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How Nigeria’s Naira Fared Against The US Dollar (April 9)

How Nigeria’s Naira Fared Against The US Dollar (April 9)

Nigeria’s currency Naira on Monday, April 9, started the week with a 32 kobo depreciation to N360.33 per US Dollar, in the Investors and Exporters (I&E) window of the foreign exchange market.

Data from the Financial Market Dealers Quote (FMDQ) showed that the indicative exchange rate for the  I&E window rose to N360.33 per dollar, from N360.01 per dollar on Friday last week, indicating 32 kobo depreciation of the naira.

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The depreciation was occasioned by a 16 percent decline in the volume of turnover recorded I&E window yesterday.

The transactions in the window stood at $217.15 million, down from  $259.03  million recorded on Friday last week.

Meanwhile, naira remained stable at N362 per dollar yesterday for the eleventh consecutive business day in the parallel market.

It is understood that the local currency also traded at N505 and N443 against the Pound Sterling and Euro respectively.

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On the official market, the naira was quoted at around N305.60 to the greenback, following the support of the Central Bank of Nigeria (CBN).

The naira is also expected to remain stable, following the decision of the Central Bank of Nigeria’s Monetary Policy Committee to retain the Monetary Policy Rate at 14%, The Punch reports.

The committee maintained its tight policy on interest rates to support the local currency.

The post How Nigeria’s Naira Fared Against The US Dollar (April 9) appeared first on 360Nobs.com.

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Posted by PRINCE O. On April 10, 2018

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