Tuesday 25 June 2019


naira notes pic pix image photo
Lukman Otunuga,
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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