WEEKAHEAD-FX: Naira seen trades 362-363 to a Dollar as Banks target CBN’s Dollar, Yuan aunction

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Nigeria’s naira is expected to trade within its current range of 362 to 363 next week, as banks collate customer bids in preparation for a central bank auction of U.S. and Chinese currency on Friday, traders said.

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Trading, done mostly over the telephone, has been quiet as foreign inflows dried up, with trickles coming in from exporters but not enough to quell demand, traders said.

The naira has been quoted as weak as 364 per dollar for investors this week. On the official market, supported by the central bank, it was quoted at 306.05.

“The market is on bid. Everyone wants to buy dollars,” one trader said.

Naija247news
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Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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