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The naira will appreciated in the parallel market towards 490-495 against the dollar in August/September after hitting a record low following the stoppage of foreign exchange supply to Bureaux de Change, the Managing Director of Financial Derivatives Company Limited, Mr Bismarck Rewane, has said.
The naira had plunged to 525/$ at the parallel market on July 29, a day after the Central Bank of Nigeria stopped forex sales to BDCs. It closed at 510/$ on Monday. “Gross external reserves will get a bump from the SDR facility. Naira will appreciate in the parallel market towards N490-495/$,” he said while highlighting the outlook for August/September.The external reserves rose to $33.56bn as of August 6 from $33.40bn at the end of July, according to CBN data.
“The CBN will increase forex supply especially to airlines and invisibles. Interbank interest rates will climb back up to 15-20 per cent range. AS CRR, other debits squeeze liquidity in the system, investors will remain tentative until signs of policy stability become manifest,” he said.
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