Naira Strengthens Against Dollar
The Nigerian currency on September 19, Monday, strengthened marginally against the US dollar at the interbank market.
The NAN reports that the naira at the end of the business traded at N307.25 against dollar gaining 1.4 points from the N308.69 it exchanged last week. This represents an 0.5% appreciation.
Meanwhile, the currency stabilized at the black market, exchanging at N425 to the dollar, a figure it had maintained for three days. Trading at the BDC segment of the market also showed that the naira stabilizing against the dollar, closing at N422 while it settled at N549 and N470 against pound sterling and euro, correspondinly.
Currency traders attributed the comparative stability of the currency to the prediction of a probable policy change by the MPC meeting that is underway at the CBN. They expressed the hope that the bank would reconsider its foreign exchange policy with a view to coming up with the best option that would rescue the Nigeria’s currency.
At the same time Kemi Adeosun, finance minister said that Nigeria’s central bank should lower interest rates so that the government can borrow domestically to boost the economy, which is stuck in recession, without increasing its debt-servicing costs. Nigeria officially entered into the recession in August following the attacks of the Niger Delta militants who drastically reduced oil output.
Read more: https://www.naij.com/974024-good-news-naira-strengthens-dollar-2.html
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