BUSINESS
Naira gains at parallel market, other forex segments
The Nigerian currency, Naira, yesterday strengthens at all foreign exchange segments, gaining two points at the parallel market to close at 363 per US dollar againstb365 sold on Monday.
Even though, the naira was retained at 474 to the pound and 422 against the euro at the unofficial forex market, it recorded N1.29 gains at the Investor &Exporter FX widow.
However, close at 366.58 compared to 367.88 traded per US Dollar, after opening at 367.72 against 367.04 it did the previous day. The naira, had dropped by 0.07 per cent on the widow on the first trading day of the week, but rebounded yesterday to record 0.39 per cent, while daily turnover settled at $83.98 million against $53.24 million traded on Monday, this according to the latest data obtained from the FMDQ OTC.
The currency, also, appreciated further against the Greenberg by 0.2 per cent at the official forex market, closing at 305.60 against 305.65 exchanged on Monday. Nigerian currency, had closed at 365 against the United States dollar at the parallel market segment of the foreign exchange market on Monday, down from 364/dollar it closed on Friday.
This was despite the sales of $462m and $195m in the interbank forex market by the Central Bank of Nigeria on Friday and Monday, respectively. In line with its commitment to sustain and deepen flexibility in the forex market to further enhance forex flow in the economy, the CBN sold the total sum of $462,336,426.74.
A breakdown showed that the Retail Secondary Market Intervention Sales received the largest allocation of $267.3million. The CBN also offered the sum of $100m wholesale interventions, while the sum of $50m was allocated to the Small and Medium Enterprises forex window.
Those requiring foreign exchange for Business/Personal Travel Allowances, tuition and medical fees, among others, got a total allocation of $45m. The naira is forecast to trade in a narrow range this week, and is expected to get support due to dollar inflows from the CBN.
Meanwhile, economic and financial analysts said the continued intervention by the CBN was helping the regulator to keep the local currency from depreciating beyond the current state.
They said if the central bank failed to sell the greenback, the naira could begin to slide further. Some stakeholders, who lauded the CBN for creating the Investors and Exporters FX window, however, said that the local unit might eventually find its equilibrium price close to 400/dollar.
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