Again, The Naira Surges Bigtime Against Major Currencies

BEVERLY HILLS, February 22, (THEWILL) – The naira has surged against the dollar and other major currencies on the streets and was quoted at N495-$1 on Wednesday afternoon as against N520 on Monday and N513 on Tuesday.

It traded at N505 to the euro and N610 to the GBP as against N530 and N620 respectively where it closed on Tuesday.

The naira’s rapid resurgence is coming on the heels of the new forex policy of the Central Bank of Nigeria (CBN) as announced on Monday.

The naira had been under pressure for months due to scarcity of foreign exchange and speculative trading.

The CBN under its new guidelines released $370 million to traders on Tuesday and has assured it will continue to fund every retail demand for customers seeking forex for PTA, BTA, foreign medical bills, school fees, etc.

Traders told THEWILL Wednesday that they expect the naira to continue to strengthen going forward if the CBN’s intervention is sustained and expect the currency to exchange at N440 -$1 within days and subsequently lower afterwards.