Stock exchange

Naira rallies strongly amid CBN intervention, global
economic challenges ' The Nigerian currency, the
Naira, on Friday, regained its strength and
appreciated to N208 to the Dollar in the parallel
market, compared with N212 it traded for on
Thursday. The British Pound Sterling and the Euro
also traded at N330 and N230, respectively, at the
parallel market on Friday. The News Agency of
Nigeria (NAN) reports that the official interbank
exchange rate, however, remained at N197 to the
Dollar. Mr Olufukeje Adegbeye, a Wealth Manager,
attributed the fluctuation of the Naira to the global
devaluation of the dollar and recent monetary
policies of the Central Bank of Nigeria (CBN).
Adegbeye told NAN in Lagos that the intervention of
the CBN had stifled the forces of demand and supply
in the nation's currency market. Adegbeye, who is
also a currency trader, said that the interventions of
the apex bank would have been gradual, to stem its
impact on businesses. "The businessman on the
street should be taken into consideration. Some of
our manufacturers still depend on the importation of
raw materials for their operations. "The policy on
foreign exchange restriction has made life extremely
difficult for manufacturers,'' Adegbeye said. He also
said that the CBN, through its policies, has created
avenues for the cross border smuggling of foreign
currencies, especially the dollar.
Sent from my BlackBerry® smartphone, powered by Easyblaze