The Nigerian currency, Naira on Monday maintained rate to the US Dollar across the foreign exchange markets, even as the Investors & Exporters FX window recorded total transactions turnover of $109.67 million.
The Naira, at the official foex market closed at 306.25 per dollar, the same it traded on Friday, even though it was better than N306.35 exchanged a week ago, data obtained from the FMDQ OTC has showed.
Also, at the parallel market segment of the Forex market, the local currency steadied at the depreciated rates of 365 per dollar, the same rate it traded over the weekend.
The Naira, however, dropped further against the pound sterling to close at to close at 485 compared to 483 sold during the weekend, while remained unchanged at 427 per Euro as at close of yesterday trading activities.
At the Investors FX window, the local currency opened trading at a depreciated rate of 360.50 to the dollar, represented drop of 0.05 per cent, before closing at 360.96 the same rate it closed last week trading activities.
Just recently, the International Monetary Fund (IMF) official revealed that many investors want to come to Nigeria but are conscious of how to retrieve their investments.
The Senior Financial Sector Expert, Debt and Capital Market Instruments Division, Monetary and Capital Markets Department, IMF, Miriam Tamene, said that this remained investors main concern.
According to her, “At the Annual meetings of IMF, we were pleasantly surprised when we saw many investors interested in the securities market in Nigeria.
“A lot of people think that Nigeria is still an investors’ destination, the main concerns most of them had was the fear that they might not be able to take out their money anytime they want to hence they are being very watchful.”
“Investors are interested in Nigeria, but with difficulties they had in getting their money out recently, that confidence is not there yet. It has improved though, but they are still watching. It is still so much fragile and not what they can take for granted just yet,” she added.
She called on the monetary and regulatory authorities in Nigeria to roll out policies that would bring down the inflation rate in the country as well as increase access to domestic funds to ensure that the economy attains further growth in 2018.
Stories by Motolani Oseni
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