See What Analysts Say Will Happen to the Naira by Next Week

Following the fluctuation of the naira in the currency market, analysts have given a prediction of the outlook of the nation's local currency.

 

Analysts have forecasted that the naira will be stable next week, while the outlook for other African currencies remained mixed.

 

The Central Bank of Nigeria dollar sales, is expected to build a stable ground for the local curency.

 

However, analysts speaking to Reuters, disclosed that it would be difficult for the central bank to sustain this action over a long period of time.

 

The naira has traded at N197 to the dollar on the interbank market, the official peg introduced by the CBN in February to curb speculation, stem the naira depreciation and conserve foreign exchange reserves.

 

On the parallel market, the local currency was trading at N219 to the dollar, down from N211 a dollar last week, but was expected to stabilize next week, traders said.