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Naira maintains strengthen rate against Dollar at parallel market

Naira maintains strengthen rate against Dollar at parallel market

- Naira continues to stay strong against the Dollar at parallel market

- The local currency, however, appreciated against Pound

- The Nigerian currency traded at N363, N500 and N440 against the Dollar, Pound Sterling and Euro respectively

The Nigerian Naira on Thursday, February 15, retained its strengthened rate at the parallel market against Dollar.

According to findings, the local currency maintained the same rates of N363 against Dollar at the parallel market as it was yesterday, February 14, but appreciated against Pound.

Meanwhile, the Senate has mandated its Committee on Banking, Insurance and other Financial Institutions and Finance, to investigate scarcity of lower denomination currency notes.

The Senate’s resolution followed a motion on “Scarcity of Lower Denomination Currency Notes”, sponsored by Sen. Peter Nwaoboshi (PDP-Delta), during Tuesday’s plenary.

Naira maintains strength against Dollar at parallel market

Naira continues to maintain strength against Dollar

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He expressed concern that scarcity of N5, N10, N20, N50, N100 and N200 notes was posing a threat to the economy of the nation, which was just recovering from recession.

The lawmaker said that the nation’s currency was highly essential and critical in national development, adding that if mismanaged, the economy would be doomed, with adverse effect on the people and the nation.

He noted that banks in Nigeria no longer dispensed lower Naira denominations, with the excuse that they hardly received them from the Central Bank of Nigeria.

Nwaoboshi said that if the situation was not remedied urgently, it may lead to total collapse of the economy.

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