23 April 2019 : The Nigerian Naira held steady against the Dollar on Tuesday, as investors awaited the nation’s Manufacturing and Non-Manufacturing PMI data for April, scheduled for release on Friday. With today’s economic calendar for Nigeria void of Tier 1 economic reports, the Naira is poised to remain influenced by external drivers, in the form of rising Oil prices and the Dollar’s valuation. With a handsome chunk of Nigeria’s export revenues acquired from Oil sales, appreciating Oil prices will be warmly welcomed by the economy.

Elsewhere, market players seem to be adopting a cautious approach ahead of the next wave of corporate earnings and this continues to be reflected across global stocks. With the earnings season kicking into higher gear, this will certainly be another busy week for financial markets as investors try to assess the health of the global economy. The earnings calendar for this week is jam-packed, with Twitter, Facebook, Microsoft, Exxon and many others under the spotlight. Should earnings from these big companies disappoint, appetite for riskier assets is poised to take a hit, as renewed growth fears will send investors to safe-haven assets.

Source: Lukman Otunuga, FXTM Research Analyst

Reporting for EasyKobo on Tuesday , 23 April 2019 in Lagos, Nigeria