WEEKAHEAD-Nigerian-FX: Naira seen range-bound

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Nigeria’s currencies are expected to trade within existing ranges in the coming week, analysts and traders said.

NIGERIA

The naira is seen range-bound next week as the central bank tries to boost forex sales through direct interventions to local firms and foreign investors, traders said.

The currency traded within a range of 410.46 naira to 422 naira on the over-the-counter spot market on Thursday after the central bank last week re-priced its futures rate upwards and sold dollars to foreign investors.

The naira was quoted at 485 per dollar on the black market on Thursday, a level it touched last week.

It remains flat on the official market, which is backed by the central bank, at 381 naira, where it has been stuck since last July.