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The naira edged higher to about N260 to a dollar on the parallel market yesterday, compared with about N266 to a dollar it was before last week’s public holidays.
Findings from most of the parallel market traders at the Murtala Mohammed International Airport and other areas around Ikeja yesterday attributed this to an increase in supply of the greenback from autonomous market sources, especially from Nigerians abroad who visited the country for the yuletide.
The interbank official forex market which was shut down for the yuletide is expected to be re-opened on January 4, 2016. The naira had depreciated to about N280 to the dollar about three weeks ago as a result of dollar scarcity that hit the market.
The declining oil prices as well as the unwillingness of the Central Bank of Nigeria (CBN) to devalue the naira amidst constrained reserves has continued to worsen foreign exchange (forex) liquidity position of Nigerian banks, Renaissance Capital (RenCap), a financial advisory and research firm, stated.
However, RenCap opined that should the forex scarcity persists in a weak oil price environment, banks’ asset quality and international obligation default risks could be significant.
Credit: Thisday
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The naira appreciated against the US dollar in the parallel market, closing at N215 to a dollar. This represents an appreciation of N16 from Tuesday when a dollar exchanged for N231 in Lagos and Kano, and N230 to a dollar in Abuja.
It was gathered that the CBN issued a circular to sell additional $30,000 to all licensed bureaux de change (BDCs) in the country on Friday, apart from the weekly sale of $30,000 that the apex bank normally makes to each BDC.
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The Naira, at the Interbank market, on Thursday gained 80 kobo to the dollar, the Central Bank of Nigeria (CBN) says.
The apex bank, in a statement in Lagos, said that the Naira closed at N185.50 from the N186.30 recorded on Wednesday. News reports that the appreciation may be due to regular intervention at the interbank and foreign exchange markets by CBN.
One of such measures included review upward of the Net Open Positions (NOP) of commercial banks’ shareholders’ fund from 0.1 per cent to 0.5 per cent.
The upward review is to increase liquidity at the interbank and foreign exchange markets. The Naira had been on the downward trend due to the drop in oil prices at the international market.
Credit: NAN
