The naira is expected to trade within 198-202 to the dollar, supported by the central bank and dollar flows from energy companies operating in Africa’s top crude exporter.
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The central bank last week scrapped its bi-weekly currency auctions and directed all demand for dollars to be channelled through the interbank market. It said it would sell dollars only at 198 naira to customers through the interbank.
“We anticipate increase dollar flow from some energy companies next week and this should impact positively on the value of the naira,” one trader said.
