The local currency after crossing the N500 alarming point in exchange for the dollar has recovered significantly.
Having depreciated in value to N500 to the dollar at the parallel
market, the value of the naira appreciated to N498 to the dollar, the
value it had been trading for weeks or weeks, even as external reserves
rose to $28.28 billion the highest in the year highest in a year.
The naira however remained stable at N305.25 to the dollar at the
interbank market, on the website of the Association of Bureau de Change
Operators; the naira was quoted at N315.38 to the dollar.
Demand for the greenback grew and the Central Bank of Nigeria
rationed dollar supply, having sold $660 million in 3- and 5- month
currency forwards at an auction aimed at clearing a backlog of dollar
demand. Traders however said the dollar sale was not enough to satisfy
the market.
Data on the website of the apex bank showed that the nation’s
external reserves has risen by 7.89 per cent since the beginning of the
year.
Traders said while the apex bank has been selling dollars on the
official market to support the naira, dollar shortages were causing the
naira to weaken on the black market.
Head of Africa Research at Standard Chartered Bank, Razia Khan said, “Despite rising foreign exchange reserves, it is the amount of forex that is supplied that matters.
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