Naira Appreciates to N322.85/$1 on Interbank Market – Thisday

dollar to naira

The naira exchange rate pared some of the losses recorded against the dollar during the week as it climbed to N322.85 to a dollar on Thursday, stronger than the N330.12 to a dollar it had closed on Wednesday as the market continued on the path of price discovery.

On the other hand, the parallel market rate of the naira was unchanged yesterday as it closed at N378 to a dollar.

In a strong bid to tame inflation, the Central Bank of Nigeria had on Tuesday raised the Monetary Policy Rate (MPR), otherwise known as interest rate, by 200 basis points to 14 percent from 12 percent.

It also assured Nigerians of the stability of the banking sector, saying whilst it was poised to deal ruthlessly with any misdemeanour and malpractice, the recent removal of some banks chiefs was not a sign of distress.