The naira yesterday closed at N950/$1 at the parallel market, sustaining a steady rebound against global currencies.
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The recovery of the naira has been linked to rising liquidity in the market and speculators releasing long-held dollars to the market.
The local currency, which crossed N1,350/$1 at the parallel fortnight ago, strengthened to N1,035/$1 last Friday. Many analysts are predicting further firming-up in within the week.
However, at the Investors and Exporters (I&E) window – the official market, the local currency recorded marginal loss, closing at N809.2/$1 from N776.14/$1 it closed last Friday.
The Central Bank of Nigeria (CBN) said it will occasionally intervene to boost liquidity in the forex market, and stabilize the local currency.
Dealers and financial experts said the volatility in the market is a fallout of acute dollar scarcity and speculative activities by legal forex dealers.
Former Registrar, Chartered Institute of Bankers of Nigeria (CIBN), Dr. Uju Ogubunka, said Nigeria’s trade balance has been weakened by its inability to produce and earn forex.
To firm up the naira, he said Nigeria must find new ways to boost production to earn more dollars and boost foreign reserves. Ogubunka, who is also the President, Bank Customers Association of Nigeria, said aside boosting production, there is need to tackle insecurity to allow farmers go to their farms.
He said such effort will help increase crop yields and bring more dollar earnings for the economy that will ,firm up the local currency.
According to him, insecurity and the political uncertainty are delaying several corporate investment decisions that would have brought in more dollars to the economy.
President, Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Aminu Gwadabe, said there was need to encourage market participants to source forex from independent windows to boost liquidity.
He called for enabling environment and fair treatment for all the players to achieve exchange rate stability.
He advised the Federal Government should enhance financial intelligence by tracking people with proceeds of corruption to sanitize the market.
Gwadabe said many of the people with proceeds from corruption are the ones putting pressure on the forex market through their manipulative actions. “The naira is depreciating not by forces of demand and supply, but by the collective action and impact of the people with illicit funds,” he said.
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