- Economic and currency analysts expect the naira to remain under pressure at the parallel market this week even as the Monetary Policy Committee of the Central Bank of Nigeria meets on Thursday and Friday to take key decisions on the economy.
- The MPC will review developments in the global and domestic economic environment since its last meeting held on May 18 and 19, 2015.
- The meeting is coming against the backdrop of incessant pressure on the naira-dollar exchange rate, creeping inflation and slowing Gross Domestic Product growth rate.
- The naira traded at 241.5 per dollar at the street market on Thursday, up from 235 to the dollar the previous week.
- The naira has been under persistent pressure since the CBN stopped forex sales to importers of 41 items last month.
“Dollar supply remains weak in the market, yet demand is rising daily,” one dealer at the parallel market told Reuters.
- On the interbank market where the CBN exerts tight control, the naira is trading in a narrow margin. It held at 196.95 to the dollar at the interbank rate on Thursday.
- Source: Reuters
Naira Remains Under Pressure As MPC Meets Thursday
