Naira Remains Under Pressure Despite Higher Forex Reserves

The naira remained under pressure across official and parallel markets despite continuing increase in Nigeria’s foreign exchange (forex) reserves.

The naira depreciated by 0.2 per cent at the official Investors and Exporters (I & E) Window and fell further by 0.5 per cent at the parallel market.

Nigeria’s forex reserves, meanwhile, rose for the second consecutive week to close at $39.87 billion, an increase of $25.56 billion.

The naira depreciated N416.67 per dollar at the I & E Window as turnover on the official window declined by more than 20 per cent.

At the parallel market, the naira declined to N577.00 per dollar, as large unmet demand continued to sustain wide gap between the official and parallel rates.

Most analysts said they expected the nation’s currency to remain under pressure despite the steep rise in crude oil price.

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