Naira finds support level at N304.00 in interbank market

Naira appreciated against Dollar in interbank FX market by 0.16% to close at N304.50 on Friday, but traded southwards by 0.21% at Parallel Market to close at N470.00.

Also, end of the week analysis revealed Naira with mixed outlook against dollar in both markets, to depreciate by 3.75% in parallel market but appreciated by 0.08% in interbank FX market as against previous week 1.31% appreciation recorded in parallel market and 0.98% 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 8.04% and 36.23% 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 gained weight to close higher at 54.35% as against 48.65% 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.

We hope you enjoyed reading the above post. How about helping us share the information to your fans and friends on social media? Meanwhile, you can rely on us daily for the latest and relevant free forex trading signals, free forex trading market news, free forex trading technical levels, weekly Pool draws, latest news from Nigeria and the world, educational articles and quality academic information, insurance news and scientific knowledge.

Do you need a classical ORGANIST or an excellent music teacher? CALL Fabian on 08033983034 or email him at

Follow us on twitter @newsbeatportal

learn how to make profit from your losing bets on nairabet, bet9ja, merrybet, surebet. 07030635051
Engage #SantexTech today to build & install inverters, training on inverters & other electronic designs, projects/kits. Call 08039574535

Click to join Talk Nigeria Today, a group where hot, controversial, and breathtaking issues are brainstormed upon.

Konga Verified Blogger

Leave a Reply