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Government claims “Naira Records Gain Against Dollar”

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naira and dollar

The Naira appreciated against the Dollar at the official and the parallel markets as at close of trading on Friday.

The News Agency of Nigeria (NAN) reports that the Naira exchanged at N225 for a dollar as against N226 which it traded since March 16 at the Bureau De Change (BDC) market.

At the official market, the currency sold at N197 to the Dollar, remaining stable at the same price since February.

Similarly, the Naira stood firm against the dollar at the black market as it gained 50 kobo to sell at N225.50 compared with N226 traded on March 17.

The currency remained stable against the pound sterling and euro at N294 and N212 respectively since March 17 at the BDCs.

However, at the official market, it was sold against the two currencies at N293 and N210, making it to shed N3 and N1 each respectively.

Photo Credit: Dreamstime.com

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.

17 Comments

  1. @edDREAMZ

    March 21, 2015 at 10:16 pm

    a.k.a EDWIN CHINEDU AZUBUKO said…
    .
    Never seen a dollar neither a pound and still staying in naija spending my naira everyday, so this news no concern me at all…..
    .
    .
    ***CURRENTLY IN JUPITER***

    • omololami

      March 22, 2015 at 5:28 am

      It does oo, some prices of the stuff you’ll buy on a normal day would continue to increase cause most are imported

  2. Robin Hood

    March 21, 2015 at 10:22 pm

    This administration is really clueless. They are celebrating a gain of N1.00 against US Dollar. When serious countries can purchase items with a single unit of their currency and get change, exchange rates and interest rates are in single digits, and stable for years.. Our govt is celebrating a gain of one naira against US dollar at N225…..now I know for sure their level of ambition

    • Sunshine

      March 22, 2015 at 2:35 am

      @Robin Hood, you took the words out of my mouth. Yaaeeehhhhh, we gained a naira against the dollar and it causes for celebration. Can we clap for the geniuses running the country for a job well done. BUNCH OF IDIOTS!!!

    • dav

      March 22, 2015 at 4:15 am

      Clearly u r d clueless one cos u know absolutely nothing about why there’s a dollar increase. I’m sure if u no fit shit e go be d govt fault too. Mugu

  3. Honey

    March 21, 2015 at 10:31 pm

    Yimu. GEJ will do anything to fool us. If he wins again, I fear for us. D next 4 years when he has no election to want to impress us for.

  4. Anonymous

    March 21, 2015 at 10:33 pm

    When it devalues you do not headline it as “Government Claims …” you just say” … devalues “then now it’s for something good you say government claims therefore insinuating that they are lying. Kindly state things as they are and not according to your sentiments. Merci Beaucoup.

    • Shao

      March 22, 2015 at 8:49 am

      I agree. For the typical nigerian this 1 naria means nothing. For a more wise society any amount no matter how small is a positive change.

  5. nene+

    March 21, 2015 at 11:33 pm

    Hey don’t like the caption “claim”. Why not investigate and be concise?

    Well knowing that Jonathan did not cause America to cease buying fuel, he is the first to rebase our economy since oil was discovered in Oloibiri.. Check your records on what Shagari,Obasanjo,Buhari,Babagida,and then Obasanjo did on Agriculture.

    I know for free that no oil exporting country is finding it funny. Government have tried realy hard to defend our Naira. Nigerians will have to be patient irrespective of who wins. Buhari will perform no magic and will not find any fault on GEJ strides on agriculture. By the way I bought a sophisticated bag of rice from the dealers at N8,000 the same bag of rice I bought 13k four years ago.

    Whether GEJ or Buhari wins naira will not go back to 150 or 100 \1 dollars overnight. By default hopefuly it will improve after election. Remember that its election period and people conversion of wealth to dollar is high for safety purposes. Some rather store dollar stashes at home vault untill after election and as a result dollar notes is scarce. How about politicians storing cash to share? Hey don’t go its PDP…..,No its all the political parties!
    I rejoice with govt even if its in kobo appreciation!

    My vote is for GEJ. Please pick your PVC and vote Jonathan who started rebasing our economy even before oil price slump! Isn’t that the difference between an educated fellow and a primary school cert holder?

    We shall sack PDP if we have a better candidate but that candidate isn’t Buhari! Some one who will stablise oil price what a disgrace!!!! What did he score in Economics??????

    I will support Jonathan who appreciate young people, education,human right and for giving me an environment to thrive!

