In an election year, the Central Bank of Nigeria seems to be defending the nation’s currency with all its might. The nation’s currency, the naira, has remained fairly stable at the bureaux de change, parallel market and the official market.
Already, the CBN has cut currency traffickers to size. On the expiration of its deadline for bureaux de change operators to increase their capital base by July 31, the number of these operators reduced to fewer than 3, 000 from almost 5, 000. This would mean less pressure on the foreign exchange demand. The apex bank has retained the monetary policy rate (MPR) at 12%.
A technocrat who has no interest in politics is at work at the apex bank: He is CBN governor Godwin I. Emefiele, who was one of those President Jonathan decorated with the National Honours Award of CON (Commander of the Order of the Niger) on Monday (see photo).
Below are the official exchange rates of the naira in relation to other world currencies as of September 30, 2014:
|
Date
|
Currency
|
Buying(NGN)
|
Central(NGN)
|
Selling(NGN)
|
|
9/30/2014
|
US DOLLAR
|
154.75
|
155.25
|
155.75
|
|
POUNDS STERLING
|
250.4319
|
251.2411
|
252.0502
|
|
|
EURO
|
194.7529
|
195.3821
|
196.0114
|
|
|
SWISS FRANC
|
161.3828
|
161.9043
|
162.4257
|
|
|
YEN
|
1.4087
|
1.4133
|
1.4178
|
|
|
CFA
|
0.2806
|
0.2906
|
0.3006
|
|
|
WAUA
|
229.4269
|
230.1682
|
230.9095
|
|
|
YUAN/RENMINBI
|
25.2068
|
25.2887
|
25.3706
|
|
|
RIYAL
|
41.2513
|
41.3845
|
41.5178
|
|
|
DANISH KRONA
|
26.1641
|
26.2486
|
26.3331
|
|
|
SDR
|
229.4324
|
230.1737
|
230.915
|
Source: Central Bank of Nigeria
