Naira rebounds, exchanges for N366 to dollar

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Naira rebounds, exchanges for N366 to dollar



…As Obasanjo calls common currency in ECOWAS

The Naira on Thursday appreciated against the dollar at the parallel market, the News Agency of Nigeria (NAN) reports.

The local currency rebounded barely 24 hours after the Central Bank of Nigeria (CBN) injected $195 million s into the foreign exchange (forex) market.

The Naira closed at N366 to the dollar at the end of trading on Thursday afternoon at the parallel market, three points stronger than N370 it closed on Wednesday.

The pound sterling and the Euro traded at N465 and N410 respectively.

At the Bureau De Change window, the Naira closed at N363 to the dollar, while the pound sterling and the Euro closed at N463 and N410, respectively.

Trading at the interbank market saw the naira closed at N305.90 to the dollar, while the import and export rates closed at N368 to the dollar.

Meanwhile, former President Olusegun Obasanjo on Thursday called on leaders of the Economic Community of West African States (ECOWAS) to agree on common currency to boost the regional trade.

Obasanjo made call at the ongoing 24th Annual General Meeting of the African Export-Import Bank (Afreximbank) in Kigali, Rwanda.

He spoke on: “Can Regional Economic Communities Work for Africa: Lessons from a Founding Father.”

He said the issue of common currency was getting delayed because the regional leaders had put forward “ECO” as a name for the currency but wondered why it had not been adopted.

According to him, the currency is required to move the current level of regional trade from 25 per cent to more than 50 per cent.

He said the various currency zones like the Naira zone and the Cedi zone, among others should not be allowed to mitigate the flow of trade within the region.

He blamed too many internal conflicts and changes in policies, among others, as some of the challenges facing the region.

Obasanjo, however, lauded ECOWAS countries for their ability to resolve the issues on their own, adding that ECOWAS on its own had resolved conflicts in Liberia, Sierria Leone and The Gambia.

He said in the case of Gambia, ECOWAS leaders agreed that a military option should be adopted but without firing a bullet.

“I was sure the ousted president Yahya Jammeh will leave but when he started delaying ECOWAS leaders met. It was agreed a military option should be adopted.

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