Market News
Naira appreciates to N1,580/$ in parallel market - VANGUARD
By Elizabeth Adgbesan
Today, the naira appreciated N1,580 per dollar in the parallel market, compared to N1,582 on Thursday.
However, the Naira depreciated to N1,538 per dollar in the Nigerian Foreign Exchange Market (NFEM).
Data published by the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira rose to N1,538 per dollar from N1,536 per dollar Thursday, indicating N2 depreciation for the naira.
Consequently, the margin between the parallel market and NFEM rate narrowed to N42 per dollar from N46 per dollar on Thursday.
However, in their Weekly Financial Market outlook for next week, analysts at CowryAsset Management Limited projected mixed performance for the naira as demand pressure deepened.
“Looking ahead, we anticipate a mixed outlook for the Naira as demand pressures for the greenback intensify, with foreign exchange, FX, users and speculators continuing to exploit arbitrage opportunities.
“ Nevertheless, we expect the CBN to sustain its weekly interventions in an effort to stabilise the local currency.”
