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Home»Business»Naira Holds Steady In Black Market Amid U.S. Jobs Data Focus
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Naira Holds Steady In Black Market Amid U.S. Jobs Data Focus

Moyosore RokosuBy Moyosore RokosuJanuary 10, 2025No Comments2 Mins Read
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The Naira remains steady in the black market as traders turn their attention to the upcoming release of U.S. nonfarm payroll data later today. The local currency is trading at around N1660/$, with only slight fluctuations despite recent market pressures.

Naira bulls have not yet pushed rates below the N1600/$ level, according to market trends. Nonetheless, economists anticipate possible increases in the medium term, bolstered by forecasts of lower inflation in Nigeria.

A recent report projects the country’s inflation rate to decline to 27.1% by December 2025. This offers a glimmer of hope for businesses and consumers navigating economic challenges, signaling that structural reforms are beginning to yield positive outcomes.

Inflation Concerns Persist
Despite this outlook, rising fuel prices and currency depreciation continue to exert pressure on Nigeria’s economy. Inflationary trends became particularly pronounced in 2024 following the removal of fuel subsidies and foreign exchange market reforms. These factors remain critical to shaping business performance expectations for early 2025.

U.S. Dollar Maintains Strength
The U.S. dollar holds firm, buoyed by the Federal Reserve’s signals of continued monetary tightening. The dollar index trades near 109, marking its strongest position since late 2022.

Investors are closely monitoring the December jobs report, which is expected to show a decline in job creation from 227,000 to 160,000. The Federal Reserve’s December meeting minutes further highlight a cautious approach to interest rate adjustments amid inflation concerns.

As long as market volatility persists, technical indications indicate the dollar index will hold its high position, with major support located at 108.5 points.

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Moyosore Rokosu
Moyosore Rokosu is a graduate of Mass Communication. She is a passionate writer and a social media savvy with a flair for writing.
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Moyosore Rokosu

Moyosore Rokosu is a graduate of Mass Communication. She is a passionate writer and a social media savvy with a flair for writing.

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