The Nigerian naira has rallied round to consolidate against the dollar as it continues to recover at the parallel market.
Naira and dollar notes
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.
-NAN
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