Naira to depreciate next week at parallel market – Reuters

The naira is expected to depreciate slightly at both the official and parallel markets on the back of gradual increase demand for forex by small businesses stocking for forthcoming Christmas and New Year sales.

The local currency was quoted at 470 to the dollar on the parallel market on Thursday, weaker than 465 a dollar last week due to increasing demand for dollars, traders said.

Commercial banks quoted the naira at 305 per dollar on the official window, near levels it has closed since August.

“The clamp down on black market operators by security agents has negatively impacted dollar supply to the market,” one Bureau de changer operator said.

Security agents have been raiding the offices of black market currency dealers, ordering some to sell dollars at a lower rate in a bid to break the fall of the local currency.

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