The naira dramatically recovered on Wednesday to 405 per dollar, less than 24 hours after the Central Bank of Nigeria (CBN) monetary policy committee (MPC) meeting.
In Abuja, the naira is currently trading between 405 to 410 per dollar, while the British pound is going for 520/523 — all at the parallel market.
For Lagos, Nigeria’s commercial capital, traders are selling at 415 per dollar, and buying at 410. The pound and euro were also going for 530 and 460 respectively.
On Tuesday, after the CBN MPC voted to keep existing monetary policies, Godwin Emefiele, governor of the bank, warned speculators that the bank had all it takes to sustain its prevailing interventions.
He said those who think the policy actions were not sustainable were on the wrong side of the bet.
“I am happy, indeed very gratified that those interventions have proved very positive. We’ve seen the rates converging and we are strongly optimistic that the rates will converge further,” he had said.
-The Cable
