WEEKAHEAD FX: Naira seen steady 368/ U.S dollar, quoted 365.41 at investor FX window

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    The Nigerian naira is seen steady on the foreign exchange markets in the coming days as the central bank continue to inject dollar into the market to improve liquidity while also tightening naira liquidity to curb pressure on the local currency.

    The local currency was quoted at 368 to the dollar on the black market on Thursday, stronger than 370 per dollar last week, while it was quoted by commercial lenders at 306.20 to the dollar on the interbank market against 305.5 a dollar last week.

    On the investor forex window, the naira was quoted at 365.41 per dollar.

    “It appears that the central bank is comfortable with the prevailing rates in the markets and we do not envisage any change soon as the bank sustains its intervention and tighten naira liquidity,” Aminu Gwadabe, president of the Bureau de Change Association, said.

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    Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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