The Naira stabilised in the parallel market at the start of the week, trading flat at 485 to the dollar as oil prices remained steady amid optimism of a recovery in global fuel demand.
Oghenefejiro Eduviere FX Trading Associate, AZA, said Nymex futures were broadly unchanged, just shy of $63 a barrel, bolstered by a recent OPEC report raising its 2021 oil demand forecast to 5.95 million barrels per day from 5.89 million a month earlier.
On the I&E Window, the Naira opened the week flat against the greenback at 410, supported by improved market liquidity as transactions increased 48.2 per cent to $15.44 million, though it had slipped slightly by midweek to 411.67 amid efforts from the Central Bank of Nigeria to boost remittances.
“We expect the Naira to remain stable in the parallel market, trading at around 480-485 to the dollar, while on the NAFEX window, we expect slight depreciation towards 415 to the dollar as the market digests the increase of diaspora remittances,” he said
