Naira woes continue unabated despite CBN’s intervention

The Nigerian naira is seen weakening on the black market in the coming days as demand for the dollar increases, but is expected to trade within a range on the investor forex window and official interbank market, traders said on Thursday.

The naira on Thursday continued to fall against the dollar at the parallel market, losing one point to exchange at N368, weaker than N367 posted on Wednesday, while the Pound Sterling and the Euro closed at N478 and N432.

At the Bureau De Change (BDC) window, the naira was sold at N363 to the dollar, while the Pound Sterling and the Euro closed at N478 and N432.

However, the naira appreciated at the investors’ window, exchanging at N361.17 stronger than N362.39.

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Traders at the market told National Daily that in spite of the weekly auction of foreign exchange by the Central Bank of Nigeria (CBN) to BDC, the naira continued to depreciate.

The naira was quoted at 362.39 a dollar on the investor forex window on Thursday against 367.49 per dollar last week. On the official interbank window, the local currency trader around 305.65 a dollar.

The gain on the investor window was fuelled by increased dollar inflows from offshore fund managers investing in the domestic equity market, traders said.