Cedi to stabilise against the dollar

Dollar PixThe cedi is seen stable against the dollar this week, helped by offshore inflows as investors mobilise funds to settle a five-year domestic bond planned for last Thursday.

The local unit had been regrouping last week ahead of the planned debt sale. It was trading at 3.9400 to the dollar at the close of the week, up from 3.9650 a week before.


Nigeria’s naira is expected to weaken further this week as the central bank sells fewer dollars on the interbank market.

The naira fell to its weakest ever on the interbank market last week, crossing 300 to the dollar for the first time after the central bank lifted its peg on the currency.

Traders said the central bank, which is the main supplier of dollars on the interbank market, had not intervened for much of last week, hence the naira was trading lower. On the black market the currency eased to 375 naira to the dollar, weaker than 365 per dollar the week before.

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