With the exchange rate of the Naira today as yardstick, it is a mixed bag for those interested in obtaining foreign exchange for their transactions, commercial or domestic.
While the Naira won in the parallel market today, exchanging N1,390 to the US Dollar, it was a different ball game for it at Nigerian Foreign Exchange Market, NFEM .
The Eagle reports that the exchanged rate of the Naira was N1,383 to the dollar at the NFEM, sending differing reactions to the sectors.
Yesterday, it had appreciated to N1,390 per dollar in the parallel market from N1,392 per dollar on Monday.
But the naira depreciated to N1,383 per dollar in the Nigerian Foreign Exchange Market, NFEM.
The Naira exchange rate was N1,383 per dollar from N1,369 per dollar on Monday, reflecting N14 depreciation for the naira, according to data released by the Central Bank of Nigeria (CBN)
Also, the margin between the parallel and official markets narrowed to N7 per dollar from N23 per dollar on Monday, the data further showed.
The Eagle reports that the national currency has had an impressive run in the recent, achieving relative stability at the markets.
This state of affairs is commendable giving operators opportunity to plan. The currency had traded within the range of ₦1,360 and ₦1,400 to the US dollar.
As regards the exchange rate of the Naira, regular reassurances from the regulatory agency, the CBN has also acted to constantly buoy up investors’ confidence in the economy.
Commendable as these, impressive exchange rate of the naira today is expected to be sustained, not just in the short term, but medium and long terms.
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