NAIRA is not seen making any dramatic moves in the near term as the Central Bank sustains its tight control over the local currency, though there have been some dollar flows from month-end sales by some oil companies.
The local currency has held flat at 197-199 to the dollar since February when the Central Bank introduced controls to halt rapid depreciation in the wake of a sharp fall in global oil prices.
Traders said each bank now depended on dollar flows from oil companies to augment supply from the central bank in order to meet their customers’ demand.
“We are looking forward to a change in policy direction by the incoming government because the forex market has remained low in activity since the introduction of controls by the Central Bank,” one dealer said.
Traders said the Central Bank sells dollars at the interbank market at irregular intervals to sustain the exchange rate at the present level.


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