TheCable

The naira on Monday appreciated against the dollar at the interbank market, owing to the Central Bank of Nigeria (CBN) policy meeting and its expectations.

According to NAN, the local currency gained 1.4 points to exchange at N307.25 to the dollar, from N308.69 it exchanged on Friday, representing an appreciation of 0.5 per cent.

It, however, stabilised at the parallel market, exchanging at N425 to the dollar, a figure it had maintained for three days, while it traded against the pound sterling and euro at N550 and N470 respectively.

Trading at the bureau de change (BDC) segment of the market also showed the naira stabilising against the dollar, closing at N422, while it settled at N549 and N470 against pound sterling and euro, respectively.

Currency traders attributed the relative stability of the naira to the anticipation of a likely policy change by the MPC meeting that is underway at the CBN.

They expressed the hope that the apex bank would reconsider its foreign exchange policy with a view to coming up with the best option that would rescue the nation’s currency.