Naira Strengthens Against Dollar After Buhari’s Defiance On Devaluation

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Naira Strengthens To N435/$ From N525 As CBN Continues Intervention

Nigeria’s currency Naira on Monday, February 22, appreciated to ₦375 against the US dollar in the parallel market following President Muhammadu Buhari’s defiant stance over the country’s currency.

Naira devaluation
President of the Federal Republic of Nigeria, Muhammadu Buhari speaks on devaluation of Naira

President Buhari had on Saturday, February 20, again rejected the idea of devaluing Nigeria’s currency, despite a hammering of the naira on the secondary market last week.

Reuters gathered that importers started to reduce demand for dollars following the president’s defiance over devaluing the currency.

READ ALSO: Again, Buhari Says No To Devaluation Of Naira

The naira firmed 4 percent from Friday’s close of ₦390 to the dollar, while the official interbank rate remained at 199.50 to the dollar at the close of trading on Monday.

The head of Nigeria’s bureaux de change association, Aminu Gwadabe, said retail currency operators were working to introduce a single quote across the parallel market and to maintain a bid-ask spread of 3.5 percent for trades.

“We have set up a unit to monitor compliance with the new measures,” he told Reuters, adding that the central bank has been informed of the measures,” he said.

Datboyjerry

Datboyjerry

I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism.If you ever find my article unduly insipid, sue me and i’ll refund you...

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