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Naira maintains stability against U.S. dollar in January

Posted by By Jane-Frances Ajemba on 2006/02/04 | Views: 610 |

Naira maintains stability against U.S. dollar in January


SO far in 2006, naira's exchange rate has stabilised at N128.5 against the United States (U.S.) dollar, going by analysis of the world currencies exchange rates released by the Central Bank of Nigeria (CBN) on January 13, 16, 19, 26 and 27.

SO far in 2006, naira's exchange rate has stabilised at N128.5 against the United States (U.S.) dollar, going by analysis of the world currencies exchange rates released by the Central Bank of Nigeria (CBN) on January 13, 16, 19, 26 and 27.

It recorded an above average performance in December 2005 as it exchanged at N132.86 on December 1 and 8, but appreciated by N3.36 to exchange at N129.5 on December 9 and 10.

However, the naira's performance against the pound sterling on January 16 shows that it exchanged for N227.36 per one British pound and gained N1.63 on the 19 as it exchanged for N225.736 per pound sterling.

It, however, lost N3.68 and 94k on the 26 and 27 as it exchanged at N229.42 and N228.486 respectively.

Its exchange rate with the euro took a similar trend as it exchanged at N155.91 on the 16 and lost 65 kobo on the 19 to exchange at N155.25.

However, on the 26, it gained N2.1 as it exchanged at N157.34 per euro but bounced back to loss N1 at N156.33 on the 27.

The naira also lost 70 kobo against the Swiss Franc on the 19 to exchange at N155.25.

However, on the 26, it gained N2.1 as it exchanged at N157.34 per euro but bounced back to loss N1 at N156.33 on the 27.

The naira also lost 70 kobo against the Swiss Franc on January 19 as it exchanged for N99.87 per Swiss Franc as opposed to N100.57 it exchanged for the same currency on January 16.

It also gained N1.64 on January 26 as it exchanged at N101.52 per Swiss Franc and lost 89 kobo on the 27 at N100.626 per Swiss Franc.

However, the naira's gain against the Japanese yen was minimal on January 19 as it exchanged for N1.115 per yen as opposed to N1.1198 on the 16.

It also exchanged at N1.1082 and N1.0998 per yen on January 26 and 27 respectively.

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