Naira Gains As Business Resumes – Leadership

As business activities resumed yesterday after a two day holiday to celebrate the Eid-el-Kabir, the naira gained value at both the interbank and parallel market.

The naira which sold at N325.25 to the dollar at the interbank market last week Friday appreciated to N315.25 at the close of business yesterday.

At the parallel market, there was a slight appreciation of the local currency against the naira which closed selling at N423 from N424 which it traded before the holiday.

Against the British Pound, the naira gained more strength as it sold at N550 compared to N555 which it sold last week.

Meanwhile, the external reserves continued to decline with the 30-day moving average standing at $25.157 billion as at September 8, 2016 according to latest data on the website of the Central Bank of Nigeria.

The reserves have fallen by 13.5 per cent from $29.069 billion which it was as at December 31, 2015 as the CBN dips into it to shore up the value of the naira.