Nigerian Naira On The Ropes In Black Market

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The Nigerian naira could weaken in the parallel market next week after the central bank restricted access to foreign exchange by importers, while Ghana’s cedi may be buoyed further by central bank dollar sales, reports Reuters.

NIGERIA
The naira is expected to weaken further driven by pressure from importers excluded from the interbank market after the central bank 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 central bank imposed curbs in February to halt speculation on the local currency and prevent its rapid decline.

“Since the central bank 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.

GHANA
The cedi could rally against the dollar next week on central bank dollar sales, bolstered by renewed donor confidence after Ghana received a positive review of its $918m aid program with the International Monetary Fund (IMF).

The local currency, which touched a record low of 4.4100 against the greenback early last week, had rallied to 4.3000 by 1000 GMT from 4.3600 last Thursday.

“The gains are largely attributed to central bank’s regular sale of dollars and we expect further recovery in the week ahead, if the central bank’s support is sustained,” Joseph Biggles Amponsah of Dortis Research said.

Barclays Ghana said in a note that the “glowing” IMF review would also help bolster the cedi in the weeks ahead.

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