Nigeria's
naira firmed sharply to 375 on the parallel market on Monday after importers started
to reduce demand for dollars following the president's defiance over devaluing
the currency, hit hard by the fall in global oil prices,
one trader said.
The naira firmed 4 percent from Friday's close of
390 to the dollar, while the official interbank rate remained at 199.50 to the
dollar at the close of trading on Monday.
Aminu Gwadabe, the head of Nigeria's bureau de
change association, said that retail currency operators were working to
introduce a single quote across the parallel market and maintain a bid-ask
spread of 3.5 percent fortrades.
President Muhammadu Buhari on Saturday again
rejected the idea of devaluing the West African nation's currency, despite a
hammering of the naira on the secondary market last week.
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