Naira to weaken further

Posted by News Express | 11 January 2017 | 4,192 times

Gmail icon

•Wads of Naira

The naira is expected to weaken further in the forwards market, despite measures by the Central Bank of Nigeria to mitigate the situation in the forex market.

A Bloomberg report shows the six-month contracts declined to their lowest level since September last week as crude oil advanced by 20% after the Organisation of Petroleum Exporting Countries (OPEC) agreed to a production cut in November.

A drop in forwards could be a sign of growing confidence in a nation’s economy and currency, but not this time.

However, the naira closed flat at 493 against the dollar at the parallel market on Monday.

(Channels TV)

Source: News Express

Readers Comments

0 comment(s)

No comments yet. Be the first to post comment.

You may also like...