– Naira closes the week on an impressive note
– The Nigerian currency maintained its strengthened rate against the Dollar, Pound and Euro
– However, financial expert, Alhaji Aminu Gwadabe has urged the CBN to further mop up excess Naira in circulation to sustain its growth
The Naira on Friday, July 21, sustained its appreciated rate in the parallel market segment, as the local currency closed the week at N366 per dollar, the same rate it has maintained in the last 24 hours.
The Nigerian currency also maintained the N420 against Euro and N470 against Pound at the parallel market as it was yesterday July 20.
The recent stability of the Naira comes at a time Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) urged the Central Bank of Nigeria (CBN) to further mop up excess Naira in circulation to sustain its growth.
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Today’s rate. Photo: ZENITHBLOG.com
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Gwadabe’s advice came ahead of the Monetary Policy Committee (MPC) meeting of the bank scheduled for July 24 in Abuja.
Speaking to newsmen in Lagos on Friday, July 21, the financial expert said that a Naira mop would sustain its stability.
According to Gwadabe, excess Naira liquidity in the economy is an easy tool at the disposal of currency speculators in manipulating the nation’s currency.
Meanwhile, the appreciation at the parallel market has been attributable to dollar injection into the BDC segment by the CBN. The apex bank on Thursday, July 20, sold $20,000 to each of the 3,145 BDCs across the country, translating to $62.9 million supply boost.
Since the Naira dropped to a record low of N520/$1 in February, the CBN has injected at least $8 billion into the foreign exchange market.
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