Naira Trades Below 400 In Parallel Market. Trend To Continue

by Ike Obudulu Last updated on August 26th, 2017,

Naira Trades Below 400 In Parallel Market. Trend To Continue. The Naira on Thursday was sold at N390 to a dollar at the parallel Market.The attached table suggests this is becoming a pattern that is likely to continue. The Nigerian naira is expected to strengthen further in the black market in the coming days with the central bank intervening in the foreign exchange market to narrow the gap between the official and parallel market rates.

Currency traders expressed the hope that the continuous appreciation of the Naira would affect the economy positively. The Association of Bureau De Change Operators of Nigeria (ABCON) urged the Central Bank of Nigeria (CBN) to loosen its policies on foreign direct inflow and Diaspora remittances as part of efforts at rate convergence. ABCON President, Alhaji Aminu Gwadabe said that recent development in the FOREX market had made it important for the CBN to review the rate at which it sells FOREX to BDCs.

Daily Black Market Rates Based on Lagos Locations. Rates may vary based on location.
NAIRA (₦)USD ($)
EURO (€)
GBP (£)

Gwadabe explained that a fair playing ground for all operators at the FOREX market was needed for the CBN to achieve its goal for rate convergence at the market.

“We see the exchange rate converging at some point between 380-400 naira to the dollar in the near term because of the determination of the central bank to increase dollar supply.”

Nigeria’s central bank plans to sell $100 million in currency forward contracts on Thursday to be delivered within the next 60 days.

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