The Nigerian Naira, on Thursday, May 31 maintained its new momentum against the United States of America Dollar to close positive at the parallel segment of the Nigerian Foreign Exchange Market.
The local currency closed at the rate of N363 against the greenback, the new rate recorded at the black market on Wednesday, May 30, in the nick of time, before market closed for the month of May.
However, against the British Pound Sterling, the Naira appreciated to N495, while the Nigerian currency exchanged at the rate of N425 against the European Single Currency, Euro.
Meanwhile, the Acting director, Corporate Communications of the Central Bank of Nigeria, CBN, Isaac Okorafor said the apex bank resisted suggestions to float the Naira when the country was battling with economic recession.
A floating exchange rate is a regime where the currency price is set by the forex market based on supply and demand compared with other currencies.
This is in contrast to a fixed exchange rate, in which the government entirely or predominantly determines the rate.
He said: “Several people both local and international made the suggestions that we float the Naira but we said no. We resisted the option because we felt it was a wrong option and dangerous to the economy and we are very happy we proved them wrong.
“We believe we succeeded and what are doing now in to consolidate on the successes and address our failures,’’ he added.
