Nigeria: Naira gains at official market, weakens at parallel market
The Nigerian naira strengthened at the official Nigerian Autonomous Foreign Exchange Market (NAFEM) on Monday, closing at N1,531.19 per dollar, an improvement from N1,536.89/$ recorded on Friday. This marginal appreciation comes after a week of struggle, where the currency depreciated by 1.25 percent to settle at N1,536.89/$ on Friday.
However, in the parallel market, the naira weakened to N1,570 per dollar, compared to N1,568/$ at the end of last week. This marks a reversal from last week's N12 gain against the dollar, when the currency appreciated by 0.77 percent week-on-week, closing at N1,568/$ on average.
The continued volatility in the foreign exchange market has raised concerns among financial analysts and industry stakeholders. The Association of Bureau De Change Operators of Nigeria (ABCON) expressed concern over the naira's instability, stating that the currency has become one of the most unpredictable in the world.
According to the association, the naira has been subject to trade wars, exchange rate pressures, and speculative attacks, further complicating its trajectory.
Despite the Central Bank of Nigeria's (CBN) efforts to boost foreign exchange supply to banks and Bureau De Change operators, the local currency remains under pressure. Experts warn that while these interventions may offer short-term relief, they do not address the structural issues affecting Nigeria's forex market.
'Looking ahead, we anticipate a mixed outlook for the naira as demand for the dollar intensifies. FX users and speculators continue to take advantage of arbitrage opportunities. However, we expect the CBN to maintain its weekly interventions to stabilise the currency,' analysts at Cowry Assets Management Limited stated.
At the official NAFEM window, the naira closed at N2,025 per British Pound Sterling, N1,700 per Euro, N1,115 per Canadian Dollar (CAD), and N215 per Chinese Yuan.
The naira's movement in both markets reflects the ongoing struggle between monetary policies and market forces, with stakeholders closely watching the CBN's next steps to ensure a more stable foreign exchange environment.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
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