Naira yesterday maintained its stability across foreign exchange (FX) market, closing N320 against the dollar at the autonomous market, the same as Friday last week, BusinessDay findings show. It was also stable at the parallel market, closing at N322/$.
The local currency closed stable at N199.21 against dollar yesterday, trading at the interbank FX market, according to data from FMDQ.
However, at the CBN’s clearing rate on the interbank market yesterday, it remained unchanged at N197/$, data from FMDQ indicated.
The Central Bank of Nigeria (CBN) at the last Monetary Policy Committee (MPC) noted with concern activities in the informal segment of the FX market, which led to the stoppage of dollar sales to Bureau De Changes (BDCs), even as the average naira exchange rate remained relatively stable at the interbank segment during the review period.
The exchange rate at the interbank market opened at N197/$ and closed at N197, with a daily average of N196.99/$ between November 23 and January 11, 2016.
The Committee underscored the necessity of improving the supply of FX to the market, especially from autonomous sources. It also reiterated its commitment to maintaining stability in the naira exchange rate.
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