Naira Drops to 363/Dollar

 In Investor News

The Naira recorded marginal weakness at the parallel market on Wednesday, 11th of April, 2018, one week after the Central Bank of Nigeria’s Monetary Policy Committee retained the Monetary Policy Rate at 14 per cent. Specifically, the local unit dropped to 363 per Dollar, from 362 on Tuesday, 10th of April, 2018.

On the official market, the Naira was quoted at around 305.60, supported by the CBN. It traded at 360/per Dollar at the Investors and Exporters’ window. The local unit had closed at 362/Dollar at the parallel market on Monday, the same level it had remained for a long time.

The CBN has also been mopping up Naira liquidity to curb speculation on the currency. The MPC had last week maintained its tight policy on interest rates to support the currency. The committee kept the benchmark interest rates on hold at 14 per cent, a level it has retained for over a year to curb inflation and prop up the Naira.

The CBN has continued to sustain its intervention in the Foreign Exchange market. The Regulator last week injected the sum of $339.89Mn into the Retail Secondary Market Intervention Sales.

The Bank’s Acting Director in charge of Corporate Communications, Mr. Isaac Okorafor, noted that the continued interventions were in line with the pledge made by the Governor, Godwin Emefiele, to sustain market liquidity in order to boost production and trade.

According to Okorafor, the feedback from the wholesale and retail segments of the Nigerian Forex Markets shows that customers are satisfied with their level of access to Foreign Exchange.

 

http://punchng.com/naira-drops-to-363dollar/

Recent Posts
Showing 2 comments
  • Grace Ombugadu
    Reply

    We hope it will gradually drop to its actual 305/$ as written in the budget

  • Marvis Orighoyegha
    Reply

    This means that there is high demand of Dollar in the market, However, Government will have to pump in Dollar into circulation.

Leave a Comment

Contact Us

Please send us a mail. We'll respond to you shortly.

Not readable? Change text. captcha txt

Start typing and press Enter to search