The Nigerian naira, on Wednesday, March 22 had an unexpected recovery against the United States Dollar at the parallel or black segment of the Nigerian foreign exchange market.
The local currency took a huge leap to trade at the rate N405 against the greenback, barely 24 hours after the Central Bank of Nigeria, CBN, monetary policy committee, MPC, meeting, decided to keep the Monetary Policy rate at 14.0%.
After the CBN MPC voted to keep existing monetary policies, Godwin Emefiele, governor of the apex bank, warned speculators that the bank had all it takes to sustain its prevailing interventions.
The Naira, had on Tuesday, March 21, gained massive 15 points against the American Dollar to trade at N430 per Dollar at the parallel market from the previous rate of N445.
The local currency also climbed to N450 per Euro on Tuesday, from the previous rate of N465 but remained unchanged against the Pound trading at N530.
In Abuja, on Wednesday, the naira at the parallel market is currently trading between 405 to 410 per dollar, while the British pound Sterling is exchanging at the rate of 520/523.
Meanwhile, in Lagos, traders are selling at 415 per dollar, and buying at 410. The pound and euro were also going for 530 and 460 respectively, TheCable reports.
