Nigerian naira is seen range bound against the U.S. currency next week as weak demand coupled with increased dollar supply from the central bank and other sources provide support for the local currency, traders said.

The naira was quoted at 364 on the black market on Thursday, the same level a week ago. It traded at around 360 to the dollar for investors but was stuck at 305.85 on the official market.

“We expect some stability due to weak demand and increased supply of dollars, coupled with the Muslim holiday,” said Aminu Gwadabe, head of Nigeria’s exchange bureaux.

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Recall that in anticipation of Sallah holiday, the Central Bank of Nigeria (CBN) on Thursday raised the total intervention for the week to 547 million dollars as against 195 million dollars offered the previous week.

The CBN spokesman, Mr Isaac Okorafor in a statement in Abuja, said that the intervention would uplift the Naira exchange rate, boost liquidity in the forex market and ensure timely execution and settlement of eligible transactions.

Okorafor, also expressed confidence that the interventions would continue to guarantee stability in the market and ensure availability to individuals and business concerns with genuine demand for Forex transactions.

Meanwhile, the Naira on Thursday closed at N362 to a dollar as supply by the apex bank improves. This is a far improvement over the N370 it was selling earlier in the week.

Also, the Pound Sterling and the Euro have maintained their strength against the Naira, exchanging at N462 and N428 respectively.