My people, make una hear wetin dey happen for naira side! E don dey shine like newly polished shoe, as e don curse dollar for black market and official market! Na so naira strong pass $1 down to N1358 for Central Bank exchange window. Na wetin? E be like say naira get ‘pepper’ for pocket now, as e dey show muscle well well!
As we dey observe the movement, plenty people don begin dey predict say naira fit rise go N1300-N1350 before first quarter wey dey come. Dem reason am say foreign investors dey convert their dollars to naira, as dem dey eye our financial market, adding some nice oil revenue wey dey flow in. You sabi say companies wey dey import no too dey fear again, as naira dey get shine, meaning dem go use small naira to settle wetin dem dey buy abroad!
Wednesday report from Central Bank show say naira don strengthen like ‘mama put’ as e gain 1.08% to close at ₦1,358.28/$, wetin confirm say US dollar liquidity don dey for local currency market too. For black market, dollar too don gree reduce to ₦1,431/$, making everybody dey happy for naira’s serious appreciation!
Experts tok say this naira rise get connection with foreign investment wey dey come in, plus naira wey exporters dey push for market. Analysts dey yan say external reserves don wahala, wey con give Central Bank power to protect naira. Wetin make this naira shine so? E plenty oh!
For real, naija economy dey gradually pick again since dem don implement some FX reforms wey improve things for naira. Ghana wey dey chop ‘pepper’, other countries don dey observe naira’s strong performance as e don dey become player for exchange market. Enough of glooms about naira; this na time for celebration!
But make we no forget, oil still dey rule the game, as e dey account for about 88% of our foreign earnings. If oil market com dey shakey, na there we go fit dey see wahala. But still, analysts believe say liquidity go dey alright, as diaspora remittances go continue to flow.
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