05 March 2019 : The Naira held steady against the Dollar on the forward markets despite headline PMI figures for February missing market expectations. Private sector growth in Africa’s largest economy cooled last month as Stanbic IBTC Bank Nigeria PMI decreased to 53.3 from 54.00 in the previous month. Although this was the weakest expansion in the private sector since June 2017, the overall market reaction suggests that investors are still focusing on the election outcome and what it means for Nigeria’s economy. Although the Naira remains heavily influenced by oil prices, the local currency could still find support from optimism over US-China reaching a trade deal. The next major event risk for the Nigerian economy will be the general elections scheduled on Saturday 9th of March 2019.

Source : Lukman Otunuga, FXTM Research Analyst

Reporting for EasyKobo on Tuesday , 05 March 2019 in Lagos, Nigeria