Naira Soars to N320 Against Dollar on Parallel Market

Naira rises at the parallel market to 320 to the dollar on Thursday, March 24, compared with 326 last week, spurred by tight liquidity and increased dollar supply.

The naira is expected to strengthen slightly against the dollar next week on the parallel market, while several other African currencies are expected to hold steady.

The local currency is seen appreciating slightly against the dollar on the parallel market next week, although the official rate will remain steady around the 197.50 level.

“We see the tightening of liquidity by the central bank curbing speculations on the forex market and reduce pressure on the naira,” Aminu Gwadabe, head of Nigeria association of bureaux de change said.

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