Naira Stabilises Against Dollar…See Current Value

The naira after its sharp decline last week has stabilized at the parallel market this week as it maintained same value as at Friday.

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The naira rallied round on Monday to stabilize against the dollar at the parallel market as it exchanged at N365 to the dollar, maintaining same value as at Friday.

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But, it wasn’t the same with the pound sterling as it exchanged at N475 to a pound from N470 it traded on Friday. However, it stabilized against the euro as it exchanged at N400 on Monday from N400 it traded on Friday.

At the interbank window, the naira exchanged at N292.15 to a dollar. Currency traders blamed the poor performance of the naira to the scarcity of the greenback, adding that the demand for dollar far outstripped its supply.

Meanwhile, Prof. Segun Ajibola, President, Chattered Institute of Bankers of Nigeria (CIBN) urged the Federal Government to resolve unsettled transactions prior to the introduction of the new forex policy. Ajibola, at a recent event in Lagos, said that unsettled transactions by banks before the introduction of the flexible exchange rate was still a major factor in the banking industry.

He noted that the liquidity challenges in the forex market seemed unsolved because of banks’ demands to settle their old issues. The banker added that it had impacted on the economy because the 4 billion dollars injected into the interbank market to ease the demand for forex had not been felt.

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