Naira Firms As Forex Turnover Rises 9% After CBN Rate Cut

By BUKOLA ARO-LAMBO and DEBORAH BELLO
The value of the naira firmed against the dollar last week following the reset of the monetary policy rates by the Central Bank of Nigeria (CBN) from 26.5 per cent to 23 per cent to meet market realities as the turnover rose.
Total forex turnover on the NFEM from Monday to Thursday this week stood at about $2.25 billion, up 8.9 per cent from $2.07 billion recorded over the same four days last week. The number of deals also increased to 1,351 from 1,183, representing a 14.2 per cent rise.
The increase came after the CBN’s Monetary Policy Committee cut the Monetary Policy Rate (MPR) by 350 basis points to 23 per cent from 26.5 per cent on Tuesday,...