Naira Trades Mixed as CBN Holds Interest Rate

By Modupe Gbadeyanka

The Nigerian Naira closed mixed at the various foreign exchange segments on Tuesday.

This occurred as the Central Bank of Nigeria (CBN) announced at the end of its two-day Monetary Policy Committee (MPC) meeting yesterday that the Monetary Policy Rate (MPR) would be retained at 14 percent.

At the close of transactions on Tuesday, the local currency traded flat at the parallel market at N360 per Dollar.

However, it gained N2 each against both the Euro and Pound Sterling at the black market to finish at N418 and N478 respectively.

At the interbank forex market, the Naira depreciated against the Dollar marginally by 0.02 percent to settle at N305.90k.

However, the local currency appreciated against the Dollar at the I&E forex window by 32 Kobo to close at N361.68k in contrast to N362 it traded the previous day.

But at the SMIS forex segment, the Naira closed flat at N330 to a Dollar.