The nation’s currency on Tuesday strengthened against the U S dollar across foreign exchange market segment after the Central Bank of Nigeria (CBN) kept Monetary Policy Rate (MPR) unchanged at 14 percent.
Naira gained N0.25k to close at N383.31k per dollar at the investors and exporters window on Tuesday compared to N382.56k per dollar quoted on Monday according to data obtained from FMDQ.
The local currency also gained marginally N0.05k at the inter-bank spot foreign exchange market. It closed at N305.40k per dollar as against N305.45k per dollar the level it was last week. At the black market, the naira remained stable closing at the rate of N380 to the dollar.
External reserves has declined by 1.04 percent to $30. 66 billion as at May 19, 2017 from $30.9 billion stood as at May 5, 2017, data from CBN has revealed.
The CBN has since February 20 been intervening in the foreign exchange market by way of injecting dollar to meet demand for retail and wholesale as well as to close the huge gap between the official market and Bureau De Change (BDC) segment.
The Monetary Policy Committee (MPC) yesterday at the meeting in Abuja emphasized the need to sustain and deepen the Bank’s foreign exchange management policies and measures in order to reap the benefits of the pass-through to consumer prices.
HOPE MOSES-ASHIKE
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