N350/dollar interbank exchange likely today

With the flexible foreign exchange policy driven by the Central Bank of Nigeria (CBN) opening today, analysts have predicted a volatile and interesting trading for the day.
The interbank market, which opens by 9.00am and closes at 2.00pm, will see the naira-dollar exchange rate in a volatile state. The local currency is likely to exchange around N340/N350 against the greenback, it was predicted yesterday.
The CBN, three weeks after the Monetary Policy Committee’s (MPC) consensus decision to adopt a flexible exchange rate system, announced the re-introduction of a market-driven two-way quote single Interbank Foreign Exchange (FX) Market last Wednesday. The policy shift is against the CBN’s long-held stance of maintaining naira-dollar peg at N197/$1.
Head of Currencies Market at Ecobank Nigeria, Olakunle Ezun, predicted a volatile trading session for today. He said: “The first few hours of trading will be volatile, with the naira exchanging between N340 and N350 to dollar. But as the market begins to settle around noon, I see the naira closing between N300 and N320 against the dollar”.
Speaking with The Nation yesterday, he said pressure from backlog of unmet demands from manufacturers

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