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The naira on Sunday appreciated to 445 against the dollar at the parallel market 7 days after the CBN launched a new foreign exchange policy and flooded the market with the greenback.
The naira has been gaining against the dollar following the introduction of CBN’s new policy.
The CBN also promised to sell $1m weekly to each of the 21 commercial banks in the country.
As a result, the naira which had tumbled to 520/dollar last Monday, closed at 450 on Friday. On Sunday it gained 5 more units.
Reacting, financial experts say the currency will continue appreciating if the status quo is maintained.
“There is always a restriction point beyond which the exchange cannot cross except there is a huge forex inflow to breach that ceiling,” a currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, said.
“The naira will gain further but it won’t be like last week’s own.”
The Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, praised CBN for the move and wondered why it took the apex bank so long to follow the course of action.
“With less than $600m supply into the spot market, the naira has gained 13 per cent of its value to N460/$ on Friday. Can you imagine what would have happened if the spot market was adequately funded in a transparent manner for nine months ago, rather than the opaque forward transactions.
“We expect the CBN to commit itself to a regular and predictable supply of dollars to the forex spot market in March. There will be a rapid convergence of rates and a gradual end to multiple exchange rates and forex abuse.”
The Managing Director of Cowry Asset Management Limited, Mr. Johnson Chukwu, also believe the naira will rise further this week.
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