Naira maintains strength against Dollar at parallel market

Naira maintains strength against Dollar at parallel market

- Naira continues to stay strong against the Dollar at parallel market

- The local currency, however, appreciated against Euro

- The Nigerian currency traded at N362, N505 and N443 against the Dollar, Pound Sterling and Euro respectively

The Nigerian Naira on Monday, April 9, 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 but appreciated against Euro.

Meanwhile the naira is expected to remain stable, following the decision of the Central Bank of Nigeria’s Monetary Policy Committee to retain the Monetary Policy Rate at 14%, The Punch reports.

Naira maintains strength against Dollar at parallel market

Naira maintains strength against Dollar

The committee maintained its tight policy on interest rates to support currency.

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The MPC had last Wednesday kept the benchmark interest rates on hold at 14 per cent, a level it has retained for over a year to curb inflation and prop up the naira.

On the official market, the naira was quoted at around N305.60 to the dollar, supported by the CBN. It traded at 360 per dollar for investors.

The local unit closed at 362/dollar on the parallel market on Friday, the same level it has remained for a long time.

Can N1 ever become $1 again at Forex Market? Watch Nigerians respond to this question on NAIJ.com TV.

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Source: Naija.ng

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