The Naira on Tuesday exchanged at N364 to the dollar at the parallel market as the Monetary Policy Committee meeting of the Central Bank of Nigeria fixed benchmark interest rate at 14 per cent.
The News Agency of Nigeria reports that the MPC left the benchmark interest rate unchanged at 14 per cent, alongside other monetary policy parameters.
The CBN Governor, Godwin Emefiele, said reducing interest rates may reverse the gains achieved in exchange rate stability and inflation rate reduction.
The Pound Sterling and the Euro traded at N492 and N436.
At the Bureau De Change window, the Naira was sold at N362 to the dollar, while the Pound Sterling and the Euro traded at N492 and N436.
Trading at the investor’s window saw the Naira closed at N306.05 and sold at N305.8 at the CBN official window.
Traders said the consolidation of the gains recorded in the economy would lead to more stable Naira.
CBN resolved to consolidate on the gains made in post recession economy.