Market News

APRIL 21, 2017
The continuous flooding of the foreign exchange market with dollars has crashed the currency against the local currency, Naira.

The Naira firmed up at the Bureau de Change (BDCs) segment on Thursday, trading at between N376 and N378 to the United States Dollar in Lagos, Abuja and Kano.

The crash in dollar was caused by the interventions of the Central Bank of Nigeria (CBN).

A market survey revealed that the Naira, which sold at over N405 to $1 as Monday this week, recorded a boost.

There were indications that the appreciation of the Naira was as a result of policy actions of the CBN to inject more foreign exchange into the financial system, specifically targeting critical sectors in addition to special interventions in the areas of SMEs and BDCs.

According to a source at the apex Bank, the Naira is expected to appreciate further when the BDCs receive another tranche of $20,000 purchases from the CBN today, April 20, 2017.

In a bid to sustain supply of liquidity to the foreign exchange market, CBN made special interventions by simplifying the documentation process for the SMEs to enable them import eligible items and also increased both the amount and number of sales to the BDCs.

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Great Benin Bronze

EDE N'ERHENA VBE EDO

"

These anti-Edo political organizations you folks went to join are the most anti-African - and Africans - in the world.

They're worse than anything; we obviously can't stop you though, even Ewuare II's manifest destiny lies in our own regional party.

We have egba Omo Oduduwa and so on, NPC, AG, the forerunner of them all NCNC and then now these cancers of today.

Stay "with them", but register for your most important election first: your local election, register Edo Political Front, and if you don't, vote the front.

No self respecting Edo will - in the future - find themselves the flag bearers and cheerleaders of foreign parties with indirect rule political and economic mandates, it just doesn't work.

No sane Edo person lives to "have the ear" of someone who doesn't have Edo at their heart.

The Supreme Court is the place to remove the frustration of these lethargic and "periodic" additions to the voting rolls; here - where I live - you can fill in the forms regarding changing your voter registration at the post office and other easy access places.

At the rate things are going we're going to find ourselves truly in decline as our populations suffer from simple things like protein deficiencies in children

" - Reggie Akpata

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