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There have been certain factors that have caused the performance of the naira to be favourable in the last week and we expect an improvement as the year goes on. “The drastic decrease in the level of importation, increase in the nation’s external reserves and improvement in production output have played a favourable role in the stabilization of the currency. “The increase in output has been achieved by the efforts made by the government in stabilizing the issues of the Niger-Delta. “However, there has been a global fall in the demand for the dollar due to the unfavourable political conditions in the United States of America. “These factors have helped the naira to remain stable against the dollar at the major segments of the forex market.” He also added that there had been measures put in place to control the value of the naira in the parallel markets. “At the parallel market, the naira is exchanged at N495 to a dollar while at the Bureau De Change the naira is trading at about N385 to a dollar. ‘’There is currently a Liquidity challenge being faced in the market and this has caused the Central Bank of Nigeria (CBN) to take further measures to protect the Naira. “The CBN has made room for more International Money Transfer Operators (IMTOs) to be licensed for trade and operation within Nigeria which will aid liquidity.

Read more at: https://dailytimes.ng/money/favourable-conditions-will-aid-naira-value-abcon/