Nigeria’s naira to dollar exchange rate remained stable at the parallel market throughout last week, from Monday, April 5 to April 9, 2021.
The naira traded flat at the parallel market at N485/$ throughout last week after appreciating from N486/$ in the previous week.
Nigeria’s forex reserves have continued to grow, adding $519.17 million from March 19 to April 6, 2021.
This is amid the new Central Bank of Nigeria’s ‘Naira 4 Dollar’ policy introduced to shore up Nigeria’s forex earnings.
At the Investors and Exporter’s (I & E) window, the exchange rate fluctuated between N408.67 to 411, which analysts attributed to accumulated demand for dollars carried over from the long Easter break.
The Head of Trading at AZA Finance, Murega Mungai, predicted that naira would remain stable on the parallel market, hovering around the 480 to 490 level, due to the CBN’s ‘N5 for $1’ incentive scheme which is encouraging forex flows through the banks.
He also estimated that trading on the NAFEX window would depreciate towards 435 in the short term.
