Tuesday, November 5, 2024

Naira fall predicted to continue next week

The currency hit a record low of 1,310 to the dollar on the black market on Thursday.

The naira is expected to remain unsteady in the coming week despite the government’s announcement that it expects some $10 billion in the coming weeks or months, a Reuters forecast shows.

While the currency may will likely remain within the current range on the official market, it is likely to slip on the parallel market, the platform said in its weekly African currency prediction.

The currency fell to a record low on N999 on the official market last week, before recovering to N775 to the dollar on Thursday. It hit a record low of 1,310 to the dollar on the black market on Thursday.

“Nigeria’s naira is seen trading around its current levels on the official market in the coming week, after the finance minister said the government was expecting $10 billion of inflows to ease dollar shortages,” Reuters said.

“However, the currency will likely fall on the black market, where it trades freely but on thin volumes,” it added quoting a trader.

Others currencies

Ugandan and Kenyan shillings and Zambia’s kwacha are also expected to slip in the next week to Thursday.

Ghana’s cedi and Tanzania’s shilling will be broadly stable.


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