Naira Maintains N450 Per Dollar At Parallel Market


Naira Maintains N450 Per Dollar At Parallel Market Naira Maintains N450 Per Dollar At Parallel Market

The Naira on Wednesday remained stable at the parallel market, exchanging at N450 to a dollar, the News Agency of Nigeria (NAN) reports.

The Pound Sterling and the Euro crashed further at the parallel market, exchanging at N535 and N460 respectively.

At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N610 and N500, respectively.

At the interbank window, the Naira closed at N305.25 to a dollar.

Traders at the market urged the CBN to sustain the gains of the new policy by boosting liquidity at the market.

Meanwhile, Prof. Sheriffdeen Tella, a Senior Economist at the Olabisi Onabanjo University, Ago-Iwoye, Ogun, told NAN that the new FOREX policy could be sustained to the extent that external reserves could sustain it.

Tella frowned at the lifespan of the policy, adding that every good policy was characterised by its ability to be sustained for a longer period.

He urged Federal Government to dialogue with the monetary policy formulators to ensure a reduction in the nation’s benchmark interest rate.

The financial expert argued that lowering the lending rate would encourage small businesses in need of expansion to borrow money at a low cost, thereby increasing the capacity of the nation to earn foreign exchange.

NAN reports that since the CBN rolled out the new FOREX policy, the Naira had continued to strengthen dramatically against the greenback and other major currencies.

Sustaining the gains of the policy became a subject of debate among scholars and stakeholders in the foreign exchange industry.

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Chuka (Webby) Aniemeka
Chuka (Webby) Aniemeka

Chuka is an experienced certified web developer with an extensive background in computer science and 18+ years in web design & development. His previous experience ranges from redesigning existing website to solving complex technical problems with object-oriented programming. Very experienced with Microsoft SQL Server, PHP and advanced JavaScript. He loves to travel and watch movies.

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