Naira soars to 450 as dollar scarcity fades out

Oyetunji Abioye

The naira climbed to a three-month high at 450 against the United States dollar on the parallel market on Friday, as the scarcity of the greenback began to fade out on the official and black foreign exchange markets.

This came four days after the Central Bank of Nigeria commenced the implementation of the reformed foreign exchange policy aimed at boosting dollar supply on the official market.

The local currency, which had tumbled to 520/dollar on Monday, closed at 495 on Thursday.

Following the announcement of the new forex policy measures by the CBN on Monday, the naira commenced a gradual reversal of its previous losses, closing at 512/dollar on Tuesday.

It recorded further gain on Wednesday and Thursday, closing at 505/dollar and 495/dollar, respectively.

Foreign exchange traders said the CBN had intervened on the official market in recent days.

On Friday, the CBN sold $1.5m on the interbank market at 305 per dollar to boost liquidity, Reuters reported, quoting traders.

Copyright PUNCH.               
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: editor@punchng.com

from Punch Newspapers http://ift.tt/2lOCBnJ
via ecitynews

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s