Omo, naira don finally gather small strength for market again! As dem dey talk, early Thursday morning naira waka come show face, gain N0.76 as e strong pass the dollar. Now, naira dey stand at N1,419.28 for official exchange rate!
For the black market no wahala, e still dey chill at N1,490 per dollar, no change since Wednesday. Na wetin dem dey yarn for Wuse Zone 4, Abuja. Na so we dey see how Naira dey manage itself as external reserves don rise to nice $45.82 billion! E don increase from $45.78 billion wey e be the previous day. E be like say better things dey happen for our currency.
But abeg, no lose sight! Naira don still dey try maintain im footing since the year start. Just last week, naira gain N7.68 for the FX market after CBN come through to push liquidity. The dollar don dey price N1,423.16 now! Dis one don be 0.5 percent gain week-on-week as we dey compare am with N1,430.84 wey e be last week Friday.
Make I drop small history for una: for the first trading day of the year, naira start at N1,429.30. Na so we see e don gain N6.14 all through the week!
For the black market, its status no change, still dey hold dem ground at N1,490. Meanwhile, Nigeria’s external reserves dey rise as e dey help CBN fit stabilize FX market and recovery. E don move from $45.50 billion at the end of December to $45.66 billion early January. Na 0.4 percent increase be dis, showing sey money dey come in small small!
The inflows don climb 38 percent month-on-month reach $2.8 billion in December, but no be say we dey celebrate finish, o! Dis figure still dey considered weak compared to other months. Analysts talk say na CBN dey try maintain better market liquidity as offshore investors no dey enter the picture as usual. Dem dey cautious, and some don dey run for their money.
But make we no lose hope, sha! FBNQuest analyst talk sey dem expect renewed activities from investors soon, as dem dey eye better opportunities for local carry trade. This wahala wey we dey witness na for FX supply, especially foreign direct investment, don quadruple to around $50.1 million for December, rising big time from $10.4 million last month! Na positive sign wey dey show sey our market fit recover.
On the side of exporters, importers, and individuals, everybody dey push for that December bounce back; we see an increase of 49 percent and 88 percent in inflows reach $683 million and $275.3 million respectively. God abeg make this one no be just one-off matter! This na the updates from our end, keep your ear open for more gist.
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