The naira is seen weakening against the United States dollar on the black market in the coming days as demand for the dollar increases.

Stakeholders and industry analysts, however, said the local unit was expected to trade within a range on the investor and exporters forex window and official interbank market.

The local currency weakened to 370 against the dollar on the black market on Thursday, compared with 364/dollar last Thursday, Reuters reported.

This came on the back of surging demand for the dollar by summer holidaymakers and parents paying school fees for their children abroad, forex traders said.

The naira was quoted at 362.39 to a dollar on the investor and exporters forex window on Thursday against 367.49 per dollar last week.

On the official interbank window, the local currency traded around 305.65 to a dollar.

The gain on the investor window was fuelled by increased dollar inflows from offshore fund managers investing in the domestic equity market, traders said.

Meanwhile, Kenya’s shilling is expected to strengthen with commercial banks selling off the greenback, and the Zambian kwacha is set to firm as companies convert forex ahead of month-end salary payments.

Kenya’s shilling will firm, helped by commercial banks selling off dollars, tight liquidity in money markets and political tensions easing after the opposition said it would challenge the August 8 presidential election results in court.

“I still think that it may firm. People are unwinding their long positions pre-elections and also due to money market liquidity,” a senior trader at one commercial bank told Reuters.

The shilling will also get a lift after opposition leader Raila Odinga said he would contest the election outcome in court, calming concerns that further street protests might bring widespread violence.

“That has eased tension. Players were a bit concerned about street protests, and now that is probably behind us,” the senior trader said.

The Zambian kwacha is likely to strengthen in the coming week, buoyed by hard currency conversions by companies preparing to pay salaries and other month-end dues.

Ghana’s cedi is seen firm next week on offshore portfolio inflows for the settlement of a five-year debt to be issued on Friday, according to an analyst.

“Investor confidence in the Ghanaian economy continues – we expect to see high offshore participation in this week’s bond sale and this will support the cedi,” analyst Joseph Amponsah of the Accra-based Dortis Research said.

http://investorsking.com/naira-weaken-dollar-demand-increases/

I have $100 on Iwriter and I was planning to withdraw on Tuesday.

Be like say I go wait small sha.

Lemme go and cancel Tuesday withdrawal fez an be looking

SweetBoyFriend:
C

¢ fσя ¢αт?

Neduzze5:
K.

к fσя кєттℓє?

The Rise and Fall of Naira season 2

Goodbye alibaba
Adieu Amazon
Till we see again

OK oooooooo, with all the millions that have been pumped into the market?

ghostdvirus:

к fσя кєттℓє?

Modified

This is may be mainly due to Hajj and summer vacations

Buharii body language at work, d naira want to maintain statuesque before d general comes bck

In as much as I know that the pumping of dollar into the system keeps naira stable to an extent, it still remains a cosmetic approach not a long term solution but its effects are felt and much better than the fuel subsidy.

In order note the level of debt this government is amassing is on alarming scale, just this year alone the government have sold over 7 trillion naira worth of Treasury bills on 18% ROI. Add the figures to the billions of dollars been sources from abroad and the billions been alledgedly recovered from looters and the trillions saved from the so called TSA and I wonder why no structures on ground to justify the mind boggling figures. The Nigeria of today is worse off than previous governments, no improvement in socio-conomic lifestyle of the average Nigeria.

Shame on those idiots here on nairaland that live in perpetual ignorance or choose to ignore what's transpiring in the nigerian space but would use their 100 naira data to defend failed leaders due to partisan politics and small handouts paid to them

HAH:
This is may be mainly due to Hajj and summer vacations

True so u mean the CBN needs to pump more than triple of what it was pumping in before to make sure supply outweighs demand

SweetBoyFriend:


Cocaine is a hell of a drug

They should have never gave you n**as money!

This is really Bad
Nigeria government need to do something


Check my signature

Now how do Nigerians say out their minds

Since the planing to ban radio station which encourage such


APC we are watching

Am sure it is the corruption of pass administration that caused the scarcity

Those earning in dollars are the one behind this. Their juju is working.

Hmmmmm.. You dont just trust any link for news. Doubt the authenticity of this news.


Check my signature for your Customised ATM Card Flash drive ID CARD.

Long awaited. Finally ooo.
Think it's time to dust my gtb card and get it to work again.

Ope ooooooo

Money money

The kind of dance we freelancers dance when we here of naira weakening


imagine making 3000 usd in a month...chai

Neduzze5:
I have $100 on Iwriter and I was planning to withdraw on Tuesday.

Be like say I go wait small sha.

Lemme go and cancel Tuesday withdrawal fez an be looking

Lol

Check my signature

mogbe and Nigerians are happier for it

N**igga calling Ni**as Ni**ggas.

BroZuma:


They should have never gave you n**as money!

No be dollars dem dey take pay our salaries.

Dollar dey demand increase again?
When naira go demand e own decrease?

Who still needs dollars when I can do with Bitcoin or other cryptocurrencies?

nawa

Neduzze5:
I have $100 on Iwriter and I was planning to withdraw on Tuesday.

Be like say I go wait small sha.

Lemme go and cancel Tuesday withdrawal fez an be looking

To convert at the bank or black market. Which will pay one more?