BUSINESS
Naira strengthens at parallel market, rebounded at NAFEX
After trading between 368 and 370 for over a week, the Nigerian currency, Naira, on Wednesday extended gains recorded at the parallel market, while strengthened at the Nigeria Autonomous Foreign Exchange Fixing (NAFEX) window. At the close of yesterday trading activities, the naira, at the unofficial market appreciated by two points to close at 366 per dollar against 368 traded on Tuesday and 370 exchanged on Monday.
The naira, however, steadied at 475 to the pound after recorded three point gains the previous day, against 478 sold on Monday and also, rebounded against the Euro to record new rate of 432 stronger than 434 traded Tuesday and Monday.
At the NAFEX window, the naira strengthened to close at 359 per dollar better than 359.67 sold on Tuesday but weaker than 359.56 ended earlier in the week. Although, it opened at an appreciable rate of 360.03 compared to 360.66 of Tuesday, representing improvement of Monday361.13, which indicated an appreciating figure of 0.13 per cent, FMDQ OTC data has showed
But recorded a total decline of $33.6 million in turnover after dropping by $105.75 million on Tuesday, while comparing traded figure of $73.87 million against $107.47 on Tuesday, even though but days were lower significantly compared to $213.21 million traded on Monday.
The naira, continued on lower trend at the official FX market, to remain flat at 305.85 per dollar against 305.80 on Tuesday, which was the same price sold on Monday and last Friday, even though it was traded between 305.60 in past weeks. The local currency, also, gained at the interbank market to close at 359.50 per dollar better than 360.05 on Tuesday, 464.61 against 466.80 to the pound sterling.
It would be recalled that the Central Bank of Nigeria (CBN) on Monday injected a total sum of $250 million into the official foreign exchange market, in an effort to boost liquidity in the market, while pursuing convergence forex rate in the country.
The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, had explained that $100 million was injected to uplift the Small and Medium Enterprises and invisible segments, with $85 million and $65 million respectively.
Okorafor said that the apex bank would pump even more liquidity into the market in the coming days, noting that the move by the CBN was necessary to enhance stability in the foreign exchange market.
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