The Naira on Monday remained
stable at the parallel market, the News Agency of Nigeria (NAN) reports.
The Nigerian currency
maintained N378 to the dollar at the close of trading on Monday afternoon,
keeping same value as at Friday.
Also, the naira maintained
N495 to the Pound Sterling, but weakened further against the Euro, exchanging
for N415, from N407 posted on Friday at the Bureau de Change (BDC) Segment of
the market.
The naira continued a
downward slope at the interbank segment of the market, hitting a spot rate of
N309.84 to the dollar from about N300 posted on Friday.
Currency traders continued
to rain counter accusations against dollar scarcity as explanation for the week
performance of the Nigerian currency.
They said the activities at
the market was slow as industry players watched keenly in anticipation of the
outcome of the Monetary Policy Committee (MPC) meeting of the CBN that was
underway in Abuja.
Meanwhile, Harrison Owoh, an
Accountant and a BDC operator, said the naira might continue its back crawl
until the CBN injected foreign exchange into the interbank market.
According to him, the
interbank market has not accumulated enough foreign exchange to meet the huge
demands on the dollar and other foreign currencies.
The accountant, however,
expressed optimism that as soon as Deposit Money Banks (DMBs) began the sale of
foreign currencies to BDCs, the naira would begin its journey towards
appreciation.
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