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Nigerian naira gained a massive 15 per cent at the street market this week as the Central bank of Nigeria intervened at the foreign exchange market to close the widen margin of currency rates in the country, Nigerian Bulletin can report.
The currency opened trading at the black market on Monday at 450 to the dollar after a high level meeting held in Abuja involving the governor of CBN, Godwin Emefiele, Minister of Finance, Kemi Adeosun; Minister of Budget and National Planning, Udo Udoma, and Minister of the Trade and Investment, Okechukwu Enelamah on efforts to evolve best strategies to pull the Nigerian economy out of recession.
The CBN Governor, Godwin Emefiele, at the post-Monetary Policy Committee briefing on Tuesday assured that the Bank will sustain its forex intervention in the interbank market.
The intervention saw a 4.7 per cent gain at the black market as naira trade 430 to the dollar after the MPC meeting.
The Apex bank, again on Wednesday sold the dollar at a weaker rate, traders say, in an effort to boost liquidity on the official market and narrow the naira’s spread at the black market.
Table below shows Naira rates from Tuesday 21 - Friday 24, 2017 at the street market
On Friday, Nigerian Bulletin reported that the naira ended the week trading bullish as the currency traded 390 per US dollar at the parallel market.
The currency also appreciated further against the Pound sterling and Euro at the parallel market, closing at 490, 430 respectively.
At the official market, the currency remained stable at 307 to the dollar.
Meanwhile, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) on Friday said the CBN-licensed BDCs incurred regulatory losses of 130 million naira this week.
The currency opened trading at the black market on Monday at 450 to the dollar after a high level meeting held in Abuja involving the governor of CBN, Godwin Emefiele, Minister of Finance, Kemi Adeosun; Minister of Budget and National Planning, Udo Udoma, and Minister of the Trade and Investment, Okechukwu Enelamah on efforts to evolve best strategies to pull the Nigerian economy out of recession.
The CBN Governor, Godwin Emefiele, at the post-Monetary Policy Committee briefing on Tuesday assured that the Bank will sustain its forex intervention in the interbank market.
The intervention saw a 4.7 per cent gain at the black market as naira trade 430 to the dollar after the MPC meeting.
The Apex bank, again on Wednesday sold the dollar at a weaker rate, traders say, in an effort to boost liquidity on the official market and narrow the naira’s spread at the black market.
Table below shows Naira rates from Tuesday 21 - Friday 24, 2017 at the street market
On Friday, Nigerian Bulletin reported that the naira ended the week trading bullish as the currency traded 390 per US dollar at the parallel market.
The currency also appreciated further against the Pound sterling and Euro at the parallel market, closing at 490, 430 respectively.
At the official market, the currency remained stable at 307 to the dollar.
Meanwhile, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON) on Friday said the CBN-licensed BDCs incurred regulatory losses of 130 million naira this week.
