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Naira down to N391.9 in parallel market

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Naira down to N391.9 in parallel market

The Naira yesterday depreciated to N391 per dollar in the parallel market due to increased demand.
Degolden’s market survey revealed that the parallel market exchange rate which closed N385 per dollar last week rose to N391 per dollar yesterday. Market operators however expressed optimism that the Naira will appreciate today once the Central Bank of Nigeria (CBN) delivers the $20,000 bi-weekly sale to bureaux de change today. Meanwhile, the Nigerian Guild of Editors (NGE) has urged Nigerians to support the Central Bank of Nigeria (CBN) in its activities to diversify the economy, just as it commended efforts of the bank towards resuscitating the nation’s ailing economy. Rising from its 2017 biennial convention in Lagos attended by over 350 editors of media outlets in the country, the guild said efforts of the Federal Government at diversifying the economy are commendable. The guild commended the CBN for its intervention in the Forex market, which it noted not only moderated the exchange rate but also halted the rising inflation in the country. The editors, in a seven-point communique signed by the re-elected President, Funke Egbemode and Secretary-General, Victoria Ibanga, also expressed their support for the CBN’s leading role in advancing patronage for made-in-Nigeria goods. The guild therefore urged all Nigerians to support government the bid to exit the economic recession, which they said has affected all, including the media industry. In spite of current challenges, the guild admonished the media to intensify efforts in promoting government’s policies on economic diversification.

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