Naira stable despite campaign spendings

The naira has remained stable at both the official and parallel markets despite huge campaign spendings by political parties, The Nation learnt yesterday.

The stability of the local currency was linked to measures instituted by the Central Bank of Nigeria (CBN) and the Association of Bureaux De Change (BDC) Operators of Nigeria (ABCON) to ensure that foreign exchange demand at the retail end of the market was met.

ABCON President Aminu Gwadabe told financial reporters in Lagos at the weekend that despite huge campaign spendings, the CBN spot rate/official exchange rate closed last week at N306.75/$1 from N306.70/$1 in the prior week.

The exchange rate at the Investors & Exporters Forex window closed at N364.70/$1. At the parallel market and Bureaux De Change (BDCs) segment, the naira traded at N363/$1 throughout the week.

The measures initiated by the CBN, including the sustenance of dollar supply to over 4,000 Bureau De Change (BDC) operators through the International Money Transfer Operations (IMTOs) forex window, have helped the  local currency.

– The Nation