Naira records stability over low remittances

AS opposed to thesituation in thistime of the year when the naira appreciates against other world currencies as a result of influx of high volume of foreign currencies into the country, the exchange rate has remained relatively stable.Ideally, the Yuletide season is characterised by high volume of remittances from abroad.Investigations by the Nigerian Tribune showed that the naira has continued to maintain near balance in all the market segments which include official, interbank markets, Bureau De Change (BDC) and the parallel market.At the Central Bank of Nigeria (CBN) official window, the naira had exchanged for N156.7 to the dollar since the beginning of December.In all the BDCs visited on Monday, the naira exchanged between N163 and N165 against the dollar, whereas the naira exchanged for between N163 and N166 against the dollar at the parallel market.Experts attribute the current development to the economic crisis experienced by European countries and the United States of America, where remittances from Nigerians in Diaspora had reportedly reduced from $12billion to about $5billion annually.
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