Concerted effort by the Central Bank of Nigeria (CBN) to stabilise the economy, and bolster the value of the Naira exchange rate, particularly may be yielding more results.
This comes with the Nigerian Naira appreciating to N1,615.00/$1 at the official foreign exchange market, and N1,610.00/$1 at the parallel market.
The national currency strengthened Monday closing at N1,629.00 against $1, data from the CBN has shown.
In the parallel market, however, the naira traded at N1,610.00/$1 on Tuesday, slightly above the official rate, on the back of the apex bank’s concerted efforts at shoring up the national currency.
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The Naira has suffered from inflationary pressures in the economy, leading to increasing concerns from the masses who now find it economically challenging to cope.
It is the hope of many that efforts be sustained to ensure continued improvement in the Naira Exchange Rate so that the purchasing power of Nigerians could be boosted.
Cami Ezenwa is a Writer, Editor, Publicist, Biographer and Journalism Trainer
He has worked with the Daily Times, Daily Independent, Financial Standard and Business Television to mention some.
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