- The Naira maintains rate against Dollar at parallel market
- The local currency, however, slipped against Euro
- The Naira closed at N363 to a Dollar, N445 to Euro while the Pound traded at N510
The Nigerian Naira on Monday, April 16, retained its strengthened rate at the parallel market against Dollar.
According to Legit.ng findings, the local currency maintained the same rates of N363 against Dollar, as it was last week, but slipped against Euro.
Last week the Central Bank of Nigeria (CBN) was mopping up naira liquidity to curb speculation on the currency, The Punch reports.
The Monetary Policy Committee (MPC) had maintained its tight policy on interest rates to support the currency.
The committee kept the benchmark interest rates on hold at 14 per cent, a level it has retained for over a year to curb inflation and prop up the naira.
The CBN has continued to sustain its intervention in the foreign exchange market.
Can 1 Naira ever become 1 US dollar again on the Forex market? - on Legit.ng TV.