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Naira to strengthen against dollar because of flow

Features & Reports

The Nigerian naira is expected to be stable in the coming week while the Zambian kwacha could come under pressure.

NIGERIA

The Nigerian naira is seen stable across the board in the near term on increased dollar supply to both the official interbank window and the black market.

It has been trading around 382 to the dollar on the black market in the last two weeks, while at the interbank market the naira was trading at around 305.40 per dollar.

The central bank has been intervening on the official market to try to narrow the spread between the official interbank and black markets. It has sold over $4 billion since February, improving dollar supply and providing support for the naira.