Friday, October 22, 2021

    Nigeria WeekAhead FX: Naira seen weaken against US Dollar

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    Godwin Okafor
    Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

    Nigeria’s naira are expected to weaken against the dollar in the next week to Thursday, traders said.

    The naira NGN= is seen easing on the spot market after it lost ground on the derivatives market and hit a record intra-day low on the over-the-counter market this week, traders said.

    The naira fell to 423.15 per dollar this week on the spot market, quoted by importers and foreign investors.

    It was quoted at 381 naira on the official market, a level set in July and backed by the central bank. The currency sold at 478 naira on the black market on Thursday.

    Dollar scarcity hit Nigeria after last year’s oil price crash slashed government revenues, piling pressure on the currency and funnelling demand to the black market.

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