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Wednesday, June 19, 2024

Naira Climbs To A 3-Month High Against Dollar

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Naira cruised strongly into the weekend, exchanging at N380/$1 in the parallel market.

This is ahead of Monday’s Central Bank of Nigeria (CBN) led Monetary Policy Committee (MPC) meeting in Abuja.

At this third meeting in 2017, experts expect the MPC committee members to keep interest rate unchanged at 14 per cent; hold on Cash Reserve Ratio at 22.5 per cent and retain of Liquidity Ratio at 30 per cent.

The meeting is also expected to help the MPC review major developments in the global and domestic space, and consider way forward for the local economy.

The local currency was exchanging at N385/$1 on Thursday and Friday.

Last week, at the official foreign exchange market, the CBN conducted its weekly Secondary Market Intervention Sales (SMIS) auction.

CBN spokesperson, Isaac Okorafor, disclosed that both the spot and forwards segments garnered $267.3 million, while the wholesale segment got $100 million.

Okorafor said the Small and Medium Enterprises, SMEs, and invisibles segments comprising basic travel allowance, tuition fee and medical got $50 million and $40 million respectively.

As a result, rates at the interbank market appreciated from N304.60/$1 at the start of the week to settle at N304.45/$1 on Friday.


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