Saturday, April 10, 2021

Naira firms against dollar


Jaafar Jaafar
Jaafar Jaafar is a graduate of Mass Communication from Bayero University, Kano. He was a reporter at Daily Trust, an assistant editor at Premium Times and now the editor-in-chief of Daily Nigerian.
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The Nigerian currency, naira, on Monday began the new week on an impressive note at the parallel market, maintaining its strengthened rate of N367 to one US Dollar.

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Naira had stayed firm at N367 against the Dollar since Wednesday, June 14.

The currency also retained the N465 rate against the pound and the N410 against the euro.

It is expected that the naira will make further gains this week due to the recent move by the Central Bank of Nigeria at the foreign exchange market to shore up the international value of the naira.

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At the start of last week, the CBN injected $413.5 million at the foreign exchange market to guarantee liquidity in the market, as well as shore up the international value of the naira.

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