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Market Recap (29th - 2nd February, 2024)

3 weeks ago   MARKET NEWS   Lagos   396 views Reference: 298

Location: Lagos


Here is the market recap of the week in view [29th - 2nd February, 2024]

**Weekly Market Recap and Forecast:**

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**USD Exchange Rates:**

- Started the week at N1,435 (buying) and N1,445 (selling).

- Showed a mid-week increase to N1,510/N1,523.

- Ended the week at N1,425/N1,455.

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**Euro Exchange Rates:**

- Opened at N1,530 (buying) and N1,550 (selling).

- Experienced fluctuations throughout the week.

- Closed at N1,550/N1,580.

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**Pound Exchange Rates:**

- Commenced the week at N1,800 (buying) and N1,820 (selling).

- Witnessed variations during the week.

- Concluded at N1,825/N1,915.

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**Insights:**

- USD saw a fluctuating trend but ultimately ended the week lower than its starting point.

- Euro exhibited volatility, reaching a peak mid-week, but closing with a moderate gain.

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

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**Forecast for Next Week:**

- **USD:** Anticipate a range of N1,400-N1,440 (buying) and N1,430-N1,480 (selling).

- **Euro:** Expected range of N1,500-N1,570 (buying) and N1,560-N1,610 (selling).

- **Pound:** Foreseen range of N1,810-N1,840 (buying) and N1,830-N1,920 (selling).

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

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Please be aware that these forecasts are based on historical data and patterns observed during the week. Actual market conditions may vary, and unforeseen events can significantly impact exchange rates. Always stay updated with real-time market information for the most accurate assessments.