pass 2017 budget Come May 9 – Sen. Gobir N’Assembly Must pass 2017 budget Come May 9 – Sen. Gobir Presently Nigerians in general have...
Amazing Places to Spend Christmas Vacation in Nige... Christmas a highly celebrated festival in Nigeria usually known for its special get together time for families, loved ones and friends.  During...
National Assembly- “I AM NOT AN IMPORTER…” | SARAK... National Assembly- “I AM NOT AN IMPORTER…” | SARAKI DENIES FAKE SUV DOCUMENTS ALLEGATIONS THE NATIONAL ASSEMBLY =SARKI SUV SCANDAL The senate Pre...
Tags:,

Add a Comment

Your email address will not be published.