The Nation Newspaper 'Naira needs inflation-arresting policies'
The moves to stabilise the naira through clearance of $7 billion forex forwards backlog and injection of nearly $10 billion foreign capital will not yield substantial results in stabilising naira until they are backed with inflation-arresting policies, analysts have said.said it would be helpful to accompany such a move with inflation-arresting policies to present a compelling narrative for the Naira.
The naira at the weekend sustained week-long rally after the Central Bank of Nigeria and commercial banks cleared $7 billion forex forward backlog, pending for months. Data from FMDQ Exchange showed that at the Investors and Exporters window- official market- the local currency also rallied to N776.14/$1 with $99 million transaction volume.
Managing Director, Forward Marketing Bureau de Change Ltd., which compiles exchange-rate data, Abubakar Mohammed said CBN’s announcement that it cleared the matured foreign-currency contracts for some lenders prompted some speculators to offer their dollars for sale, boosting supply.
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