BUSINESS & ECONOMY

Naira Remains Stable, as CBN Gov Bags CON

In an election year, the Central Bank of Nigeria seems to be defending the nation’s currency with all its might. The nation’s currency, the naira, has remained fairly stable at the bureaux de change, parallel market and the official market.
 Already, the CBN has cut currency traffickers to size. On the expiration of its deadline for bureaux de change operators to increase their capital base by July 31, the number of these operators reduced to fewer than 3, 000 from almost 5, 000. This would mean less pressure on the foreign exchange demand. The apex bank has retained the monetary policy rate (MPR) at 12%.
A technocrat who has no interest in politics is at work at the apex bank: He is CBN governor Godwin I. Emefiele, who was one of those President Jonathan decorated with the National Honours Award of CON (Commander of the Order of the Niger) on Monday (see photo).
Below are the official exchange rates of the naira in relation to other world currencies as of September 30, 2014:
 
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
9/30/2014
US DOLLAR
154.75
155.25
155.75
POUNDS STERLING
250.4319
251.2411
252.0502
EURO
194.7529
195.3821
196.0114
SWISS FRANC
161.3828
161.9043
162.4257
YEN
1.4087
1.4133
1.4178
CFA
0.2806
0.2906
0.3006
WAUA
229.4269
230.1682
230.9095
YUAN/RENMINBI
25.2068
25.2887
25.3706
RIYAL
41.2513
41.3845
41.5178
DANISH KRONA
26.1641
26.2486
26.3331
SDR
229.4324
230.1737
230.915
Source: Central Bank of Nigeria

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