{"id":329453,"date":"2011-03-22T11:56:06","date_gmt":"2011-03-22T11:56:06","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/"},"modified":"2011-03-22T11:56:06","modified_gmt":"2011-03-22T11:56:06","slug":"nigeria-naira-recovers-from-18-month-lows","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/","title":{"rendered":"Nigeria: Naira Recovers From 18-Month Lows"},"content":{"rendered":"<div readability=\"40.5226554268\">\n<hr class=\"thin clear\" \/><!-- close google_banner_mid div ---><\/p>\n<hr class=\"thin clear\" \/>\n<p>\n<a href=\"http:\/\/www.champion.com.ng\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/6086cdc7champion180.jpg\" alt=\"Daily Champion (Lagos)\" title=\"Visit Daily Champion (Lagos)\" \/><\/a>\n<\/p>\n<p><!-- begin story layout piece here --><\/p>\n<p>22 March 2011<\/p>\n<hr class=\"thin clear\" \/>\n<p>THE Naira bounced from its weakest level in 18 months on Friday, buoyed by expectations that a government agency was about to make a large dollar sale, traders said.<\/p>\n<p>The naira strengthened to 155.80 against the dollar on the interbank market from 156.95 on Thursday, its weakest since late 2009.<\/p>\n<p>&#8220;Some banks were selling off their long dollar positions after speculation of planned dollar sales by the Niger Delta Development Commission (NDDC) hit the market and provided liquidity support for the naira,&#8221; one dealer said.<\/p>\n<p><!-- close google_inset_a div ---><\/p>\n<p>The shallowness of the naira market means a single large transaction can have a significant impact on the exchange rate.<\/p>\n<p>Traders have attributed the weakness of recent weeks to nervousness ahead of April elections, with strong dollar demand from companies with unconfirmed letters of credit, payments on foreign credit cards and large forex purchases by bureaux de change.<\/p>\n<p>&#8220;We see the naira appreciating further next week with the anticipated month-end dollar sale by major energy companies and the forex auction on Monday where the central bank is expected to continue to sell more dollar,&#8221; another trader said.<\/p>\n<p><!-- end story layout piece here --><\/p>\n<p><!-- close google_banner_subbody div ---><\/p>\n<fieldset>\n<legend align=\"center\"><b>More News on allAfrica.com<\/b><\/legend>\n<\/fieldset>\n<p>AllAfrica &#8211; All the Time<\/p>\n<hr \/>\n<\/div>\n<p><img decoding=\"async\" src=\"\" \/><\/p>\n<p>See the original post here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/allafrica.com\/stories\/201103220671.html\" title=\"Nigeria: Naira Recovers From 18-Month Lows\" rel=\"noopener noreferrer\">Nigeria: Naira Recovers From 18-Month Lows<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> 22 March 2011 THE Naira bounced from its weakest level in 18 months on Friday, buoyed by expectations that a government agency was about to make a large dollar sale, traders said. The naira strengthened to 155.80 against the dollar on the interbank market from 156.95 on Thursday, its weakest since late 2009. &#8220;Some banks were selling off their long dollar positions after speculation of planned dollar sales by the Niger Delta Development Commission (NDDC) hit the market and provided liquidity support for the naira,&#8221; one dealer said<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-329453","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nigeria: Naira Recovers From 18-Month Lows - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Nigeria: Naira Recovers From 18-Month Lows - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"22 March 2011 THE Naira bounced from its weakest level in 18 months on Friday, buoyed by expectations that a government agency was about to make a large dollar sale, traders said. The naira strengthened to 155.80 against the dollar on the interbank market from 156.95 on Thursday, its weakest since late 2009. &quot;Some banks were selling off their long dollar positions after speculation of planned dollar sales by the Niger Delta Development Commission (NDDC) hit the market and provided liquidity support for the naira,&quot; one dealer said\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/6086cdc7champion180.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Nigeria: Naira Recovers From 18-Month Lows\",\"datePublished\":\"2011-03-22T11:56:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/\"},\"wordCount\":206,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/6086cdc7champion180.jpg\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/\",\"name\":\"Nigeria: Naira Recovers From 18-Month Lows - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/6086cdc7champion180.jpg\",\"datePublished\":\"2011-03-22T11:56:06+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/#primaryimage\",\"url\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/6086cdc7champion180.jpg\",\"contentUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/03\/6086cdc7champion180.jpg\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nigeria: Naira Recovers From 18-Month Lows - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/03\/22\/nigeria-naira-recovers-from-18-month-lows\/","twitter_card":"summary_large_image","twitter_title":"Nigeria: Naira Recovers From 18-Month Lows - Ghanamma.com","twitter_description":"22 March 2011 THE Naira bounced from its weakest level in 18 months on Friday, buoyed by expectations that a government agency was about to make a large dollar sale, traders said. 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