– Naira still trades at N379/$1 in black market
– CBN is set to convene a Tweet-Meet on the economy
– The apex bank says the idea will provide an opportunity for the CBN to interact with Nigerians and indeed the global community directly
The Central Bank of Nigeria (CBN) interventions in the foreign exchange market has seen the Nigerian Naira maintain its strength against the American Dollar at the parallel market.
Since the local currency dropped to a record low of N520/$1 in February, the CBN has injected more than $4 billion to various sectors of the economy.
This ultimately has brought stability in the forex market.
According to ZENITHBLOG.com findings on Wednesday, May 24, the Naira has maintained the N379/$1 rate of yesterday, May 23, at the parallel market.
The Nigerian currency also stayed unchanged at N490 and N420 against Pound Sterling and Euro respectively.
Dollar to Naira
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And according to a Lagos-based Bureau De Change (BDC) operator, Alhaji Nasiru Ibrahim Gulma, the apex bank interventions in the foreign exchange market has helped in stabilizing the market.
Gulma noted that a Dollar would have been exchanged for N1000 if the CBN had not intervened by supplying dollars to the operators.
He added: “I believe if everybody can follow the normal procedure, I think the market would come down more than what we are witnessing.”
ZENITHBLOG.com had earlier reported that the CBN injected $205 million into the foreign exchange market.
Meanwhile, CBN will be convening a Tweet-Meet on the economy on Thursday, May 25, 2017 to engage stakeholders on the economy in a live interactive session on Twitter. An hashtag is often used to thread a tweet-meet, and the tags #CBNSpeaks and #Rexit have been proposed.
The Tweet-Meet which will hold in partnership with leading Nigerian social media outfits like HashEconomy, Nairametrics, has been themed, ‘Exiting Recession: Which Way Nigeria?’
Recent data from the National Bureau of Statistics shows that the Nigerian economy saw negative growth in the first quarter of 2017, contrary to the CBN’s expectations. The NBS data seems to call into question the efficacy of the Bank’s policy interventions which accelerated ending February, and may be more in line with critics’ assertions.
The planned engagement will provide an opportunity for the CBN to interact with Nigerians and indeed the global community directly, on issues related to the Bank’s policy response to the recession and the clear result of that response.
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The CBN, through this event, therefore seeks to enlighten the public on the specific monetary policy actions it has taken to remedy the economic challenges.
The apex bank added that the Tweet-meet will give Nigerians the platform to hear directly from the Apex Bank and gain reliable insights into the health of the economy, the economic outlook going forward, and how they can position themselves and their businesses to benefit from government policies.
Meanwhile, watch this video of a market survey conducted by ZENITHBLOG.com
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