The Naira further gained against the Dollar at the Investors’ and Exporters’ (I&E) foreign exchange window on Tuesday, appreciating 0.07 per cent to close at $/N363.32 from $/N363.58 the previous day.
The local currency remained stabled at the parallel market segment, with the cash and transfer rates closing at $/N361.00 and $/N364.00 respectively.
Meanwhile, at the Interbank, the Naira/USD rate remained stable at $/N306.60 (spot) and $/N362.82 (SMIS).
The Dollar was sold for N360 at the Bureau De Change (BDC) segment of the forex market, while the Pound Sterling and the Euro closed at N480 and N417, respectively.
Meanwhile, Alhaji Aminu Gwadabe, President, Association of Bureau De Change Operators of Nigeria (ABCON) told the News Agency of Nigeria (NAN) that the sustained fiscal discipline of the CBN would impact positively on the stability of the naira.
Gwadabe said that in spite of the shedding of the external reserves, the CBN was capable of sustaining a stable exchange rate.
” The reasons for the shedding of the external reserve is that the outflows outstrips the inflows as a result of the election year.
”However, due to sustained fiscal discipline of the administration, the scenario will have little or no impact on the sustained exchange rate stability,” Gwadabe said.