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Naira slips further, hits N497.50 against Dollar at parallel market

Today, Naira depreciated against dollar in both markets. It depreciated by 0.16% and1.12% at interbank FX market and parallel market respectively.  In addition, it sustained its key support level at N304.00to close at N305.00 against Dollar at the interbank market.

However, it slipped to new low at N497.50on the back of high price volatility during the week at Parallel Market as trading data had indicated.

According to analysis, Naira sustained stable outlook to close flat at the interbank FX market on week-on-week performance.  However, further analysis revealed high price volatility in parallel market as Naira plunged by 24.69% against Dollar in the week as against stable trading outlook recorded in the previous week.

In the recent time, we observed that the impressive stable outlook recorded in both markets had waned significantly while speculative tendency and scarcity of FX remain the driving factors depressing the value of Naira.

Nevertheless, the Nigerian currency still maintained its support level at N304.00 at interbank market while Naira slipped to new low of N497.50 at parallel market as trading pattern in both markets had indicated.

In addition, post Flexible FX regime analysis revealed that Naira had lost 8.21% and 44.20% in value at interbank and parallel markets respectively as at end of trading session today. The spread between the interbank and parallel market rates remained flat at 63.11% as against 30.82%recorded in previous week.

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