Naira sells at N390/dollar

by Dolapo Adelana

The Naira continued its steady rise against the Dollar on Thursday as it traded for N390 at the parallel market in Abuja.

The Naira also appreciated against the Euro, exchanging at N400 while remaining stable against the Pound Sterling at N465.

August 2016 was the last time the Naira traded at between N390 and N400 to the dollar at the parallel market.

The gain in the Nigeria in the last five weeks is part of the CBN’s forex policy to bridge the gap.

At the Foreign Exchange (FX) interbank market, the naira traded for N375 to the dollar for invisibles and N307 to the dollar for manufacturers and importers of raw materials eligible to buy Forex from the segment of the market.

The CBN Governor, Mr Godwin Emefiele, on Tuesday, showed optimism on the convergence of the Forex rates at the official and parallel markets, stating that the gains made by the naira against the greenback in the last five weeks were not a fluke.

Emefiele said he was happy that the central bank’s intervention was yielding positive results.

“I am happy, indeed very gratified, that the interventions have been positive; we have seen the rates now converging and we are strongly optimistic that the rates will converge further.

“In terms of sustainability, I think it is important for us to say that the foreign reserves at this time are still trending upwards to almost 31 billion dollars as I speak with you.

“The fact that we have done this consistently for close to five weeks should tell everybody, or those who doubt, the strength of the central bank to sustain this policy.”

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