WEEKAHEAD FX: Naira seen steady on Offshore Investors dollar supply, CBN intervenions

Nigerian naira notes are seen in this picture illustration March 15, 2016. REUTERS/Afolabi Sotunde/Illustration/File Photo - RTSFNNR

Nigeria’s naira is seen steady on the foreign exchange market in the coming days amid increased dollar supply from offshore investors and regular central bank interventions.

Traders said the forex market is sufficiently liquid to support the local currency in spite of a surge in demand for dollars by people travelling on summer holidays.

The naira was quoted at 367 to the dollar on the black market on Thursday, the same level as last week. It has stuck around 305.90 to the dollar on the official window since August.

The naira has significantly firmed on the investor forex window, it was quoted at 365.13 by FMDQ the market regulator, better than 367 to the dollar last week.

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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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