FX: Naira starts in strong, unlikely to be sustained

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Nigeria’s currency ended last week on a positive against the dollar both at the official and unofficial foreign exchange market.

On Friday, Naira gained significantly against the U.S. dollar at the unofficial market.

Data from abokifx showed that the Naira closed at N483 at the black market, a 0.41 per cent appreciation from N485, the rate it stood for over two weeks.

Similarly, at the official market, naira closed with a 0.16 percent gain against the U.S dollar.

FMDQ Security Exchange data showed at the Investors and Exporters window where forex is officially traded, naira closed at N410.33 against the U.S dollars at the trading session on Friday

Friday’s performance represents N0.67 appreciation from N411.00/$1, the rate it traded in the previous session on Thursday.

Dollar supply at the official market also increased to $146.52 million from $106.34 million posted in the previous session on Thursday.

While this might sound like good news, the continued pressure at the Investors and Exporters window by manufacturers means the gain might not be sustained today, Monday.

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