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Naira to firm on stock purchases

Nigeria's naira could strengthen against the dollar in the coming week as offshore investors pile into local stocks.

The Nigeria naira could strengthen against the dollar in the coming days as more offshore investors buy up local stocks after MSCI increased the country's weighting in its frontier market index.
Traders said the re-emergence of offshore interest in the stock market has boosted dollar inflows to the economy, leading to a gradual exchange rate convergence.
The local currency was quoted at 365 to the dollar on the black market on Thursday, against 368 per dollar last week. It is trading at around 305.70 to the dollar on the official interbank window. (REUTERS)

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