Business
Naira remains stable at parallel market
By Odunewu Segun
The Nigerian naira is seen stable around the prevailing level in the coming days as the Central Bank of Nigeria continues to open up the foreign exchange market and pump in more dollar liquidity to support the local currency.
The local currency was quoted at 391 to the dollar on the black market on Thursday, compared with 388 last week, while it traded at 306.25 on the official interbank market against 305.90 a dollar last week.
ALSO SEE: Experts predict further rise of Naira against Dollar
Traders said the central bank’s resolve to improve liquidity in the forex market has continued to have a positive impact and improved foreign investor confidence in the forex market of Africa’s biggest economy.
The Central Bank of Nigeria has been intervening on the official market to try to narrow the spread between the two markets since intervention began in February and has sold about $4 billion, analysts said, a pace they doubt it can sustain.
-
Health1 week agoSenate hearing set to review research on COVID-19 vaccines, cancer concerns
-
Crime6 days agoLASU student dies after armed robbery attack
-
Featured6 days agoOsun APC counters Adeleke over security drone dispute, urges public to ignore allegations against Oyetola
-
Latest1 week ago2027: North will back Tinubu’s re-election bid, says ex-ACF Secretary-General
-
Politics6 days agoEmeka Ike reacts to alleged INEC-linked data breach
-
Latest1 week ago2027: The real reason Jonathan hasn’t accepted PDP ticket—Umar Sani
-
Comments and Issues7 days agoDay Ibori stormed Asaba for Oborevwori’s third anniversary
-
Latest1 week agoEnugu Lawyers stage protest over suspension of physical Court sittings (video)