The Naira on Monday maintained its Friday rate, trading at N321 to the dollar at the parallel market. The News Agency of Nigeria (NAN) reports that the Nigerian currency’s “stability’’ at N321 had remained for about one week in spite of Friday’s signing of the 2016 budget by President Muhammadu Buhari.
However, the naira appreciated against the Pound Sterling and the Euro as it exchanged at N465 and N362, respectively, from N467 and N365 it traded over the weekend. Meanwhile, the official Central Bank of Nigeria (CBN) rate remained at N197 to the dollar. Traders at the market wondered why the naira-dollar exchange remained constant in spite of the passage of the budget.
Prof. Sherifadeen Tella, a senior economist at the Olabisi Onabanjo University, said that the naira could fall further if the injection of money into the economy encouraged importation. Tella, however, said that a positive impact of the passage of the budget would be the revamping of local industries. “If this is done properly, the naira will appreciate against the dollar,’’ he said. Click to signup for FREE news updates, latest information and hottest gists everyday
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Sai Baba! Naira will soon be equal to one dollar! Changi!APC! Chanji!
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