February 23, 2017

Naira begins upward slide

 The Nigerian Naira has begun to do well, giving pundits hope of better things to come.

This is happening on the heels of the new foreign exchange policy introduced by the Central Bank of Nigeria (CBN).

The CBN had on Monday removed the preferential treatment for certain sectors of the economy, explaining that although providing forex for the manufacturing sector remain a priority, banks can now lend foreign currency they procure from it as they deem fit.

The apex bank also reaffirmed its intention to increase forex supplies at the interbank market and reduce banks’ waiting time for delivery of foreign currency to 60 days from 180 days via its forward sales contracts.

The naira had traded for N501 as against the US dollar on Tuesday, up N11 naira from Monday’s transaction.

 

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