The value of the naira stepped up moving from the top three worst performing currency to being the 10th after the Central Bank of Nigeria(CBN), sold foreign exchange at N196.95 to the dollar last week, even as JP Morgan said it would finalise Nigeria’s status on the GBI-EM index in coming months.
The value of the naira at the interbank market closed at N198.41 to the dollar at the interbank market last week.
The naira which had recorded a 8.06 per cent value decline within the first half of the year, had sold at N197.71 to the dollar on Monday after the Central Bank of Nigeria (CBN)announced plans to sell foreign exchange to bureau de change operators at N196.95 to the dollar during the course of the week.
The naira’s four day performance was second to the Tanzanian shilling which lost 1.64 per cent in the course of the week selling at 2137.50 to the dollar from 2105 which it began the week with. It had however gained on Wednesday selling at N197.32 to the dollar.
The value of the local currency had plummeted to N206 to the dollar, the lowest so far this year. Meanwhile, the external reserves had declined by 0.69 per cent from $29.59 billion at the end of last month to $29.34 billion as at Friday, June 5 according to the latest data given by the CBN.
Meanwhile JP Morgan in a statement at the weekend said the country’s status in GBI-EM index series was to be finalised in coming months no later than end of 2015.
No comments :
Post a Comment