Vwegba Blogging World

Naira has strengthened against the US dollar – The currency gained N360 against the American dollar The Naira has finally strengthened against the US dollar. Nigeria’s naira has finally strengthened against the US dollar after weeks of free fall on the parallel market. On Friday, February 19, the currency gained N360 against the American dollar what means that the pressure on the national currency has eased. However, some unofficial traders sell it at N370 per dollar and buy at N367. Reuters reports that Nigeria’s overnight interbank lending rate dropped to an average of 1% on Friday from around 4.5% on Thursday as the market anticipated refunds of cash deposited by commercial lenders for foreign exchange purchases. According to traders, liquidity dropped sharply and the cost of borrowing climbed after commercial lenders moved cash to their naira accounts with the central bank to enable them to take part in the weekly forex intervention on Thursday. On Tuesday, February 16,