Naira firms up at N305 against Dollar at interbank FX Market

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Friday, January 06, 2017 6.00 pm / TheAnalyst 

Today, Naira maintained stable trading pattern, holding its key support level at N304.00 against the dollar at the interbank market. It closed flat to settle at N305.00 and N399.00 at  the interbank FX market and parallel market respectively as trading data had indicated.

Analysis reveals that the Naira closed flat at the interbank FX market to end the week with no price movement posture.  Further analysis revealed a sustained stable trading outlook, similar to the trading pattern recorded in the previous week as Naira recorded low volatility in both markets during the week.

The sustained sale of the dollar to BDCs and the stiff measures towards road-side currency traders had played significant role in achieving the stability observed, particularly at the parallel market level. However, speculative tendency and scarcity of FX remain the driving factors depressing the value of Naira.

Furthermore, the Nigerian currency still maintained its support level at N304.00 at interbank market while Naira sustained its strong hold at N399.00 at parallel market as trading pattern in both markets had indicated.

In addition, post Flexible FX regime analysis revealed that Naira had lost 8.21% and 15.65% in value at interbank and parallel markets respectively as at end of trading session today. The spread between the interbank and parallel market rates remained flat at 30.82% as against 30.82% recorded in previous week.

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