WEEKAHEAD-AFRICA-FX: Naira seen 360 against US Dollars as investors, exporters boost liquidity

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The naira is expected to be stable at around the 360 level as ample dollar liquidity from foreign investors and exporters provides support for the currency, traders said.

The naira traded in a range between 360.12 and 360.50 per dollar on Thursday, similar to levels quoted last week. Traders say the naira has found support at 360 because the central bank buys excess dollar liquidity at that level.

It was quoted at 360 at currency bureaus and 307 on the official market, thanks to central bank support.

Nigerian Treasury yields are still attractive to foreign buyers, which has helped to support the naira, traders said, adding that exporters have also been selling hard currency.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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