Erases the gain of eight months. The NAFEM rate stays at N1,600. The CBN plans to introduce a new forex trading system.
Dealers in the parallel market anticipate further depreciation.Fiscal and monetary authorities have different opinions.
At the close of trading last weekend, the local currency hit N1,740/$1 in the parallel market, indicating that it is about to completely reverse its gains as the depreciation trend reaches a new high.
The Nigerian Autonomous Foreign Exchange Market, or NAFEM, saw a slight increase in the value of the Naira, but it stayed steady as traders speculated that the Central Bank of Nigeria, or CBN, would likely step in at any time to ease the pressure on the exchange rate.
The indicative exchange rate for NAFEM dropped from N1,601.2 to N1,600 per dollar on Thursday, according to data from FMDQ.
