Today, Naira depreciated against Dollar in interbank FX market by 7.92% to close at N328.50. The Nigerian currency also traded southwards by 0.21% at Parallel Market to close lower at N469.00.
At the end of week, analysis revealed Naira with mixed outlook against dollar in both markets, to appreciate by 0.21% in parallel market but depreciated by 8.01% in interbank FX market as against previous week 3.75% depreciation recorded in parallel market and 0.08% appreciation recorded in interbank market.
The continued sale of dollar to BDCs had played significant role in modest stability observed recently in both markets. However, speculative tendency and scarcity of FX remain the driving factors depressing the value of Naira.
Meanwhile, the currency seems to have found its support level around N304.00 and N454.00 in interbank and parallel markets respectively as trading pattern in both markets had indicated.
So far, post Flexible FX regime analysis revealed that Naira had lost 16.69% and 35.94% in value at both interbank and parallel markets respectively as at end of trading session today.
The trading gap or spread between the interbank and parallel market contracted to close lower at 42.60% as against 54.35% recorded in previous week.
We would like to maintain our position as indicated by a cursory analysis, using CAGR of 0.46% to put the value of Naira above N800.00 against a Dollar before end of year if the factors that are driving current scarcity and speculative tendency remain unchanged.
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