Naira sells at N364/$ as MPC holds rate

Naira Notes
Naira Notes used to illustrate the story

The Naira on Tuesday exchanged at N364 to the dollar at the parallel market as the Monetary Policy Committee (MPC) meeting of the CBN holds benchmark interest rate at 14 per cent.

The News Agency of Nigeria reports that the MPC left the benchmark interest rate unchanged at 14 per cent, alongside other monetary policy parameters.

The CBN Governor, Godwin Emefiele, said reducing interest rates may reverse the gains achieved in exchange rate stability and inflation rate reduction.

The Pound Sterling and the Euro traded at N492 and N436.

At the Bureau De Change window, the Naira was sold at N362 to the dollar, while the Pound Sterling and the Euro traded at N492 and N436.

Trading at the investor’s window saw the Naira closed at N306.05 and sold at N305.8 at the CBN official window.

Traders said the consolidation of the gains recorded in the economy would lead to more stable Naira.

CBN resolved to consolidate on the gains made in post-recession economy.



PT Mag Campaign AD

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


TEXT AD: To advertise here . Call Willie +2347088095401...

BE THE FIRST TO KNOW! Subscribe to our newsletter

* indicates required


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application