Naira outlook

Nigeria’s naira is seen steady on the foreign exchange market in this week amid increased dollar supply from offshore investors and regular central bank interventions.

Traders said the forex market is sufficiently liquid to support the local currency in spite of a surge in demand for dollars by people travelling on summer holidays.

The naira was quoted at N367 to the dollar on the black market on Thursday, the same level as last week. It has stuck around N305.90 to the dollar on the official window since August.

The naira has significantly firmed on the investor forex window, it was quoted at 365.13 by FMDQ the market regulator, better than 367 to the dollar last week.

 

Compiled by Patrick Atuanya