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Naira Strengthens Against Dollar After CBN policy meeting

The naira on Monday gained an upper hand to the dollar at the interbank market, owing to the Nigerian apex bank, Central Bank of Nigeria (CBN) policy meeting and its expectations.

According to News Agency of Nigeria (NAN) the Nigerian currency on Monday, September 19 gained some upper hand over the American dollar. The local currency gained 1.4 points to exchange at 307.25 Naira to the dollar, from 308.69 Naira it exchanged on Friday, representing an appreciation of 0.5%.

However, the naira stabilised at the parallel market, thereby exchanging at N425 to the dollar, a figure it had maintained for 3 days, while it traded against the British pound sterling and euro at 550 Naira and 470 Naira, respectively.

Trading at the bureau de change (BDC) segment of the market also showed the naira stabilising against the dollar, closing at 422 Naira while it settled at 549 Naira and 470 Naira against pound sterling and euro, respectively.

Currency traders attributed the relative stability of the naira to the anticipation of a likely policy change by the Monetary Policy Committee (MPC) meeting that is underway at the Central Bank.

They expressed the hope that the apex bank, CBN would reconsider its foreign exchange policy with a view to coming up with the best option that would rescue the nation’s ailing currency.

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