Naira Appears ‘Stable’ Post CBN’s Monetary Policy Committee Meeting

dollar to naira exchange rate today black market, cbn exchange rate dollar to naira, aboki fx dollar to naira, euro to naira, naira to dollar exchange rate in 2020, pounds to naira, how much is 1million naira in dollars, aboki dollar rate in nigeria today, aboki dollar rate in nigeria today, aboki exchange rate in nigeria today, dollar to naira exchange rate today black market, exchange rate nigeria today, dollar to naira bank rate today, pounds to naira, gtbank dollar to naira exchange rate, black market exchange rate, abokifx exchange rate in nigeria today black market, dollar to naira yesterday, euro to naira today black market, 100 dollars to naira, cad to naira black market, 500 dollars to naira, 200 dollars to naira, cbn exchange rate, Black Market Dollar To Naira, naira to dollar

The Nigerian naira showed stability after it traded slightly higher to the U.S. dollar on Thursday after the just concluded Central Bank of Nigeria (CBN)’s Monetary Policy Committee (MPC) meeting.

BrandNewsDay understands that the Naira traded within a tight range while minutes of the Federal Reserve’s boosted the haven currency credentials amid growing concerns over higher-for-longer interest rates.

Notably, the local currency closed flat versus the greenback on Wednesday in the official foreign exchange (FX) market, a day after the CBN raised its benchmark interest rate by 150 basis points to 26.25%.

Brand News Day reports that this is following a two-day meeting of the Monetary Policy Committee (MPC) on Tuesday, Nigeria’s apex bank maintained the asymmetric corridor around the monetary policy rate (MPR) at +100/-300, the commercial banks’ cash reserve ratio (CRR) at 45.00%, and the liquidity ratio at 30.00%.

Consequently, the CBN directed all Bureaux De Change Operators to reapply for licenses, primarily to strengthen the integrity of the nation’s foreign exchange market,

The apex bank revealed this on Wednesday in a statement approved by Haruna Mustapha, Director of Financial Policy and Regulations.

RECOMMENDED: BREAKING: Sanusi Lamido Becomes Emir Of Kano Again As 5 Others Dethroned

According to data from the FMDQ Securities Exchange Limited, the dollar was quoted at N1,462.59 on Wednesday, slightly strengthening the value of the naira by 0.21% compared to Tuesday’s quote of N1,465.68 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).

However, the naira weakened slightly against the dollar on Wednesday, losing about 1% on the black market. The naira was quoted at N1,475 per dollar on Wednesday evening.

In a recent directive to BDC operators, the CBN stated, “All Existing BDCs shall re-apply for a new license according to any tiers or license category of their choice as provided in the guidelines.”

Data from the FMDQ revealed that the intraday high closed at N1,531 per dollar on Wednesday, stronger than the N1,549/$1 finish on Tuesday, indicating that market fundamentals still reflect substantial intraday volatility.

Facebook Comments