How The Naira Fared Against Dollar On Parallel Market (Aug 6)

The naira on Sunday, August 6, closed at 365 per United States dollar at the parallel market, reversing the gain it recorded in the past week.

Last week, the local unit had closed at 363/dollar.

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The Nigerian currency, which initially traded at 365/dollar, recorded slight after the Central Bank of Nigeria (CBN), sold $462m to players in the foreign exchange market last Monday.

The apex bank specifically sold the total sum of $462,336,426.74.

A breakdown showed that the Retail Secondary Market Intervention Sales received the largest allocation of $267.3m, while the sum of $100m was offered for wholesale interventions; the sum of $50m was allocated to the Small and Medium Enterprises forex window.

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Those requiring foreign exchange for Business/Personal Travel Allowances, tuition and medical fees, among others, got a total allocation of $45m.

The naira is forecast to trade in a narrow range this week, and is expected to get support due to dollar inflows from CBN.

At the official interbank market, the naira has stuck around 305.90/dollar since August 2016.

On the CBN Investor and Exporters FX window, the local currency was quoted at 367 to the dollar, Reuters reported.

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