Nigerian naira seen steady on investors' confidence in economy

The Nigerian naira is expected to hold steady as dollar supplies improve on the back of more offshore investors returning to the Africa's biggest economy.
The local currency was quoted flat at 368 to the dollar on the black market on Thursday, while commercial lenders traded it at 305.95 to the dollar in the interbank market against 306.2 a dollar last week.
At the investor forex window, the naira was quoted at 365.34 per dollar on Thursday.
Nigeria's currency window for investors and exporters was established on April 24 and it has traded more than $3.83 billion. Traders said the window had spurred a gradual return of confidence in the OPEC member country's economy.
"We have seen increased dollar inflows(s) from offshore investors into the economy ... this has helped stabilise the currency market," one senior currency trader told Reuters.
Meanwhile, Nigeria's neighbour, Ghana's cedi is seen fairly stable against the dollar in the coming days as a favourable third quarter economic outlook spurs renewed investor confidence, analysts said.
The local unit was trading at 4.4050 per dollar by mid-morning on Thursday, compared with 4.3900 a week ago.
"Q3 is likely to see a fairly stable cedi amidst planned bond issues, falling inflation, and a relatively nnot strongdemand for the greenback," Joseph Biggles Amponsah, analyst at Accra-based Dortis Research, said.