April 18, 2016
The Naira ended the trading day lower against the dollar after a strong start ending at N322 to $1. The Naira opened stronger (trading at N317 to $1) on sentiments over the weekend that dollar supply would increase after details of the Nigeria/China currency swap agreement. However, oil prices crashed after OPEC failed to come to a consensus over the weekend on production freezes and that was enough to dampened the mood among currency traders.
The sentiment among traders continue to be that the aforementioned currency swap deal would strengthen the Naira upon implementation. Rates for the Pound Sterling and Euro apparently remain unchanged.
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- Nigerian officials collect bribes totalling $1.2 billion each year -statistics office – Reuters
- WEEKAHEAD-Nigerian naira is seen weakening on the black market – Reuters
- Naira appreciates to N359.7/$ as External reserve hits $31.35bn – Vanguard
- Asia rally falters as dollar languishes – AFP
- Africa’s Richest Man to Invest Up to $50 Billion in U.S., EU – Bloomberg