The naira
dramatically recovered on Wednesday to 405 per dollar, less than 24 hours after
the Central Bank of Nigeria (CBN) monetary policy committee (MPC) meeting.
In Abuja, the naira is currently trading between
405 to 410 per dollar, while the British pound is going for 520/523 — all at
the parallel market.
For Lagos, Nigeria’s commercial capital, traders
are selling at 415 per dollar, and buying at 410. The pound and euro were
also going for 530 and 460 respectively.
On Tuesday, after the CBN MPC voted to keep
existing monetary policies, Godwin Emefiele, governor of the bank, warned
speculators that the bank had all it takes to sustain its prevailing
interventions.
He said those who think the policy actions were
not sustainable were on the wrong side of the bet.
“I am happy, indeed very gratified that those
interventions have proved very positive. We’ve seen the rates converging and we
are strongly optimistic that the rates will converge further,” he had said.
-The Cable
No comments:
Post a Comment