The naira is expected to remain under pressure on the parallel market next week, but could trade within a band as traders and buyers seek appropriate value for the local currency.
The local currency was quoted at N310 to the dollar yesterday, firmer than the N350 to the dollar last week at the parallel market as the West African country’s currency oscillate between N330 and N310 to the dollar in the week to yesterday.
The naira rate remains flat around the peg rate N197.50 on the official interbank market.
“We have seen some resistance on the part of buyers not willing to pay more for the dollar,” one dealer said.
Traders said that the dollar supply remains tight but markets will continue to trade within the prevailing band as long as buyers are not willing to pay more for the available dollars.
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