Naira Appreciates significantly After CBN Intervention
THE Naira closed the week positively, appreciating marginally against the US Dollar at the Foreign Market amid the Central Bank of Nigeria’s sweeping policy interventions.
Data from FMDQ showed that the Naira appreciated N1,435.53 per US Dollar on Friday from N1461.90 on Thursday.
This represents a 1.8 per cent or 26.37 gain compared to N1461.90 recorded at the close of trading on Friday.
Trojan News recalls that this is the second time the Naira has appreciated marginally in the week under review.
Similarly, the Naira recorded a gain at the parallel Market, which traded at 1,440 per US dollar on Friday from N1,470 the previous day.
In the last four days, CBN, under its Governor, Olayemi Cardoso, has released four policy reforms to wrestle down the free fall of Naira.
Trojan News recalls that CBN also issued a guideline on Wednesday to curb foreign currency hoarding and speculation.
Also, during the week, the bank issued fresh guidelines for International Money Transfer Operators in Nigeria and removed the cap on the exchange rate quoted by IMTOs.
However, the most popular African nation’s currency, the Naira, hiked to N1,435.53 in the week under review from N891.90 per US dollar it traded seven days ago.