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Market Recap [12th - 16th February, 2024]

2 months ago   MARKET NEWS   Lagos   410 views Reference: 303

Location: Lagos


**Weekly Market Recap (12th - 16th February, 2024) and Forecast:**

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**USD Exchange Rates:**

- Opened the week at N1,484 (buying) and N1,492 (selling).

- Experienced fluctuations throughout the week.

- Closed the week at N1,628/N1,655.

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**Euro Exchange Rates:**

- Started the week at N1,560 (buying) and N1,590 (selling).

- Witnessed variations during the week.

- Concluded the week at N1,720/N1,740.

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**Pound Exchange Rates:**

- Commenced the week at N1,865 (buying) and N1,893 (selling).

- Showed a mixed pattern with fluctuations.

- Ended the week at N2,000/N2,040.

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**Insights:**

- USD exhibited an upward trend throughout the week, closing significantly higher than its starting point.

- Euro experienced fluctuations but closed the week with a moderate gain.

- Pound showed a mixed pattern with fluctuations but closed on a higher note.

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**Forecast for Next Week (17th - 21st February, 2024):**

- **USD:** Anticipate a range of N1,600-N1,650 (buying) and N1,650-N1,680 (selling).

- **Euro:** Expected range of N1,700-N1,750 (buying) and N1,730-N1,770 (selling).

- **Pound:** Foreseen range of N1,980-N2,040 (buying) and N2,010-N2,100 (selling).

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*Note: Forecasts are subject to market conditions, and actual rates may vary based on unforeseen events. Stay updated with real-time market information for the most accurate assessments.*