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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Ho Node Hub rebrands as Node Eight

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

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    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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Nigeria: Naira Stabilises At N497/$ As Hope of Recovery Imminent

bycitibusinessnews
January 17, 2017
in Africa, Top Stories, West Africa
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The Naira on Monday stabilised at N497 to a dollar at the open market just as stakeholders expressed hope in its imminent recovery.

The Nigerian currency, however, strengthened against the Pounds Sterling, but weakened against the Euro at the open or parallel market as it closed at N595 and N517, respectively; from N597 and N515 posted on Friday.

At the Bureau De Change (BDC) window, the Naira traded at N399 to a dollar, a rate it would maintain for the rest of the week, while the Pound Sterling and the Euro traded at N604 and N522 respectively.

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Trading at the interbank market saw the Naira weakened further at N305.25 to a dollar, from N305 posted on Friday.

Traders at the market said that while the scarcity of the greenback remained visible, there were strong indications that the Naira was on its way to imminent recovery.

NAN reports that since the closure in the sale of forex to BDCs last December, the spike in the Naira exchange rate had continued unabated.

Worried by the development, the Association of Bureau De Change Operators of Nigeria (ABCON) last week pushed for the adoption of a single rate at the market.

Alhaji Aminu Gwadabe, the President ABCON, argued that multiple rates were frustrating efforts at stabilising the Naira and fast tracking its recovery trajectory.

Gwadabe expressed optimism that the resumption in the sale of about N250 million dollars to members of the association this week would help in addressing liquidity challenges in the market.

–

Credit: All Africa

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