The Naira on Monday, July 18, stabilised against the dollar at the parallel market, exchanging at N365 to the dollar, maintaining same value as at Friday, July 15.
However, the Nigerian currency weakened further against the Pound Sterling, but maintained same value with the Euro as it exchanged at N475 and N400 respectively, from N470 and N400 it traded on Friday. At the interbank window, the naira exchanged at N292.15 to a dollar.
Currency traders blamed the poor performance of the naira to the scarcity of the greenback, adding that the demand for dollar far outstripped its supply.
Speaking on the nation’s money market situation, President of the Chattered Institute of Bankers of Nigeria, CIBN, Professor Segun Ajibola, urged the Federal Government to resolve unsettled transactions prior to the introduction of the new forex policy.
He noted that the liquidity challenges in the forex market seemed unsolved because of banks’ demands to settle their old issues.
