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Sunday, 30 August 2015

Nigerian Naira This Week - Business News!

NIGERIA: The naira is seen sustaining its stability against the greenback next week on both the parallel and interbank markets in anticipation of dollar sales by the central bank to bureau de change operators and the interbank market.

"We expect the naira to remain unchanged at this level (210-211 a dollar) for as along as the central bank continues to inject dollars into the market," said Harrison Owoh, a bureau de change operator. The central bank has sold dollars to bureau de change operators twice a week since the start August in a bid to increase greenback liquidity and support the local currency.

The naira was quoted at 211 to the dollar by many parallel operators in Lagos on Thursday, slightly weaker than 210 last week, while the currency is trading at 199.50 to the dollar on the interbank market, but was seen reaching the 197 peg set by the central bank in February later in the day.

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