Naira appreciates against Pound at parallel market

Naira appreciates against Pound 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 N362, N500 and N442 against the Dollar, Pound Sterling and Euro respectively

The Nigerian Naira on Tuesday, March 6, retained its strengthened rate at the parallel market against Dollar.

According to findings, the local currency maintained the same rates of N362 against Dollar at the parallel market as it was yesterday, March 5, but appreciated against Pound.

Naira maintains strength against Dollar at parallel market
Naira maintains strength against Dollar

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Meanwhile the Central Bank of Nigeria’s Monetary Policy Committee’s long-awaited interest rate-cutting cycle risks being short-lived, if it starts at all, The Punch reports.

The CBN Governor, Godwin Emefiele, had said last month that the MPC might reduce its benchmark interest rate from the record-high of 14 per cent before July if inflation dropped closer to single digits.

But with fuel costs surging and government spending swelling before next year’s election, the CBN governor might struggle to reach that threshold at a time when the pace of price growth is still just over 15 per cent, Bloomberg reported on Monday, March 5.

Can N1 ever become $1 again at Forex Market? Watch Nigerians respond to this question on TV.


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