Nigeria’s naira could stabilise next week on increased dollar liquidity from month-end greenback sales by oil companies, while Ghana’s cedi is expected to slip on rising dollar buying.
Nigeria’s naira was quoted within the range of 282-284 to the dollar at the interbank market on Thursday, a range it has been trading at since the re introduction of two-way quote after the central bank unpegged the naira.
The naira firmed at the parallel market to 335 to the dollar against 370 a dollar last week.
“As we approach month-end, we expect the multinational oil companies to begin their month-end dollar sales to generate some naira. This should provide supply of dollars to the market in the coming days,” local unit of Citibank said in a note.
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