Thursday, 22 March 2018


The Nigerian Naira has remained resilient against the US Dollar, despite the Federal Reserve raising US interest rates overnight. The USDNGN is currently trading 360 as of writing.  

Investors were generally disappointed with the US interest rate rise from the Fed, and the Dollar index dropped in the aftermath. This was mostly because the US interest rate increase was already priced into market expectations a long time ago, however, confidence in the Dollar weakened when it was indicated that the Federal Reserve were not planning to raise US interest rates four times this year. A hint from Federal Reserve Chair Powell that four US interest rate increases were possible for 2018 was required to support Dollar buying momentum.

For as long as the Fed expectations are priced into the market, and investors were already largely expecting three US interest rate rises in 2018, there is no reason to be concerned over what impact a US interest rate rise will have on the Nigerian Naira.

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