[ 2016-07-25 ]

Cedi to stabilise against the dollar
The 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

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.

Source - The Ghanaina Times

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