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Home Markets Currencies

Naira’s volatility remains stable at the parallel market

Olumide Adesina by Olumide Adesina
June 12, 2020
in Currencies
COVID-19 could save naira from depreciating further, Many odds against the naira, Naira forwards and parallel market crash puts pressure on official exchange rate, Naira appreciates to N386.94 to $1 at investor and exporters window. , Naira set for recovery as ABCON issues guideline to members for forex sales resumption, Naira falls against the Euro, British pound sterling but gains against the U.S dollar, Naira falls at black market, dollar liquidity remains relatively low  , Forex, Naira drops further at the black market despite appreciating at I&E window 
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The naira maintained stability against the American dollar at the parallel segment of the foreign exchange market, this week. Nigeria’s currency sold at N450 to $1 on Friday and has remained at this rate for the past six working days, refusing to breach the N450 support levels.

The stability of the naira is reinforced by the country’s foreign reserves, which have remained relatively stable at around $36.5 billion as at Thursday.

READ MORE: Senate passes the revised N10.8 trillion 2020 budget

Nigeria’s central bank, some weeks ago, resumed dollar sales to individuals and businesses with genuine needs, selling around $100 million per week, though it is yet to resume selling to foreign-based investors; it had scrapped a planned auction due to lockdown measures to slow the COVID-19 pandemic.

The Central Bank of Nigeria (CBN) stated recently that it would use all the monetary tools it had to rescue the Nigerian economy from the fallouts of the COVID-19 induced global economic strain, and stabilize the naira. It had also taken some concrete steps to tackle currency speculators.

Meanwhile, the dollar was up on Friday, with the U.S. reporting more than 2 million COVID-19 cases as of June 12, triggering renewed fears of a second wave of cases.

READ ALSO: Emefiele speaks on what he intends to accomplish during his second term

The U.S. Dollar Index that tracks the greenback against a basket of other currencies gained 0.10% to 96.85 by 4:54 am, Nigerian time.

“The animal spirits aren’t so strong,” Marc Chandler, Chief Market Strategist at Bannockburn Global Forex said to CNBC. “One trade is rippling through the markets: taking profits on equities, beating up on emerging markets, unwinding gains in these leading currencies and flocking to the safety of the debt markets.”

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Tags: Business NewsCBNCentral Bank of NigeriaCovid-19Marc ChandlerNairaNigeria News

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