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For the Naira, it is not a Happy New Year

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For the Naira, it is not a Happy New Year

Nigeria’s official currency, the Naira ended 2015 and entered 2016 on a negative note as it traded for N267 against the US Dollar at the parallel market. At the interbank market, the Naira closed the year 2015 exchanging at N199 against the dollar.

A day earlier, the Naira traded for N260 at the parrallel market and N198.87 at the interbank. The strengthening was sequel to the slowing down of activities preparatory to the end of the year.

The Central Bank of Nigeria (CBN) had closed its official window before the Christmas break at N197 to the dollar.

Meanwhile Nigeria’s external reserves continued to decline standing at $29.1 billion as at December 30, 2015 according to latest figures made available on the website of the CBN.

The reserves have declined by 15.6 per cent when compared to $34.46 billion which it was as at the end of 2014, covering barely four months of the country’s imports.

Analysts at Cowry Asset Management Limited had expected the Naira to stabilise against the dollar on low demand this yuletide season against improved supply from the informal sectors.

CBN governor Godwin Emefiele, had at the last Monetary Policy Committee meeting, said the average Naira exchange rate remained relatively stable at both the inter-bank and Bureau-de-Change (BDC) segments of the FX market in October.

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