Naira Maintains Rate in Official Market, Closes at N1,599/$1

The naira held its previous rate on Monday in the official market, closing at N1,599/$1, the same as last Friday’s rate.

The new week began with the naira maintaining stability against the U.S. dollar, reflecting a continued period of relative stability in the foreign exchange market.

This marks the third consecutive day of the naira maintaining the N1,599/$1 rate in the official market, as the Central Bank of Nigeria’s (CBN) interventions and improved forex liquidity yield results.

Similarly, the naira recorded success in the parallel market, as it maintained its last Friday close of N1,620/$1.

While the Nigerian currency gained 0.93% against the British pound to N2,140/£1, from last week’s close of N2,160/£1. Also, it appreciated by 0.83% against the Euro to N1,800/£1, up from N1,815/£1.

It held rate in the official market as the CBN commenced the Monetary Policy Committee (MPC) meeting, with policymakers expected to deliberate on key economic indicators, interest rate, and inflation, including the potential impact of these policies on the naira’s performance in the foreign exchange market.

The post Naira Maintains Rate in Official Market, Closes at N1,599/$1 appeared first on Tech | Business | Economy.