It was reported that traders in Abuja and Lagos yesterday purchased United States dollar at the rate of N385.

According to the traders, the naira continues to firm up against major currencies, due to the consistent supply to the market by Central Bank of Nigeria.

The CBN yesterday offered the sum of $100 million to meet the requests of wholesale customers, out of which $91 million was taken.

The naira so far appreciated by about 25 percent in the parallel market since the beginning of the CBN new forex policy announced on February 20th. Before the new policy the dollar was exchanged at N520.

 
Meanwhile, a member of the National Assembly, Sen. Hope Uzodinma, has commended the Central Bank of Nigeria (CBN) for its effort at strengthening the Naira against the dollar.

Uzodinma, who represents Imo West Senatorial District, told the News Agency of Nigeria (NAN) in Abuja that the recent appreciation of the naira was commendable and should be sustained to put the economy back on track.

He called on relevant stakeholders, including government agencies, to support the CBN in taking further measures that would check the exchange rate.

“The Central Bank of Nigeria must be supported in its efforts at bringing down the foreign exchange rate and make Naira stronger.

“If trade facilitation is to be realised, if business will blossom in Nigeria, we need a strong currency and the key to any strong economy is predominantly based on the value and concept of the exchange rate.

“So, if our local currency is strong, if our purchasing power is strong, it means that our economy will be strong.

“The only way this can happen is to support the current effort of the Central Bank of Nigeria to encourage them to ensure that the exchange rate for US dollar to a naira will come up.

“Government has a responsibility to support our policy managers and economic managers in their various policies.

“Whatever has made the exchange rate as at today to be better than few weeks back, we have a responsibility and a duty as a matter of fact to support it,’’ he said.

Uzodinma, who is the Chairman, Senate Committee on Customs, Excise and Tariff, urged the CBN to ensure that commercial banks complied with foreign exchange guidelines, particularly on import and export.

“The guidelines as produced by the CBN are very straight and strict.

“But, what has happened over the years, why is the government revenue missing, is it because of poor monitoring?

“If the commercial banks, the importers and exporters are made to comply with the foreign exchange rate, the comprehensive import supervision scheme will be able to produce the expected result,’’ he said.