Data from FMDQ Securities Exchange highlighted that the naira lost N144.5 against the greenback after closing trading on Tuesday at N806.7/$
The bears have all to play for if the naira loses the psychological support level of N1000/$ at the official market, as such a breach will likely lead to more losses for the local currency
The delay in FX support from Nigeria’s foreign partners has also resulted in the naira losing face in the official market.
Price action indicators have enough areas to move in the naira’s direction away from strong oversold levels in the official FX market.
The local currency has been drifting towards the parallel market level as the central bank has yet to clear outstanding foreign currency amounts owed in forward deals.