Naira to trade in tight range at black market – Reuters

The naira is expected to trade in a tight range in the official and parallel markets.

Reuters reports that this will be the situation as Africa’s biggest economy struggles to curb speculation on the local currency and reduce pressure on its dwindling dollar stocks.

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The naira was quoted at 465 to the dollar on the parallel market on Thursday against 460 per dollar last week.

Commercial lenders quoted the local currency at 314.80 to the dollar in the official interbank window.

“The central bank has intensified its effort to manage the exchange rate at the present level by influencing how the scarce dollar is sold at the parallel market, while selling dollar daily at the interbank market to keep the naira from falling further,” a trader at one commercial bank said.

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