Currency traders expect the value of the Naira to weaken against the US Dollar to as much as N1,560 per Dollar at the official foreign exchange market next week.
According to Reuters, the domestic currency is also expected to remain range-bound, with the Central Bank of Nigeria (CBN) and exchange bureaus selling Dollars to meet demand from importers and travellers.
Business Post reports that the Naira this month has traded from the N1,532/$1 to N1,535/$1 range, underpinned by robust FX liquidity and an efficient FX market.
However, noticeable pressure has seen the domestic currency fall consecutively this week. It closed at N1,536.18 per Dollar on Wednesday, August 20.