By Esther Okafor
The Naira has firmed against dollar at the parallel market. The naira, fell to 371 last week, but appreciated to 367 on Monday.
Economists, analysts and foreign exchange dealers have said the naira will appreciate at the parallel market as soon as the CBN released details of the planned Forex policy.
The President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, said the black market rate might be strengthened, if the official one weakened, and inflows from investors picked up.
He said, “The naira may trade around 300 to a dollar on the black market after the announcement, because we expect supply to improve.
“In the past weeks, the central bank had created doubt in the market, which triggered another round of speculation.”
Few weeks ago, the CBN Monetary Policy Committee said it would abandon its naira peg to the dollar and introduce a flexible currency regime.
The World Bank, last Tuesday, cut Nigeria’s economic growth forecast for 2016, citing weakness from oil output disruptions, low prices, and the CBN’s foreign exchange restrictions.