Business
Naira Bounces Back, Exchanges N973 Per Dollar At Forex Market
The Nigerian naira has been holding its ground against the US dollar in the black market…
The Nigerian naira has been holding its ground against the US dollar in the black market, with traders anticipating that the Federal Reserve might not raise interest rates further.
However, the release of crucial nonfarm payroll data could influence the naira’s performance.
Nigeria has seen substantial peer-to-peer exchange volumes in the cryptocurrency market, and the naira has strengthened on the black market.
In the official market, the naira faced some fluctuations, reaching an intraday low of N1,018.6 to the US dollar.
The naira’s strength in the black market is attributed to traders’ bets that the Federal Reserve might be done with interest rate hikes.
The Federal Reserve is still open to raising interest rates, but its decision will depend on additional economic data.
The US dollar index has been relatively stable, with market diversity appearing to be low.
The index is expected to decline this week, which would mark its third weekly decline since July.
The Central Bank of Nigeria (CBN) has been addressing a backlog of foreign exchange forward contracts, which is expected to boost the naira.
This move is seen as a positive development for Nigeria’s business community and the country’s economy as a whole.
Overall, there is optimism that FX liquidity will improve in the coming weeks, with discussions involving sovereign wealth funds and potential investments progressing.
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