The Naira on Wednesday depreciated by 0.7 per cent at the parallel market amid the apex bank’s resolve to maintain stability in its exchange rate.
The News Agency of Nigeria reports that the Naira lost N2 to exchange at N305.
It had previously exchanged for N303.
At the official interbank window, the Naira closed at N197 to the dollar.
Traders at the market said activities in the market slowed down barely 24 hours the Central Bank of Nigeria concluded its Monetary Policy Committee meeting.
Dr. Chijioke Mgbame of the Department of Accountancy, University of Benin, said he had expected the apex bank to come up with proactive policies that would check the depreciation of the Naira.
Mgbame, who noted that the Naira was reacting to the dwindling fall in oil revenue, said it required the right policies that would see to its rebound naturally.
NAN reports that the CBN had expressed its commitment to maintain stability in the Naira foreign exchange.
The CBN said: “The MPC underscored the necessity of improving the supply of foreign exchange to the market, especially from autonomous sources.
“The committee reiterated its unyielding commitment towards achieving a stable exchange rate regime to ensure more flexibility for sustainable inclusive economic growth in the medium and long term.”
NAN.
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