L
LequteMan
Guest
The Nigerian naira looks set to continue appreciating against the dollar following the crash it experienced at the close of business of the previous week.
After experiencing some steadiness, the naira had crashed to N360 per dollar, following a hike in the pump price of petrol in the country as government said anyone can now import the everyday commodity.
The naira however shrugged off the setback and appreciated on Monday, exchanging at N345 per dollar. It fell by 5 units on Tuesday and then appreciated at the same rate for two days consecutively to N340 to the greenback. It remained steady and ended the week at this rate.
The naira is expected to remain firm and will likely appreciate against the dollar in the new week to about N330 or N335 per dollar.
The currency has weathered the sudden increase in dollar demand due to the hike in pump price of petrol. In addition, economic activities seem set to resume in areas it has been paralyzed, as NLC is expected to call off its weak strike action.
After experiencing some steadiness, the naira had crashed to N360 per dollar, following a hike in the pump price of petrol in the country as government said anyone can now import the everyday commodity.
The naira however shrugged off the setback and appreciated on Monday, exchanging at N345 per dollar. It fell by 5 units on Tuesday and then appreciated at the same rate for two days consecutively to N340 to the greenback. It remained steady and ended the week at this rate.
The naira is expected to remain firm and will likely appreciate against the dollar in the new week to about N330 or N335 per dollar.
The currency has weathered the sudden increase in dollar demand due to the hike in pump price of petrol. In addition, economic activities seem set to resume in areas it has been paralyzed, as NLC is expected to call off its weak strike action.
