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Naira eyes N1,300/$ at parallel market as speculators offload FX

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Naira may be on track to regaining N1,300/$ as the dumping of hard currencies warehoused by speculators turns the foreign

exchange into a buyer’s market. exchange into a buyer’s market.

Naira closed at N1492.61/$ at NAFEM yesterday. The rate was lower than the monthly moving average . It is the first time in close to a year the official-parallel market spread would narrow to zero. Meanwhile, CBN may have lifted the restrictions on the importation of milk and dairy products. On February 11, 2020, the CBN added milk and dairy products to the list of items not eligible for forex.

The Bank said any entity that meets the “necessary extant regulation requirements is allowed to source for FX at NAFEM for the transactions”. As part of efforts to foster economic growth and create bilateral trade between the state of Illinois and Nigeria, the Illinois Department of Commerce and Economic Opportunity has held an inbound trade mission in Lagos.

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Naira depreciation continues against USD at Forex Market days after Binance exitThe Naira continued its depreciation against the US dollar at the close of the official foreign exchange market on Friday, days after Binance's discontinued Naira-denominated transactions. FMDQ data showed that it dropped to N1627.40 per USD on Friday from N1,602.17 on Monday. This represents a N25.23 or 1.
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