The Nigerian naira
appreciated at the interbank market on Wednesday, making its first daily rise
since the start of the new foreign exchange regime.
The
naira, which closed trading at the interbank market at 284 to the dollar on
Tuesday, improved to 281.50 at the close of trading on Wednesday,
following Central Bank of Nigeria (CBN) intervention.
The
local currency was stable at 283 to the dollar on Tuesday before
sinking to close at 284/$1.
According
to Isaac Okorafor, spokesman of the Central Bank of Nigeria (CBN), the bank
sold $4.02 billion on the first trading day of the regime, and about $100
million was sold on the second day, but both sales were not enough to lift the
naira which fell below 286/$1.
The
CBN also sold forex on Wednesday at the interbank market, which eventually
succeeded in lifting the naira to its first daily gain since the new regime
commenced.
On
the parallel market also, the naira firmed to 333 against the dollar in Lagos
and 330 in Abuja, from 337 on Tuesday.
The
British pound however depreciated below N480, while the Euro remained
relatively stable within the range of 380 to 387.
Bureau
de change operators have said they have the capacity to crash the rate between
the naira and the dollar in the space of a month.
-Thecable
No comments:
Post a Comment