Published On: Tue, Apr 25th, 2017

Naira Stabilizes at Parallel Market as CBN Remains Resolute in Boosting Liquidity

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The recent CBN move in foreign exchange market is yielding positive result as the Naira stabilizes against the Dollar at the parallel market on Monday.
The Nigeria currency traded between N380 (buying rate) to 385 (selling rate) on Monday afternoon, maintaining the rate as at Friday.
The Naira closed at N495 to Pound sterling and N415 to Euro at the same segment.
At the Bureau De Change (BDC) window, the Naira was sold at N362 to the Dollar, while the Pound sterling and Euro closed at N490 and N420, respectively.
Trading at the interbank window saw the Naira closed at N305.95 to the Dollar.
There are strong indications that foreign exchange market will improve as the CBN remain resolute in boosting liquidity in all segment of the foreign exchange market.
The Apex Bank had on Friday created a special window for investors and exporters to have uninterrupted access to foreign exchange, a move stakeholders described as the right direction.

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