The Naira on Monday
remained stable at the parallel market, the News Agency of Nigeria (NAN)
reports.
The Nigerian
currency maintained N378 to the dollar at the close of trading on Monday
afternoon, keeping same value as at Friday.
Also, the naira
maintained N495 to the Pound Sterling, but weakened further against the Euro,
exchanging for N415, from N407 posted on Friday at the Bureau de Change (BDC)
Segment of the market.
The naira continued
a downward slope at the interbank segment of the market, hitting a spot rate of
N309.84 to the dollar from about N300 posted on Friday.
Currency traders
continued to rain counter accusations against dollar scarcity as explanation
for the week performance of the Nigerian currency.
They said the
activities at the market was slow as industry players watched keenly in
anticipation of the outcome of the Monetary Policy Committee (MPC) meeting of
the CBN that was underway in Abuja.
Meanwhile, Harrison
Owoh, an Accountant and a BDC operator, said the naira might continue its back
crawl until the CBN injected foreign exchange into the interbank market.
According to him,
the interbank market has not accumulated enough foreign exchange to meet the
huge demands on the dollar and other foreign currencies.
The accountant, however, expressed optimism
that as soon as Deposit Money Banks (DMBs) began the sale of foreign currencies
to BDCs, the naira would begin its journey towards appreciation.
NAN reported that the CBN had on July 22
issued a circular mandating DMBs to sell foreign currency proceeds from
international money transfers to BDCs.
The CBN noted that compliance would lead to
greater stability in the foreign exchange market; and it would also encourage
critical stakeholders in the market to participate fully.
NAN
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