$1= N462 as Naira Drops at parallel market

Rates in the parallel market will remain under pressure and we might see it above the N460 /$ levels it is currently trading at. 

The Naira depreciated on Tuesday at the parallel segment of the foreign exchange market against the U.S (United States.) dollar selling at N462 to $1 compared to N460 against the dollar on Monday.

Victor Silas, an Investment analyst, in an interview with Nairametrics, explained that the downward pressure seems to persist at the black market due to the limited forex supply at the I & E window. He said,

With the prolonged limited FX supply to the market, investors and corporates unable to get dollars at the I & E windows will result in the parallel market. As more shortage of FX supply is prolonged and unable to meet demands.  

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“Rates in the parallel market will remain under pressure and we might see it above the N460 /$ levels it is currently trading at. 
 At this point, Nigeria’s central bank needs to restore confidence and provide more FX for legitimate transactions.” 

(READ MORE: Naira depreciates to N460/$1 at the parallel market, despite improved liquidity)