FXTM Research Analyst
Nigeria will unveil updates on its
latest unemployment rate for Q1 and foreign exchange reserves for June in the
week ahead, as the nation continues to diversify away from Oil reliance.
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Investors will be paying very close
attention to see whether unemployment dropped during the first quarter of 2019
and whether foreign exchange reserves gained during the month of June. Rising
unemployment is likely to dent sentiment towards the Nigerian economy which in
turn, may hit local stocks.
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Should the foreign exchange reserves
scheduled for release on Friday exceed market expectations, this will be a
welcome development for the Central Bank of Nigeria as more ammunition will be
provided to shield the Naira from external shocks.
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Other factors seen impacting the Naira
this week will be geopolitical tensions in the Middle East, the pending G20
meeting and most importantly, the Dollar’s valuation. Rising Oil prices will
translate to higher government revenues for Nigeria, while a positive outcome
to the G20 meeting will be beneficial to global risk sentiment and emerging
markets as a whole.
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With the Dollar weighed down heavily by
speculation over the Federal Reserve cutting interest rates this year, the
Naira has scope to gain ground.
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