L
LequteMan
Guest
The Nigerian Naira, according to BusinessDay, most likely will be stable to some extent in the next few trading sessions after the central bank devalued the currency this week.
“We expect some oil companies to sell dollars next week and with (additional) dollar sales by the central bank to support the naira, the local currency is seen trading within a band,” one dealer said.
The Naira closed at 174.30 to the dollar on Thursday, up slightly from 176.25 last week and two days after the central bank devalued the currency by 8 percent.
CBN also raised interest rates sharply as it sought to stem dwindling foreign reserves resulting from efforts to defend the currency against weaker oil prices.
Africa’s leading energy producer is contending with a 30 percent fall in world oil prices since June and has spent billions of dollars of its reserves trying to defend the naira at what markets perceived to be an unrealistic level.
#Nigeria #Naira
“We expect some oil companies to sell dollars next week and with (additional) dollar sales by the central bank to support the naira, the local currency is seen trading within a band,” one dealer said.
The Naira closed at 174.30 to the dollar on Thursday, up slightly from 176.25 last week and two days after the central bank devalued the currency by 8 percent.
CBN also raised interest rates sharply as it sought to stem dwindling foreign reserves resulting from efforts to defend the currency against weaker oil prices.
Africa’s leading energy producer is contending with a 30 percent fall in world oil prices since June and has spent billions of dollars of its reserves trying to defend the naira at what markets perceived to be an unrealistic level.
#Nigeria #Naira
