Naira Seen Under Pressure Next Week | Independent Newspapers Limited
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Naira Seen Under Pressure Next Week

Posted: Jul 15, 2016 at 6:21 am   /   by   /   comments (0)

The naira could depreciate on the parallel market as holidaymakers seek dollars to finance their summer vacations abroad, reports Reuters.

The naira was trading at N357 to the dollar on the parallel market, weaker than N352 per dollar last week, but it has remained broadly stable at N282/N283 to the dollar on the interbank market.

Traders said the central bank was the main supplier of dollars in the market, hence the stability in the official rate, which is expected to continue into next week.

The central bank removed the naira peg last month but the parallel market is still thriving as the regulator maintained some restrictions on access to dollars in the official market by firms and individuals.