Nigerian naira on the ropes in black market, cedi to rally

The naira is expected to weaken further driven by pressure from importers excluded from the interbank market after the central bank restricted access to forex by importers in its bid to protect its foreign reserves.
The local currency was trading at 230 to the dollar at the parallel market, versus 222 to the dollar last week.
The naira was trading at 196.95 at the interbank from 199.40 a week ago. Moves have been limited in the official forex market after the central bank imposed curbs in February to halt speculation on the local currency and prevent its rapid decline.
"Since the central bank introduced the new measure, exempting some items from access to official forex market, pressure has continue to mount on the parallel market and we see this trend continuing in the near term," a trader said.