The foreign exchange market on Thursday opened with a convergence between Investors and Exporters Window (I&E) and the black market. The US Dollar was quoted at of N367/$ at both market to open this morning in Lagos. Analysts are now looking forward to rate convergence at the Nigerian Autonomous Foreign Exchange (NAFEX).
Analysts said that the development is an indication of rising confidence and endorsement of the efforts and strategies of Central Bank of Nigeria (CBN) culminating in prompt interventions in the forex market. They argued that the renewed effort of intervention is yielding better than when there was forex scarcity in the country.
Adedeji, Ebo, managing director, Afrinvest securities limited, expects rate to converge at the Nigerian Autonomous Foreign Exchange (NAFEX), which is not a pegged market. He added that the convergence of rate is an indication of confidence in the market as investors are getting return on their investment.
Meanwhile, the CBN official rate remained at N305 70/$ Thursday morning after experiencing a slight changes of 0.02% Wednesrday