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Weekly Market Recap and Forecast (5th - 9th February, 2024)

2 months ago   MARKET NEWS   Lagos   438 views Reference: 300

Location: Lagos


**Weekly Market Recap and Forecast (5th - 9th February 2024):**

Below is the market recap for the week in review:

.
5th February, 2024:

**Morning:**

-
Rates: 1,415/1,440, 1,500/1,558, 1,820/1,850

-
Insights:

- Stable exchange rates with the USD starting at a buying rate of 1,415 and a selling rate of 1,440.

- Both the Euro and Pound maintained their strength.

-
**Afternoon:**

-
Rates:
1,440/1451, 1,530/1,555, 1,825/1,855

-
Insights:

- Slight increase in USD rates, closing at a buying rate of 1,440 and a selling rate of 1,451.

- The Euro and Pound continued their stable performance.

-
**Evening:**

-
Rates: 1,445/1,455, 1,530/1,560, 1,830/1,860

-
Insights:

- Further increase in USD rates in the evening, closing at a buying rate of 1,445 and a selling rate of 1,455.

- The Euro and Pound remained steady.

.
**6th February, 2024:**

- **Morning:**

-
Rates: Not provided

-
Insights: Data not available.

-
**Afternoon:**

-
Rates:
1,460/1,475, 1,548/1,573, 1,835/1,863

-
Insights:

- Positive trend in USD rates, reaching a buying rate of 1,460 and a selling rate of 1,475.
- The Euro and Pound maintained their stable performance.
-
**Evening:**

-
Rates:
1,465/1,490, 1,555/1,573, 1,840/1,870

-
Insights:

- USD rates continued to rise, closing at a buying rate of 1,465 and a selling rate of 1,490.
- The Euro and Pound remained resilient.

.
**7th February, 2024:**

- **Morning:**

-
Rates:
1,470/1,495, 1,560/1,580, 1,850/1,880

-
Insights:

- USD maintained positive momentum, closing at a buying rate of 1,470 and a selling rate of 1,495.

- The Euro and Pound showed stability.

-
**Afternoon:**

-
Rates:
1,480/1,500, 1,575/1,600, 1,870/1,890

-
Insights:

- Slight increase in USD rates, closing at a buying rate of 1,480 and a selling rate of 1,500.

- The Euro and Pound remained steady.

-
**Evening:**

-
Rates:
1,480/1,490, 1,575/1,600, 1,870/1,915

-
Insights:

- Stability in USD rates, closing at a buying rate of 1,480 and a selling rate of 1,490.

- The Euro and Pound maintained their positions.

.
**8th February, 2024:**

- **Morning:**

-
Rates:
Not provided

-
Insights:
Data not available.

-
**Afternoon:**

-
Rates:
1,475/1,482, 1,560/1,580, 1,860/1,900

-
Insights:

- USD displayed stability, with a buying rate of 1,475 and a selling rate of 1,482.

- The Euro and Pound continued their steady performance.

-
**Evening:**

-
Rates:
Not provided

-
Insights:
Data not available.

.
**9th February, 2024:**

-
Morning:

-
Rates:
Not provided

-
Insights: Data not available.

-
**Afternoon:**

- *Rates:* 1,475/1,485, 1,540/1,580, 1,850/1,890

- **Insights:**

- USD maintained stability, closing at a buying rate of 1,475 and a selling rate of 1,485.

- The Euro and Pound showed resilience.

-
**Evening:**

-
Rates: 1,478/1,488, 1,540/1,580, 1,850/1,890

-
Insights:

- Consistent rates in the evening, with the USD closing at a buying rate of 1,478 and a selling rate of 1,488.

- The Euro and Pound remained stable.

.
**Forecast for Next Week (Based on Available Data):**

**USD:**

- Anticipated: N1,450-N1,500 (buying) and N1,500-N1,550 (selling).

**Euro:**

- Expected: N1,530-N1,580 (buying) and N1,580-N1,620 (selling).

- The Euro is forecasted to see a moderate increase in buying and selling rates, reflecting its consistent
performance over the past week.

**Pound:**

- Foreseen: N1,840-N1,930 (buying) and N1,900-N1,950 (selling).

- The Pound is expected to maintain its gradual uptrend, influenced by strong fundamental indicators
observed in the previous week.

.
*Note: Forecasts are subject to market conditions and may vary based on unforeseen events.*