Nigeria’s naira is seen holding steady after strengthening this week due to foreign portfolio inflows for a central bank auction according to a survey by Reuters.
The naira was quoted around 1,590 to the dollar in intraday trading on Thursday, compared with last week’s quote of 1,596 naira.
The unit was sold at 1,620 naira to the dollar in street trading on Thursday.
“I expect the naira to trade between 1,585 naira and 1,595 levels next week,” one trader said. “The uptick in crude prices and FPIs (foreign portfolio inflows) this week … helped liquidity in the market.”The Ghanaian and Ugandan currencies are expected to strengthen in the next week to Thursday, while Nigeria’s could be stable and Kenya’s and Zambia’s may fall, traders said.