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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