Business
Naira Continues Appreciation Against Dollar
Nigeria’s naira continued appreciation against the dollar in the official foreign exchange market on Monday.
The Central Bank of Nigeria’s exchange rate data showed that the Naira gained N1,579.40 per dollar on Monday from N1,580.44 traded last week Friday.
This means that the naira strengthened slightly by N1.04 on a day-to-day basis.
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Meanwhile, at the parallel foreign exchange market, the Naira remained flat at N1615 per dollar on Monday, the same rate exchanged on Friday.
Reacting to the country’s exchange rate data, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said the naira has been stable for the past ten months, lauding CBN’s reforms.
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Yusuf, however, called for a drop in Nigeria’s interest rate of 27.50 percent, saying that it is too high for the real sector to thrive.
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