By Odunewu Segun
Financial experts have predicted further rise in the value of the naira against the dollar this week as the inter-bank forex market resumes today after the public holiday.
Industry experts are of the view that the rate of forex liquidity being pumped into the system by the CBN will lead to a depreciation of the dollar against the naira.
The CBN Acting Director of Corporate Communications, Isaac Okorafor, in a chat with business correspondents at the weekend confirmed moves by the apex bank to inject more foreign exchange into the inter-bank segment of the market, saying it was in line with the commitment of the Governor, Godwin Emefiele, to ensure that those who had legitimate need for foreign exchange were guaranteed access to it.
While stressing that the actions of the bank were in sync with its mandate of safeguarding the value of the local tender, Okorafor said the CBN remained determined to achieve a convergence of the rates in the interbank and Bureau de Change segments.
With the latest policies of the CBN, which cater specifically for SMEs, exporters and importers, market analysts are of the strong view that the Naira will firm up against other major currencies when trading commences this week.
Speaking at the weekend, frontline entrepreneur, Tony Elumelu also disclosed that global investors were excited about the forex policies of the CBN, which he stressed had brought predictability to the forex market.
It will be recalled that the CBN recently issued a forex policy statement establishing special windows for Small and Medium Enterprises (SMEs) to enable SMEs import eligible finished and semi-finished items not exceeding $20,000 for an enterprise per quarter. The Bank also established an “Investors’ & Exporters’ FX Window” aimed at encouraging foreign investors in the country’s forex market.
The naira was at the weekend, trading at N390 to dollar in the parallel market, and N306 to dollar in the official market.