Nigeria’s naira appreciated marginally at the parallel market on Friday, March 26, 2021.
Nigeria’s currency closed at N485/$1, representing a N1 gain when compared with the N486/$1 that was recorded in the previous trading day and all through last week.
However, the exchange rate between the naira and the dollars closed at N410/$1 at the Investors and Exporters window.
Naira depreciated against the dollars on Friday, 26th March 2021 for the second consecutive day at the NAFEX window to close at N410 to a dollar.
This represents a 0.06 per cent reduction compared to N409.75/$1 recorded on Thursday, 25th March 2021.
The Central Bank of Nigeria (CBN) maintained its benchmark lending rate at 11.5 percent after its Monetary Policy Meeting that ended on Tuesday last week.
The CBN Governor, Godwin Emefiele said this would allow the bank to deploy liquidity into employment generation and output-stimulating sectors of the economy and help to consolidate the country’s recovery process after the pandemic.
The CBN had cut rates twice last year to try to stimulate an economy impacted by the COVID-19 pandemic and oil price crash.
