The Dollar to Naira today in the exchange market shows the local currency slightly maintaining figures from previous trading session. The dollar to naira exchange today stands at N416.32 against the N416.39 as at market closing on Monday, 21 March.
The local currency continues to struggle amidst a number of underlying issues in Nigeria – all of which have clearly impacted the value of the dollar to naira today. Issues like the ongoing fuel scarcity has created a ripple effect that has affected the currency – of which doesn’t come as a surprise as the impact of that comes with the reduced value of the naira and the heightened prices for goods and services.
Also, with the Pounds Sterling and Euro, the naira also showed a bit of stability with rates sitting at N547.211 against the N547.0115 and N459.6173 against N459.1116 respectively from the previous day.
At the unregulated black markets, the dollar to naira today ranges from N580 to N581/$1.
CBN Maintains all Monetary Policies at MPC
Amidst high inflation rate and the ongoing fuel scarcity, the Central Bank of Nigeria (CBN) have disclosed that it will maintain all monetary policy parameters which includes the Monetary Policy Rate (MPR) at 11.5 per cent; asymmetric corridor of +100/-700 basis points around the MPR; the CRR at 27.5 per cent; and Liquidity Ratio at 30 per cent.
Undoubtedly, the apex bank has been embattled with a weak currency in the past few years and while the apex bank has put together a number of initiatives to save the naira, the issue only seems to not get better. At the meeting, the bank also acknowledged the ongoing fuel scarcity and how it has affected the nation in terms of inflation and by extension, affecting the dollar to naira today.
Cryptocurrency
Cryptocurrency showed a slight increase across board with observations also showing a positive direction for a number of cryptocurrencies.
Bitcoin to Naira stood at N17.721 million which represents a 3.67% increase against the N17.114 yesterday. Ethereum, which is the second most capitalised cryptocurrency also currently stands at N1.257 million which represents a 4.92% against its previous values at N1.207 million.
