The Naira on Wednesday remained stable at the parallel market, exchanging at N450 to a dollar, the News Agency of Nigeria (NAN) reports.
The Pound Sterling and the Euro crashed further at the parallel market, exchanging at N535 and N460 respectively.
At the Bureau De Change (BDC) window, the Naira was sold at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro closed at N610 and N500, respectively.
At the interbank window, the Naira closed at N305.25 to a dollar.
Traders at the market urged the CBN to sustain the gains of the new policy by boosting liquidity at the market.
Meanwhile, Sheriffdeen Tella, a senior economist at the Olabisi Onabanjo University, Ago-Iwoye, Ogun, told NAN that the new FOREX policy could be sustained to the extent that external reserves could sustain it.
Mr. Tella frowned at the lifespan of the policy, adding that every good policy was characterised by its ability to be sustained for a longer period.
He urged Federal Government to dialogue with the monetary policy formulators to ensure a reduction in the nation’s benchmark interest rate.
The financial expert argued that lowering the lending rate would encourage small businesses in need of expansion to borrow money at a low cost, thereby increasing the capacity of the nation to earn foreign exchange.
Since the CBN rolled out the new FOREX policy, the Naira had continued to strengthen dramatically against the greenback and other major currencies.
Sustaining the gains of the policy has become a subject of debate among scholars (NAN)
We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.
Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at email@example.com
Follow us on twitter @newsbeatportal
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535
Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.