THE NAIRA APPRECIATED BY 3% in the parallel market over the past week. Market is at N1,570 now.
Compared to November 26,2024 rate of N1,739. That is a 9.72% decrease. Significant.
Major factors that contributed in Sustained Naira strength in the past two months include:
– increased fx inflows from different sources
– policy measures aimed towards currency stability.
Some specific happenings ; USD inflows from Eurobond and domestic FGN bonds, structural shifts in fuel ⛽ imports ( as local production ramps up and stabilizes , importation will decrease drastically), CBN’s Fx market reforms.
To my mind, fx speculation will greatly reduce with relative stability of the currency. Fingers crossed 🤞, better days are ahead
