Naira crashes against dollar

The Naira on Tuesday traded at N362.5 to the dollar at the parallel market.
Meanwhile, the Pound Sterling and the Euro closed at N476 and N426 respectively.
 At the Bureau De Change window, the Naira flattened at N362 to the dollar, while the Pound Sterling and the Euro closed at N476 and N426 respectively.
Trading at the interbank window saw the Naira closed at N359.87, while the CBN rate closed at N305.9 to the dollar.
Traders said that patronage at the market was slow as they awaited the outcome of the Monetary Policy Committee meeting of the CBN.
Meanwhile, Mr Godwin Emefiele, the Central Bank of Nigeria’s Governor, noted that the investors and exports window had maintained a positive influence in the foreign exchange market
 Emefiele said at the end of the MPC meeting that the window transacted more than $18.7bn since it commenced transaction in April.
He added that the Naira had remained stable at the parallel market, while the investors ’window had boosted confidence in the economy.
The MPC meeting of the CBN retained the benchmark interest rate at 14 per cent alongside other monetary policy parameters.
The CBN had injected$ 210m into the foreign exchange market on Monday to boost liquidity.
 The series of interventions by the apex bank at the nation’s foreign exchange market had been critical in defending the Naira against the antics of currency speculators.

Source: Daily Post