Buhari delighted at forex market stability, naira progress

The Naira, on Thursday closed at a slightly appreciable rate of 389.2 gaining less than one point from the previous day’s price of N390 per US dollar at the parallel market, this is just as President Muhammodu Buhari was delighted to hear that the forex market is stabilising at the level that it is at the moment.

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, earlier yesterday briefed the president Buhari on the stability in the Foreign Exchange market and other activities of the apex bank.

In fact, the local currency at the official spot window also appreciated to 305.7 from depreciated rate of 306.25 sold on Wednesday.

But the naira, dropped by four points against pound, compare to 491 traded on the previous day, however, rebound against Euro at 420 exchange rate from 425 sold on Wednesday.

The currency, also slip at the Investors and Exporters FX window, traded
383.19 per dollar against 382.64 exchanged a day before but remained unchanged at the Bureau De Change (BDC) window, the naira was sold at N362 to the Greenback.

Meanwhile, Emefiele, spoke to State House correspondents after a closed-door meeting with the President in the Presidential Villa, Abuja, on Thursday, said that Buhari was delighted over the stability in the forex market.

“We briefed him regarding the activities so far and he was very delighted to hear that the market is stabilising at the level that it is right now.

According to the CBN boss, the parallel market is currently stabilising at between N380 and N385 to a dollar.

“Basically as it is expected what we normally do is from time to time to brief the President about activities about the Central Bank of Nigeria.

“Particularly at this time as it relates to the efforts that the central bank is doing to stabilise the forex market, “I am saying the parallel market which currently stabilises at between N380 and N385,’’ he said.
Emefiele said the increase in crude oil production and export were the major factors responsible for the stability in the forex market.

He added that the crude oil prices which have been oscillating between 50 and 56 dollars per barrel also helped in boosting the nation’s revenue position.

He said: “Given what we have right now the fact that the revenues are looking good, the state of the economy is good and I believe that we are going to pull out of the problem in due course.’’

The CBN boss reassured that the apex bank would continue to make the foreign exchange available to those in need to enable them to import or to carry out eligible transactions.