Naira Expected to Settle at N1,390/$ Amid Dollar Resilience

The Nigerian Naira is anticipated to settle at approximately N1,390 per U.S. dollar as the dollar demonstrates resilience in global markets. The outlook for the Naira remains cautiously optimistic, with market participants observing a narrow trading range.

Immediate resistance levels are noted at N1,395 and N1,400, with the latter being a significant psychological threshold. A daily close above this level could indicate a short-term bearish shift for the Naira.

The primary support levels are projected between N1,350 and N1,360. The Central Bank of Nigeria (CBN) is expected to maintain a strong appeal for the Naira in the mid-term, bolstered by Nigeria's external reserves reaching a 13-year high.

This provides the CBN with substantial resources to preserve market liquidity. The U.S. dollar continues to be a safe haven for investors amid geopolitical unrest, with rising U.S.

Treasury yields enhancing its appeal. Federal Reserve officials have indicated a cautious approach towards rate cuts, projecting growth at 2.5% for the year.