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Nairaland Forum / Nairaland / General / New Year: Nigerian Naira Closes At 363 Per USD After The Holid (352 Views)
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New Year: Nigerian Naira Closes At 363 Per USD After The Holid by theJournalng(m): 4:04pm On Jan 03, 2018 |
On Tuesday, the parallel market saw the Nigerian Naira closing at 363 per USD, which was the same rate it closed before the holidays. The Naira which have been fluctuating around 365 per USD for some months now, rocketed to 364 per USD as the Christmas holiday approached. It later rose to 364 per USD before closing at 363 per dollar on Friday. Though it had been predicted by Foreign Exchange traders and currency analysts that the Naira would be stable during the Christmas and New Year holidays. They claimed that regular interventions of the Central Bank of Nigeria by injecting dollars into the market would dissuade currently speculators from making a bet on the Naira. Investors and Exporters FX Window, shows the Naira fluctuating at 360 per USD, while it was quoted at 306.05 at the official market, which is the level the Central Bank has been intervening. Dollars are been injected into the forex market, weekly by the Central Bank of Nigeria in the last couple of months. The Association of Bureau De Change’s President, Alhaji Aminu Gwadabe, has however cautioned that spending by politicians ahead of the 2019 general elections may cause instability of the Naira. He said that the tendency to amass dollars which is to be spent on political campaigns by politicians is not new to the nation’s political history. Gwadabe said; Politicians spending money may affect the exchange rate stability in 2018. Electioneering starts early this time and the susceptibility of people to to amass dollars which would be spent on political campaigns is not new. He therefore called on regulatory bodies, security operatives to make sure that currency caches and and speculators don’t leverage the 2019 elections to erode the gains recorded in the nation’s foreign exchange market. He noted that about $8 billion has been splashed out by the CBN for intervention purposes at the forex market, which lead to flattening of rates across board. According to him, BDC operators who are very critical stakeholders in the forex market are focused on p laying by the rules in ensuring that Naira retains its stability. Since February, the CBN responded swiftly when the Naira rose to N520 per USD, thus ensuring that it retained it’s stability at about N363 per USD. Attempts by the CBN and critical stakeholders like BDC, led to the convergence of rates between the BDC segment and the parallel market. For now, most African major currencies will retain a steady level as foreign markets remain sluggish over the holidays. source: journalng.com https://journalng.com/2018/01/03/new-year-nigerian-naira-closes-363-per-usd-holidays/ |
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