Naira still struggling against the dollar

A trader changes dollars with naira at a currency exchange store in Lagos.

A trader changes dollars with naira at a currency exchange store in Lagos.

30 March 2016, Lagos – The Naira on Wednesday, maintained its exchange rate at N322 to a dollar. It also remained firm against the two other major currencies, the pounds sterling which exchanged at N448 and the\euro which sold for N355.

However, at the official interbank rate, N197, was exchange for a dollar. Some traders at the parallel market told NAN in Lagos that the high exchange rate was discouraging to customers. They complained that the market had remained dull due to low patronage.

Meanwhile, the apex bank, in its last Monetary Policy Committee (MPC) meeting, said that excess liquidity in the banking system was contributing to the current pressure in the foreign exchange market. The bank said that the pressure was impacting negatively on consumer prices.

 

  • NAN
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