EXCHANGE RATE: Nigerian naira seen stable on central bank dollar support

Nigerian naira is seen trading around the prevailing level on both the black market and official interbank window as the central bank continues to inject more dollar liquidity to support the local currency.
The local currency was quoted flat at 365 to the dollar on the black market, trading at 305.85 per dollar on the official interbank window against 305.70 a dollar last week.
"The market seems to have reached a comfortable floor for now, except if the central bank decides to move the band, the naira will continue to trade at the prevailing level in the near term," Aminu Gwadabe, head of currency retailer bureaus said.
Gwadabe said the central bank sold around $64.5 million to bureau de change operators on Tuesday and plans to sell another round of same amount on Thursday. This he said has kept the market liquid and provide some support for the naira.