The Nigerian Naira, on Monday, July 17, maintained momentum as activities kicked off for the new week at the parallel segment of the Nigerian foreign exchange market.
The local currency stayed firm against rival currencies, Dollar, Pound and Euro, at the black market even as the National Bureau of Statistics,NBS, revealed that the nation’s inflation rate crashed to 16.10% from 16.25%. The nation’s inflation rate has dropped for the fifth consecutive time.
Trading at the black market saw the Naira exchanging at the rate of N367 against the United States of America Dollar on Monday.
Against the British Pound Sterling, the Naira exchanged for the rate of N470 and traded at the rate of N420 against the European Single Currency, Euro.
Following the development, President of the Association of Bureau De Change Operators of Nigeria, ABCON, Alhaji Aminu Gwadabe, has stated that the Naira would remain stable in the months ahead as the Central Bank of Nigeria sustains its interventions at forex market.
He said that the sustained injection of liquidity to the nation’s foreign exchange market had paralysed the activities of speculators.
