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Steady Naira Exchange Rate Indicates Easing Pressure in Forex Market

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Naira,Exchange Rate,Dollar

The naira exchange rate against the dollar has remained steady at N1,200 for the past 24 hours, signaling a decrease in pressure in the forex market. The Central Bank of Nigeria's recent measures, including dollar sales to bureau de change operators and the directive for electronic payout of PTA/BTA, have contributed to the local currency's rapid recovery.

The naira exchange rate against the dollar was steady at N1,200 to dollar for the past 24 hours at the parallel market.

The CBN recently directed that all authorized dealers to pay Personal and Business Travel, allowances to their customers through electronic channels only, including debit or credit cards instead of cash.“In line with the Bank’s commitment to ensure transparency and stability in the foreign exchange market and avoid foreign exchange malpractices, All Authorized Dealer Banks shall henceforth effect payout of PTA/BTA through electronic channels only, including debit or credit cards.

Former Executive Director, Keystone Bank Limited, Richard Obire advised that Nigeria’s heavy and skewed outward-oriented consumption of goods and services as seen in decades of long substantial bills for food and energy imports should be reversed to save the naira.

 

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