Naira maintains strength at parallel market as inflation falls for fifth straight month

Naira maintains strength at parallel market as inflation falls for fifth straight month

- Naira has stayed strong against the Dollar, Pound, and Euro at parallel market

- This comes even as Nigeria's inflation rate dropped again to 16.10% from 16.25% in May

- According to the National Bureau of Statistics, this is the fifth consecutive time inflation will be dropping

The Nigerian Naira on Monday, July 17, maintained its strength at the parallel market as it stayed unchanged against the Dollar, Pound Sterling and Euro.

According to NAIJ.com's findings, the local currency closed the day at N367, N470 and N420 against the Dollar, Pound Sterling and the Euro respectively.

This comes even as President, Association of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe, disclosed that the nation’s currency would remain stable in the months to come as long as the CBN sustains its interventions at forex market.

Gwadabe said that the sustained injection of liquidity to the nation’s foreign exchange market had paralysed the activities of speculators.

Today's rate. Photo: NAIJ.com

Today's rate. Photo: NAIJ.com

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He described the calculated interventions of the apex bank since February as one of the greatest onslaughts to the camp of currency speculators in the recent past.

Since the Naira dropped to a record low of N520/$1 in February, the CBN has injected a total of $7.8 billion into the foreign exchange market.

In February the apex bank injected $680 million into the market, $1.542 billion in March; $1.616 billion in April; $2.102 billion in May; and $1.436 billion in June and $390 million in the first week of July.

Meanwhile, the National Bureau of Statistics in a report released on Monday July 17, revealed that the Nigeria is gradually coming out of recession as Inflation in June 2017 declines again for 5th consecutive month.

According to the bureau, inflation measured by the Consumer Price Index, fell to 16.10 per cent, lower than 16.25 per cent rate recorded in May.

Do you think N1 can ever become $1 again at Forex Market? Watch Nigerians respond to this question

Source: Naija.ng

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