WeekAhead Africa FX: Naira seen weaker as investors push for falling yields

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    The naira is seen slightly weaker next week with investors trying to push it lower to make up for falling yields on the debt market and the central bank intervening to boost dollar liquidity, traders say.

    Foreign investors traded the naira at 363 per dollar on Wednesday before it firmed to close at 360, traders said. They have been offering the naira lower to mirror black market rates at 363.

    On the official market, the naira was quoted at 305.65, after it traded $2.87 million. The central bank has been selling $500,000 daily to lenders.

     

    (Reporting by Elias Biryabarema, Chijioke Ohuocha, John Ndiso, Kwasi Kpodo, Chris Mfula and Fumbuka Ng‘wanakilala, compiled by Maggie Fick; editing by John Stonestreet)

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