Naira keeps strong at 270

The Nigerian currency kept strong on Monday as it traded at N270 to the dollar at the parallel market.

The naira, which closed on Friday at N270, after gaining N10 from its 280 mark on Thursday, traded stronger on Monday morning, but closed the day at N270.

According to NAN, the naira stood at N270 to the dollar amid expectations that the apex bank would inject $90 million to stimulate the parallel market.

The Friday rebound after weeks of record low at the market, was as a result of over $20 million sold to Bureau De Change (BDC) operators, who have been hitherto experiencing dollar scarcity.

At the official interbank window, the naira exchanged for N197 to the dollar, before the Central Bank of Nigeria shut down the foreign exchange trading window at the parallel market.

Traders expressed optimism that the naira would experience some stability after the apex bank disclosed that it had stimulated the market with $90 million ahead of Christmas and New Year festivities.

With analyst saying Nigeria would eventually have to devalue the naira, the CBN under the leadership of Godwin Emefiele is doing everything legally possible to pull through the naira’s hard times.

Emefiele, backed by President Muhammadu Buhari insist that no devaluation would be carried out as regards the currency.