Naira ‘stable’ despite dollar demand pressure

The naira remained steady against the dollar at the weekend.

Its exchange rate at the official and parallel markets was stable, despite sustained dollar demand pressure from importers and manufacturers seeking the greenback to meet customers’ demands.

Last week, the local currency exchange rate ranged from N482 to N486 to the dollar on the parallel market against N480 to N485 at the end of the previous week.

On the Investors & Exporters (I&E) window, the currency fell to N412, but recovered to N408.67/$.

According to a trading associate at AZA, global forex dealing firm, Oghenefejiro Eduviere, the market liquidity has reduced as Central Bank of Nigeria (CBNs) policies have restricted Forex inflows into the market in the face of huge appetite for dollars.