Business News

Naira Appreciates by 0.2% at NAFEX as CBN Promises Stability

old Naira notes

By Adedapo Adesanya The Naira further strengthened against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, May 22, spurred by fresh promise of relief at the just concluded Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN). At the previous session on Tuesday, the Naira closed at N1,465.68/$1, but yesterday, it appreciated against the greenback by N3.09 or 0.2 per cent to quote at N1,462.59/$1. Similarly, the local currency improved against the Pound Sterling in the official market during the session by N43.31 to trade at N1,839.15/£1 versus the preceding day’s N1,882.47/£1