The Naira has continued to appreciate against the dollar in the official foreign exchange market. According to the Central Bank of Nigeria’s exchange rate data on Monday, the Naira traded at N1,579.40 per dollar.
This is from N1,580.44 traded last week Friday. It means that the naira strengthened slightly by N1.04 on a day-to-day basis. Meanwhile, at the parallel foreign exchange market, the Naira remained flat at N1615 per dollar on Monday, the same rate exchanged on Friday.
Reacting to the country’s exchange rate data, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, told Daily Post that the naira has been stable for the past ten months, lauding CBN’s reforms. Yusuf, however, called for a drop in Nigeria’s interest rate of 27.50 percent, saying that it is too high for the real sector to thrive.
- Source: Daily Post