    • ms.b

      March 22, 2015 at 6:23 am

      What environment? All u gej supporters can lie ehhn!! A shepherd knows it’s flock.

    • Shao

      March 22, 2015 at 8:55 am

      Did he actually say he will stabilise oil price???? Loooooooooooool.

      Pls how does he plan to do this. He should state his plan point by point make fowl nyash open ….looooooooooool. Side splitting.

      All these blind promises my people believe and support.

  6. omololami

    March 22, 2015 at 5:26 am

    If this man should win, he’ll just use this remaining four years to steal all he can! Imagine celebration over one naira!??!?!?! Does he know one ghanaian cedi equals 54 naira? ugh Its too sad what’s going on in Nigeria, ahn for Christ sake?? Buhari sef, me I fear that one.. but Jonathan’s administration is to shitty, I’m confused!!

  7. Tashiet

    March 22, 2015 at 5:41 am

    Jonathan sucks. You need to go and watch the video of bbc interviewing GEJ. He looks clueless

  8. S

    March 22, 2015 at 5:50 am

    What sort of Economics did you study Nene? See how people use English to confuse others. Yes, all oil exporting countries are not finding it easy but if you check the data (yes there is data to support this), Nigeria’s level is wayyyyy below the others. WHen others were investing in their real economy, oga Jona and his team were busy depleting the small reserves that Obj managed to put there. Other countries were pumping money into sovereign wealth funds as insurance, oga Jona did not add to the tiny amount that the people before him started because he wasn’t the one that started the process. All the missing millions and billions would have given our economy some kind of soft landing.
    So because America refused to trade with Nigeria, we have an excuse to crash our economy? Couldn’t we manage our funds better and find alternatives? Real development starts domestically not from the rest of the world. Better go and beg Saudi and the others to take small heat and save the oil crisis cause unless someone who is willing to cut excesses comes in, the small oil we are still managing to sell won’t mean a thing (not like it means anything now with all the leakages going on). So YES, BN has the right to say “claims” because they have not seen the physical change in the market. Unless individual lives are actually benefitting, numbers are useless. They have to translate to people and better lives for the people.

    Also, rebasing our GDP basically means we changed the base year for our calculation. It just means we are using a new year’s price level to calculate GDP which contributed largely to the great increase in GDP that you people have been shouting. Of what use is the so called increase in GDP if it is not reflecting in people’s lives? Federal civil servants are not getting paid and those getting paid signed a salary reduction. If state does this, we can pretend and say they are broke but the federal govt? really? If you talk now, he will find someone to blame, even Nigerians. A TRUE LEADER takes responsibility and decides how to fix it. Next time, please look at the real sectors of the economy such as unemployment rate, health care, education (and no building school buildings doesn’t count and lecturers and doctors are constantly on strike). Fell free to argue politics in defending the guy but biko don’t use economics. N1 difference is nothing so stop letting people deceive you. Stop relying on wash wash economics and ECON 101 in analyzing your economy if you can’t trust a 1st year med student to carry out surgery on you.

  9. cos i say so

    March 22, 2015 at 6:46 am

    Err Aunty Nene scarcity of dollar isn’t the reason for naira devaluation,the fall in the price of oil is the reason
    I’d like to put a face to these names on bella naija
    Bella do a brunch or lunch for ur BN readers nau,sebi that’s the in thing! Personally i’d like to meet Bruno,Socially Awkward,Ed Dreams and Mrs Chidukane! You can put a price to it(small price o,lolz)

  10. temitops

    March 22, 2015 at 12:25 pm

    As a matter of fact, I can categorically state that the present administration has failed “us”. If as an incumbent president, GEJ has to go thru all dis stress to convince Nigerians to vote for him then it further proves that he also knows he has not done well atal.
    It’s so sad that the basic needs of Nigerians are not being met i.e Food, shelter, security.
    Things have neva been dis bad, phcn gives 10 hours of electricity weekly n at month end, u get a bill of 12k!!! Isn’t dat ridiculous???
    Please come 28th march, LET’s vote based on our conscience n not any baseless bias…. our generation n unborn ones will hold us responsible 4 our choices.
    GOD Bless Nigeria

  11. Alyx

    March 22, 2015 at 9:41 pm

    Its really sad the economy is fast getting drowned. No thanks to our greedy politicians & idle Nigerians who wants to grab an opportunity which doesn’t exist to make quick money. GEJ if re elected should step on many toes at least to make an indelible Mark. He remains a better and safer candidate. God Bess FRN.

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