Naira Appreciates At the Interbank Market – See Current Value
Reports have it that the Nigerian local currency has improved significantly at the interbank market rate but recorded a prolonged stagnancy at the highly unstable black market.
It, however, remains unchanged at the Bureau de Change segment, closing at N422 against the dollar, N549 to the pound and N470 against the Euro-single currency.
Trading at the parallel market, the Naira stabilised at N425 against the dollar, a figure it has maintained for three days, while it exchanged against the Pound and Euro at N550 and N470 respectively.
Currency traders hope that the MPC would reconsider its forex policy with a view to rescue the nation’s currency, while attacking unemployment by lowering borrowing cost to boost the manufacturing sector.
“The central bank will have to expand its monetary policy and combine it with realistic fiscal policy to ease economic gridlock, while making non-oil sector priority,” said Samed Olukoya, a Foreign Exchange Research Analyst at Investors King Ltd.
“Considering global oil glut, increasing oil production won’t help the nation recover from economic recession, but pushing through with diversification will help create jobs, fight importation and encourage youth participation, since they are the most unemployed going by NBS report,” he added.