Standup9ja - Naira becomes steady as CBN step in
Nigeria's naira is set to
become steady in the coming week as regulator step in to meet forex
shortages, while a weaker dollar is seen boosting other African
currencies.
The Naira
is expected to trade within a recent range after the Central Bank of
Nigeria (CBN) released around $660 million to quench greenback shortages in Africa's biggest economy.
The naira was quoted at 498 to
the dollar on the parallel market, the same as last week, while banks
quoted the currency at 314.50/dollar on the official interbank window.
The unit is seen closing around 305 to the dollar, the same level it has traded at since August.
"The pressure on the market
has reduced slightly because of the recent dollar sales by the central
bank to clear part of the backlog of demand and the regular sales to
bureaux de change by Travelex," one trader said.
On Wednesday, Nigeria sold
dollars in a special auction aimed at clearing the backlog of dollar
obligations of manufacturers, airlines, the agriculture and petroleum
sectors. (REUTERS)
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