Introduction of new measures, exempting some items from access to the official foreign exchange market has continued to put pressure on the Naira as it traded 230 to the dollar at the parallel market on Wednesday.
Naira could weaken in the parallel market next week after the Central Bank of Nigeria, CBN restricted access to foreign exchange by importers, said Reuters.
The naira is expected to weaken further driven by pressure from importers excluded from the interbank market after the CBN restricted access to forex by importers in its bid to protect its foreign reserves.
The local currency was trading at 230 to the dollar at the parallel market, versus 222 to the dollar last week.
The naira was trading at 196.95 at the interbank from 199.40 a week ago.
Moves have been limited in the official forex market after the CBN imposed curbs in February to halt speculation on the local currency and prevent its rapid decline.
“Since the CBN introduced the new measure, exempting some items from access to official forex market, pressure has continue to mount on the parallel market and we see this trend continuing in the near term,” a trader said.
“The market is very volatile now as a result of the restrictions placed on about 41 items by the central bank. Most importers are now patronising the parallel market to source their dollars,” said Harrison Owoh, the head of a foreign exchange bureau.

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