Naira set to appreciate next week

LAGOS Nov 10 (Reuters) – Nigeria’s naira is likely to strengthen in the parallel market next week after a decision to regulate rates and curb speculation.

The naira is seen trading firmer in the parallel market after security agencies arrested some black market forex dealers and the decision of bureau de change operators to regulate rates and curb speculation on the local currency.

“We have agreed among ourselves that the naira should be traded within a band of 390/400 a dollar at the bureau de change level, this is our own way of cutting off speculators from the market,” Aminu Gwadabe, president of bureau de change operators said.

The naira was quoted at 460 to the dollar at the parallel market on Thursday, firmer than 470 per dollar a week ago, while at the official window it was quoted at 315.50 to the dollar by commercial lenders.

The naira is seen closing at 305.5 to the dollar after the central bank’s expected intervention in the market.

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