Lagos - There is hope that the Naira will remain stable at
both the official and black market this week as investors look ahead of a $1
billion Eurobond issue which is expected to boost support for the embattled
Traders in Lagos said the Naira was quoted at N500 to the
dollar on the black market, a notch weaker than N498 a dollar last week, and
quoted at 305.25 a dollar on the official interbank window, the same level it
has closed since August last year.
"The naira is not likely to fall further in the near
term on the black market because of possible resistance of buyers and
confidence boosting provided by the rising forex reserves and planned Eurobond
issuance," one senior currency trader told Reuters.
Also read: Naira crashes to all time low of 500/dollar
The Naira has convulsed since last year as commodity prices
crashed, resulting to huge dollar shortage and plunging the Nigeria's economy
into a recession.
The Federal Government had, in September, announced plans to
raise $1 billion dollars through a Eurobond in order to plug its N6.1 trillion
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- News24 Nigeria