Sentiments turn positive for Naira as traders quote below N1,300/$ on NAFEM

Traders are increasing quoting rates less than N1,400/$ on the official foreign exchange market as the Nigerian local currency the Naira continues to strengthen ahead of the March 25 meeting of the monetary policy committee, MPC of the Central Bank.

At the market on Thursday, almost 80 deals were done at rates below N1,350/$ with some traders quoting N1,251/$, the lowest since this year.

Data made available to BusinessDay showed that 347 deals were done on NAFEM on Thursday with volume rising to near $600m.

Of this more than half of the deals or 255 were done at rates below N140/$ with traders saying the Naira has turned the corner.