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Naira breaks 20-year jinx From Bright Ewulu, in Lagos The Central Bank of Ni-geria (CBN) has disclosed that the nation’s currency, the Naira, has broken a 20-year jinx this year, as it appreciates in value normally, for the first time in 20 years. CBN governor, Professor Charles Soludo who disclosed this recently in Bauchi, Bauchi state, stated that apart from the improvements the currency recorded in the Dutch Auction System (DAS), it recorded growth in the parallel market. Soludo said that the fact that the naira has maintained a level of stability in the past five months of 2004 in the forex market, showed that the development is an indication that certain things are going well for the economy. He said the positive developments in the economy must have also enabled the cu-rrency to firm up and become strong since December, 2003 when its official rate hovered around N140 per dollars and N150 per dollar in the parallel market. According to Soludo, this positive outcome of the Naira exchange rate owes to CBN’s light monetary controls, and gave the indication that the apex bank may continue on that path in the months ahead. It would be recalled that some experts have over the years condemned the CBN for its foreign exchange management strategy which they say is responsible for the fraudulent practices which allegedly bedevil the market. The CBN, however, gave an indication recently that it may soon be bearing its teeth against some banks being investigated for round tripping. According to him, when the CBN concludes its investigations, the banks found liable will be sanctioned in accordance with the rules.   TO NEXT BUS PAGE...

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