- The local currency stays unchanged against Dollar
- The Naira closed at N363 to a Dollar, while the Pound and the Euro traded at N485 and N427, respectively
- This comes as a result of Central Bank of Nigeria’s regular interventions through the injection of dollars into the market
The Nigerian Naira on Wednesday, January 3, retained its strengthened rate at the parallel market against Dollar.
According to NAIJ.com findings, the local currency maintained the same rates of N363 against Dollar at the parallel market as it was yesterday, January 2, but fell slightly against Pound and Euro.
According to The Punch, foreign exchange traders and currency analyst had predicted that the naira would be stable during the Christmas and New Year holidays.
They said the Central Bank of Nigeria’s regular interventions through the injection of dollars into the market would deter currency speculators from making a bet on the local currency.
Meanwhile, the president, Association of Bureau De Change Operators of Nigeria, Alhaji Aminu Gwadabe, has warned that spending by politicians ahead of the 2019 general elections may threaten the stability of the naira.
Gwadabe said the propensity to hoard dollars now, to be spent during political campaigns, was not new to the nation’s political history.
PAY ATTENTION: Read the news on Nigeria’s #1 new app
“Political spending may affect exchange rate stability in 2018. Electioneering starts early this time and the tendency for people to hoard the dollar now, to be spent during the campaigns, is not new,’’ Gwadabe said.
Can 1 Naira ever become 1 US dollar again on the Forex market? on NAIJ.com TV.