- The Nigerian Naira maintains the same rate against Dollar and Euro at parallel market
- The local currency, however, appreciated against Pound
- The Naira closed at N363 to a Dollar, N425 to Euro while the Pound traded at N495
The Nigerian Naira on Thursday, May 31, retained its appreciated rate at the parallel market against Dollar.
According to Legit.ng findings, the local currency maintained the same rates of N363 against Dollar and N428 to Euro as it was on Wednesday, May 30, but appreciated against the Pound to N495.
Meanwhile, Isaac Okoroafor, the acting director, corporate communications, Central Bank of Nigeria (CBN) said the apex bank resisted suggestions to float the Naira when the country was battling with economic recession.
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A floating exchange rate is a regime where the currency price is set by the forex market based on supply and demand compared with other currencies. This is in contrast to a fixed exchange rate, in which the government entirely or predominantly determines the rate.
“Several people both local and international made the suggestions that we float the Naira but we said no. We resisted the option because we felt it was a wrong option and dangerous to the economy and we are very happy we proved them wrong.
“We believe we succeeded and what are doing now in to consolidate on the successes and address our failures,’’ he said.
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He said that crisis was unavoidable; hence the need for public relations practitioners to be proactive.
Can 1 Naira ever become 1 US dollar again on the Forex market? - on Legit.ng TV.