The Nigerian naira broke key resistance levels at the Nigerian Autonomous Foreign Exchange Market as the Central Bank of Nigeria implemented the new Electronic Foreign Exchange Matching System this week
The Nigerian currency started last week Monday at N1,663/$ to settle at N1,537 at the official market on Friday showing a price gain of N126/$.
Technical patterns on the Naira’s daily chart showed that Naira bulls must claim and break below the N1,500/$ threshold, or bullish exhaustion might push the Nigerian currency above the N1,600 resistance line once again. …CONTINUE READING
