The Naira Is Likely To Be Steady Next Week On Dollar Sales By Oil Companies

The naira is likely to be steady next week on dollar sales by oil companies, while East African currencies are expected to be supported by central bank interventions, Reuters has reported.

The naira is likely to trade around its present levels next week on the back of expected month-end dollar sales by some energy companies and intervention by the central bank.

The local currency has remained volatile in the wake of falling oil price and the exit of offshore investors in local debt and equity last year.

The naira was trading around 189.90 to the dollar on Thursday, same level it closed a week ago. The naira was however weaker than its Wednesday's close of 186 after dollar sales from the Nigerian National Petroleum Corporation buoyed the currency.

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Source: The Punch
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