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Weekahead – Naira expected to trade around 360/$ next week – Reuters

HomeNewsWeekahead – Naira expected to trade around 360/$ next week – Reuters
28
Sep
Weekahead – Naira expected to trade around 360/$ next week – Reuters
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The naira is expected to trade around 360/$ to investors next week after the central bank kept rates on hold to tighten liquidity, traders say.

The naira has been trading around 360 this week, close to the black market rate of 365, with an average of $100 million inflows daily into the currency market.

“There seems to be improved confidence by internationals at the current level. They have come back into the bond market,” one trader said.

Nigeria doubled the amount it raised at a bond auction on Wednesday as local funds and foreign investors piled into longer-term debt to lock in higher returns.

On the official market, the naira is quoted at 305.75, with the central bank selling $500,000 daily to lenders.


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