Naira Remains Stable as Lemo Calls for Patience – Thisday

The naira exchange rate remained almost unchanged on the interbank market on Tuesday where it closed at N316.83 to a dollar, compared to N316.37 to a dollar at the close of business on Monday.

On the parallel market, however, the naira tumbled again by N1.00 to close at N382 to a dollar yesterday.

THISDAY had exclusively reported yesterday that recent measures taken by the Central Bank of Nigeria (CBN) were gradually yielding results, as evidenced by the improvement in liquidity on the interbank spot FX market, which recorded a turnover of $196.14 million and an average daily volume of $39.23 million last week.

The improvement in market liquidity in recent days was confirmed by a former deputy governor of the CBN, Mr. Tunde Lemo, who also advised Nigerians to be patient with the new foreign exchange rate regime.

Lemo, who spoke to THISDAY in Lagos yesterday, backed the central bank for introducing the flexible exchange rate regime.

“I have said it time and again that Nigerians are a bit impatient. If we started this market six weeks ago, it is too early to start to say foreign investors have not started coming. They would take their time.