MARKET NEWS
Nigeria’s Naira Heads for Best Annual Performance Since 2018 - BLOOMBERG
By Emele Onu
Nigeria’s currency is headed for its best performance in almost a decade, as rising dollar inflows from higher oil prices and remittances help insulate the naira from political risks usually associated with its election season, according to analysts.
The naira is expected to end the year at 1,290 per dollar from its 1,328.92 per dollar close on Wednesday, according to the average forecast of four analysts surveyed by Bloomberg. That would extend its 8% gain so far this year to almost 12%, marking its strongest annual advance since at least 2018.
