The
naira is expected to remain stable against the United States dollar in coming
weeks as the Central Bank of Nigeria continues to intervene in the foreign
exchange market.
The
CBN on Wednesday injected $210m into the foreign market, about a week after it
injected $200m into the market.
Analysts
and forex traders said the naira would likely remain stable in the week ahead,
boosted by the CBN’s ability to intervene in the currency market amid rising
foreign exchange reserves and higher crude prices.
The
country’s external reserves had hit $47bn as of April 16, providing more
ammunition for the central bank to defend the naira.
The
country runs a two-year-old multiple foreign exchange system, which has been
criticised by the International Monetary Fund.
On
the official market, the naira was quoted at around 305.60/ dollar on Thursday,
while importers bid for dollars from the CBN was 337/dollar.
The
local currency traded at around 360/dollar at the Investors and Exporters
window.
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