Naira expected to appreciate against the Dollar at the black market next week
Analyst and FOREX experts expects the Nigerian Naira to appreciate at the black market next week when exchanged with the Us Dollar, Euro and Pounds.
This prediction is coming after the Central Bank of Nigeria (CBN) have promised to continue their intervention in the countries Forex and recenyly proposed an increased dollar sale to retail currency bureaus .
The apex bank of the country, CBN, is planning to raise dollar sales to bureaux de change to $40,000 from the present $20,000, in a bid to improve liquidity and help support the local currency.
The local currency, Naira has recently began to drop in value after massive gains was made in the month of March. The Naira is currently quoted at 410 to the dollar on the black market, compared with 398 to the dollar last week. At the official window it closed at 306.10 to the dollar on Thursday against 306.20 per dollar last week.
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