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Companies begin end of year dollar repatriation - THE NATION

DECEMBER 14, 2019

BY  Collins Nweze

Many foreign companies operating in Nigeria have commenced year-end dollar repatriations to their home countries, The Nation has learnt. The move, if unchecked, could impact negatively on the naira which has maintained long term stability.

“We are seeing offshore outflows and not much is coming back in,” one trader told Reuters. “I expect that to continue next week. If there is no anchor, the currency could weaken.”

But financial analysts projected that naira would be stable next week supported by the Central Bank of Nigeria (CBN). This comes after the local currency weakened on the over-the-counter market as investors repatriated dividends and profits from the bond market, traders said.

The naira eased as low as 364 to the dollar this week before firming to trade at a range of between 363 and 363.50. The currency had been quoted at a range of 362-362.50 last week.

The currency was quoted at 306.95 on the official market, supported by the central bank. Nigeria operates a multiple currency regime.

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