Naira Predicted to Slightly Gain Value this Week

The naira is expected to trade within a tiny margin this week as investors await the central bank’s decision on interest rate on Tuesday, which could affect portfolio inflows and currency supply.
The naira traded at around 360 to the dollar for investors, who have been offering to sell the U.S. currency at 365 naira, close to the black market rate of 367 last week.
Traders say on the official market, the naira was quoted at 306, a level at which the central bank has been selling $500,000 daily to banks to clear matured letters of credit.

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