Naira stays firm against the US Dollar, Euros and Pounds
Dollar to Naira black market rate today Friday, 5th May 2017 is N385/N391. The Exchange rate of dollar to naira has seen the NGN Naira have mixed fortunes against the USD Dollars during the course of the year. Earlier in the year 1 usd to 1 ngn black market rate was as high as N500/N525. However, the naira exchange rate to major world currencies in the parallel market took an upward turn after the apex bank implemented it’s policies in a bid to save the naira. 1 usd to ngn black market rate stood at N385/N391 at the start of the day representing a consolidation for the Naira against the dollar. However, the Naira recorded minor losses against other major currencies closing at N415/N424 and N490/N502 against the Euro and Pounds respectively.
It would be noted that this represents a good level of stability for the Nations currency and the hope is that the recent stability would be built upon in the weeks to come.
It would be recorded that the CBN pumped forex of $380million into the system to satisfy the demand for the green back. The CBN recently stated that the Nigerian economy is on it’s way out of recession and mentioned the improved exchange rate as a major indicator of that.
The Central Bank of Nigeria (CBN) had disclosed that it was determined to bring down the black market exchange rate of the Naira to Dollar to the official rate of N305. This information was revealed by the Acting Director of Corporate Communications Department of the CBN, Mr Isaac Okorafor. Mr Okorafor, while speaking on a radio programme assured Nigerians that the present success of the Naira at the parallel foreign exchange market would be sustained.
Nigerians would hope that the Naira continues in an upward march in the Forex market as they hope that a stronger Naira would translate and have a positive effect on the lives of the populace.
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