The
Naira on Wednesday, maintained its exchange rate at N322 to a dollar. It also
remained firm against the two other major currencies, the pounds sterling which
exchanged at N448 and the euro which sold for N355.
However, at the official interbank rate, N197, was exchange for a dollar. Some
traders at the parallel market told NAN in Lagos that the high exchange rate
was discouraging to customers.
They
complained that the market had remained dull due to low patronage.
Meanwhile,
the apex bank, in its last Monetary Policy Committee (MPC) meeting, said that
excess liquidity in the banking system was contributing to the current pressure
in the foreign exchange market. The bank said that the pressure was impacting
negatively on consumer prices.
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