– Naira closes the week at N367/$1 in black market
– Olabisi Ayodeji, a research analyst, says the Naira is expected to strengthen against the United States Dollar next week
The Nigerian Naira on Friday, June 16 crashed against the Euro at the parallel market, while retaining its strength against the American Dollar.
According to ZENITHBLOG.com findings, the local currency closed the day at N N367/$1, a rate it has maintained for the past 48 hours, while also retaining the N465 rate against the Pound, as it was yesterday, June 15.
However, the Naira dropped three points against the Euro to close the week at N410 from the previous rate of N407.
Dollar to Naira
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Recall that at the start of the week, the apex bank injected $413.5 million at the foreign exchange market to guarantee liquidity in the market, as well as shore up the international value of the Naira.
The intervention, which cut across various segments of the inter-bank forex market, was aimed at pushing for the convergence of various market rates and resumption of support for the Naira.
And according to Olabisi Ayodeji, a research analyst, the Naira is expected to strengthen against the United States Dollar next week, as offshore investors pile into local stocks, currency and financial.
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He said the Naira will strengthen further against the Dollar in the coming days as more offshore investors buy up local stocks after MSCI increased the country’s weighting in its frontier market index.
“We are beginning to see some international investors returning to the (stock) market,” Ayodeji, told Reuters.
Meanwhile, ZENITHBLOG.com can report that at the official foreign exchange market, the local currency exchange at N305.7 against the Dollar, N388.9 against the Pound and N342.6 against the Euro.
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