Naira Projected To Stabilise At One Dollar To 368 Naira Next Week
The once troubled Nigeria naira is now getting a reprieve after series of interventions by the Central bank of Nigeria, CBN.
From one dollar to 500 Naira in February, the naira has risen to 368 naira on Thursday after CBN created more foreign exchange windows to allow for more inflows from independent sources.
The naira is expected to hold steady even as dollar supplies improve on the back of more foreign investors returning to Africa's biggest economy.
The naira was quoted flat at 368 Naira to the dollar on the black market on Thursday, while commercial banks traded it at 305.95 in the interbank market against 306.2 a dollar last week.
At the investor forex window, the naira was quoted at 365.34 per dollar on Thursday.
Nigeria's currency window for investors and exporters was established on April 24 and it has traded more than $3.83 billion.
Traders said the window had spurred a gradual return of confidence in Nigeria’s economy.
"We have seen increased dollar inflows(s) from offshore investors into the economy ... this has helped stabilise the currency market," one senior currency trader told Reuters.