03 July 2018 ( Lagos ) : There is a suspicion that the Naira’s stability could be based on continual intervention from the Central Bank of Nigeria. June was certainly a cruel trading month for emerging market currencies and this negativity could roll over into July if escalating trade tensions weigh on sentiment and erode risk appetite. It will be interesting to see if the Naira is able to maintain its stability at a time where trade war fears and prospects of higher US interest rates have triggered capital outflows from emerging markets.
Reporting for EasyKobo on Tuesday, 3 July 2018 in Lagos, Nigeria
Source: Hussein Sayed, Chief Market Strategist at FXTM
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