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NAIRA-DOLLAR EXCHANGE RATE
Deutsche Bank AG has added Nigeria to its frontier foreign exchange monitor, signalling growing investor interest in the naira amid expectations that the currency could strengthen further against the US dollar.
The Nigerian currency is projected to trade stable to bullish, with a 6-month target in the N1,250/$-1350/$ corridor, supported by CBN interventions and market confidence.
The naira appreciated to N1605/$1 in the parallel market on Thursday, ahead of Sallah, from N1610/$1 the currency traded at on Wednesday.
The naira ended the week on a stronger note, appreciating slightly against the U.S. dollar to close at N1,599.01/$1 in the official foreign exchange market on Friday, according to data from the Central Bank of Nigeria (CBN).