Naira weakens at investors window as markets close for holiday

by | May 29, 2017 4:22 am

The Nigerian currency weakened against the U S dollar at the investors and exporters window after trading on Friday. It closed at the rate of N381 to the dollar losing N1.31k compared to N379.69k traded the previous day at the window, data from FMDQ revealed.

The foreign exchange market as well as the money market will be closed on Monday due to the national holiday to mark the country’s democracy day.

Naira appreciated marginally at the inter-bank spot foreign exchange market gaining N0.05k to close at N305.35k per dollar on Friday as against N305.40k the previous day according to data from FMDQ.

At the black market, the local currency maintained its gain, as it closed at the rate of between N379 and N380 per dollar, the same level it stood since the week.

“We expect further stability in the foreign exchange market with possible appreciation against the USD subject to CBN’s level of intervention”, analysts at Cowry Asset Management said.

The central bank has consistently intervened in the foreign exchange market since February and has sold more than $4 billion to various sectors of the economy, this has improved liquidity and helped to ease pressure on the naira.