Market News

The naira weakened further on the offi – cial market yesterday, closing at N1,512.61 per dollar compared to N1,509.45/$1 on Tuesday, data from FMDQ shows.

According to forex traders, the local currency was flat at the parallel market yesterday, trading at N1,510 per dollar.

Bloomberg recently reported Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, as saying that the apex bank is “relatively pleased” with the progress it has made in stabilising the naira and believes the excessive volatility may be a thing of the past.

The news agency quoted to have stated that: “I do believe that we have more or less seen the worst in terms of volatility.

We are also very alive to observing the way and manner in which that market operates and ensuring that it gives the best value that that can be accomplished using certain tools.”

In its latest economic outlook, professional services firm, PricewaterhouseCoopers (PwC Nigeria) Nigeria stated that: “Interventions by CBN may cause the naira to stabilise in the long-term.

However, these interventions may become subdued in the absence of improved capital flows and export proceeds to the foreign reserves.”