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Naira gains against US Dollar at foreign market


The Naira recorded a significant gain against the US Dollar at the Foreign Market amid the Central Bank of Nigeria’s sweeping policy interventions.
Data from FMDQ showed that the Naira appreciated N1419.86 per Dollar on Monday from N1,435.53 on Friday.

This represents a 1.1 per cent or 15.67 gain compared to N1,435.53 recorded at the close of trading on Friday.

Similarly, Naira recorded a gain at the parallel market, which traded at 1,410 per US dollar on Friday from N1,440 last Friday.

In the last seven days, CBN, under its Governor, Olayemi Cardoso, has released four policy reforms to wrestle down the free fall of Naira.

CBN last week issued ‘Financial Markets Price Transparency and Market Notice of a revision to the FMDQ FX Market Rate Pricing Methodology’ resulting in the weakening of Naira from N891.90 per US dollar on 26th January to N1,410 on Monday.

Similarly, Abujapress recalls that CBN also released a guideline last week Wednesday to curb foreign currency hoarding and speculation.

Also, the CBN issued fresh guidelines for International Money Transfer Operators in Nigeria and removed the cap on the exchange rate quoted by IMTOs.

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