A currency analyst at Ecobank Nigeria, Kunle Ezun, has disclosed that if the Central Bank of Nigeria, CBN, continues to maintain its stance on Forex, in line with Dollar restrictions the Naira might rise as high as 200 against the Dollar.
Ezun made this known while reacting to the recent upsurge of the Naira at the parallel market.
As at Monday 17th August 2015, the Naira appreciated against the Dollar at the parallel market to 217 against the low outing of 221 it had on Friday.
The Naira according to news reports climbed as a result of the low demand for the Dollar in the foreign exchange markets.
Head, Investment and Research, Afrinvest West Africa, Ayodeji Ebo said the gains made by the Naira at the parallel market yesterday was a good sign for the economy, adding that it would help the CBN to measure effectively the true value of the currency in the event of a possible devaluation in the near future
- “If there is a convergence between the interbank and parallel market, the CBN may possibly review its restrictions imposed on the Forex market.”
Forex traders on the other hand linked the development to Dollar liquidity brought about by the sales of the greenback by CBN.
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