Naira Holds Firms At Interbank Market

SAN FRANCISCO, March 16, (THEWILL) – The naira on Wednesday witnessed a significant rise in value against the dollar by N1.51k or 0.76 percent at the interbank foreign exchange (FX) market.

According to data from the FMDQ, it closed at N197.70k/$ against N199.21k/$ witnessed on Tuesday and had been stable at N199.21k/$ for two days at the interbank market.

At the autonomous and parallel markets, the naira traded stable against the dollar, closing at N320/$ and N325/$, respectively.

However, at the CBN's clearing rate on the interbank market, the naira remained unchanged at N197/$.

THEWILL recalls that analysts had predicted that the pressure on the naira would reduce and stability maintained at the FX market this week following noticeable improvement in the foreign reserve and crude oil prices last week.

The nation's foreign reserve rose to $27.88 billion as of March 10, representing 0.33 percent compared with $27.78 billion as of February 18, data on the Central Bank of Nigeria (CBN) website revealed.

Story by David Oputah