Naira Remains Low As Oil Marketers Purchase $13.85million In One Week

The value of Nigeria’s currency is expected to remain low this week ahead of the rollout of the foreign exchange policy of the Central Bank of Nigeria next week.

The naira had last week sold for as high as N360 to the dollar after the federal government announced the partial deregulation of the petroleum sector.

Oil firms had been told to seek foreign exchange from the secondary market, triggering an increased pressure on the currency at the parallel market as the naira had declined in value from N321 to N360 within three days.

Oil marketers had last week bought $13,854,387.72 from the CBN through eight commercial banks at N197.5 and their demand for foreign exchange is expected to increase the pressure on the naira at the parallel market.

The president of the Association of Bureau de Change Operators of Nigeria, ABCON, Aminu Gwadabe, speakig on the development said the pressure on the naira would continue to be strong but the value is expected to be relatively stable as the market awaits the decision of the apex bank.

“There has been a calm after the initial announcement which saw the naira drop to N360, which it is at now, and is expected to remain so until the CBN announces their plan,” he said.