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Naira makes U-turn, drops to 385
After weeks of regaining strength on the foreign exchange market, the naira moved in a reverse direction and dropped, albeit by a small margin, to 385 as against 382 on Thursday morning.
However, the tale on the international scene is different, as it rose to 308.05 to a dollar, as against 314.75 in the early hours of the day.
At the parallel market, the naira maintained its rate against the British pound, but exchanged at 410 to the euro as against 400 at the start of trading.
At the international market, the naira rose to 385.09 as against 391.04 to a pound and 330.59 as against 338.07 to the euro.
The apex bank announced an adjustment to its foreign exchange policy; making foreign exchange available for tuition, medical expenses and basic travel allowance.
It earlier directed banks to sell forex at 375 but amended the policy on Monday, and asked banks to sell at 360.
“The CBN to sell forex to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc),” the apex bank said in a statement.
“CBN directs banks to post new rates in the banking halls of their branches immediately. CBN examiners to visit banks to ensure the new rates are implemented.
“CBN prohibits banks from selling forex funds meant for invisibles to BDCs.”
While announcing the decisions reached at the monetary policy meeting, Godwin Emefiele, governor of the CBN, said the parallel market rates would contract further.
Emefiele added that the apex bank would be able to sustain its intervention in the foreign exchange market.
Dollar to Naira Exchange rate Wednesday 01/03/2017 – Naira maintains N450/$ at parallel market
The Naira on Wednesday remained stable at the parallel market, exchanging at N450 to a dollar. The Pound Sterling and the Euro crashed further at the parallel market, exchanging at N535 and N460 respectively.
At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N610 and N500, respectively.
At the interbank window, the Naira closed at N305.25 to a dollar. Traders at the market urged the CBN to sustain the gains of the new policy by boosting liquidity at the market.
Meanwhile, Prof. Sheriffdeen Tella, a Senior Economist at the Olabisi Onabanjo University, Ago-Iwoye, Ogun, told NAN that the new FOREX policy could be sustained to the extent that external reserves could sustain it.
Tella frowned at the lifespan of the policy, adding that every good policy was characterised by its ability to be sustained for a longer period.
He urged Federal Government to dialogue with the monetary policy formulators to ensure a reduction in the nation’s benchmark interest rate.
The financial expert argued that lowering the lending rate would encourage small businesses in need of expansion to borrow money at a low cost, thereby increasing the capacity of the nation to earn foreign exchange.
Since the CBN rolled out the new FOREX policy, the Naira had continued to strengthen dramatically against the greenback and other major currencies.
Sustaining the gains of the policy became a subject of debate among scholars and stakeholders in the foreign exchange industry.