JUST IN: Naira stays firm against Dollar as CBN engages stakeholders on the economy



Naira still trades at N379/$1 in black market
- CBN is set to convene a Tweet-Meet on the economy
- The apex bank says the idea will provide an opportunity for the CBN
to interact with Nigerians and indeed the global community directly
The Central Bank of Nigeria (CBN) interventions in the foreign exchange
market has seen the Nigerian Naira maintain its strength against the
American Dollar at the parallel market.
Since the local currency dropped to a record low of N520/$1 in February,
the CBN has injected more than $4 billion to various sectors of the
economy.
This ultimately has brought stability in the forex market.
According to NAIJ.com findings on Wednesday, May 24, the Naira has
maintained the N379/$1 rate of yesterday, May 23, at the parallel market.
The Nigerian currency also stayed unchanged at N490 and N420 against
Pound Sterling and Euro respectively.
Dollar to Naira
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And according to a Lagos-based Bureau De Change (BDC) operator, Alhaji
Nasiru Ibrahim Gulma, the apex bank interventions in the foreign exchange
market has helped in stabilizing the market.
Gulma noted that a Dollar would have been exchanged for N1000 if the
CBN had not intervened by supplying dollars to the operators.
He added: "I believe if everybody can follow the normal procedure, I think
the market would come down more than what we are witnessing."
had earlier reported that the CBN injected $205 million into the
foreign exchange market.
Meanwhile, CBN will be convening a Tweet-Meet on the economy on
Thursday, May 25, 2017 to engage stakeholders on the economy in a live
interactive session on Twitter. An hashtag is often used to thread a tweet-
meet, and the tags #CBNSpeaks and #Rexit have been proposed.
The Tweet-Meet which will hold in partnership with leading Nigerian social
media outfits like HashEconomy, Nairametrics, has been themed, ‘ Exiting
Recession: Which Way Nigeria?’
Recent data from the National Bureau of Statistics shows that the Nigerian
economy saw negative growth in the first quarter of 2017, contrary to the
CBN’s expectations. The NBS data seems to call into question the efficacy
of the Bank’s policy interventions which accelerated ending February, and
may be more in line with critics’ assertions.
The planned engagement will provide an opportunity for the CBN to
interact with Nigerians and indeed the global community directly, on issues
related to the Bank’s policy response to the recession and the clear result of
that response.
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The CBN, through this event, therefore seeks to enlighten the public on the
specific monetary policy actions it has taken to remedy the economic
challenges.
The apex bank added that the Tweet-meet will give Nigerians the platform
to hear directly from the Apex Bank and gain reliable insights into the
health of the economy, the economic outlook going forward, and how they
can position themselves and their businesses to benefit from government
policies.

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