No be small thing o! Naira don dey shine like star for forex market as e close for 1,351.02/dollar on Tuesday. E be like say naira don chop belleful since beginning of the month, and e no wan hear ‘biko’ from dollar. This good news no stop there as e dey show for di Nigerian Foreign Exchange Market (NFEM) rate!
As di week start, naira just jump up by 86 basis points (N11.80) against di American dollar. E no just happen by magic o, na strong supply from foreign portfolio investors and local players dey support am. During di session, naira dey play at di 1,360.00/$ and 1,352.50/$ range before e settle for 1,354.26/$ on Monday. For di past week alone, naira don gain about N20.36, closing at 1,366.19/$. Na wa!
Even though naira experience small wahala for 5 and 6 February, e still dey maintain positive vibes overall, shining by almost 2.8 per cent from di rate wey e dey for official window on 2 February. Market observers dey yan say this sweet trend dey show say liquidity don improve and di market dey calm down well well.
Meanwhile, for di parallel market, e be like say naira dey gather momentum again. Dem talk say naira don rise by 0.21 per cent to close at 1,447.00/$. Wetin Cowry Assets Management dey observe na say di domestic currency dey stable around $1,426 for parallel market level. Na better news be dat!
AIICO Capital don drop wahala-we-no-want as dem predict say naira go continue to dey show strong form this week. Dem talk say, ‘Unless any big gbege happen for supply matter, we dey expect naira to continue for di range wey e dey, as dem dey bring steady inflows and reserve dey increase.’ Afrinvest too dey feel di same vibrations about naira’s shine, dem gree say we dey expect am to behave well next week, unless wahala show face.
So my people, make we dey keep eye for naira as e dey follow dis trend. Naira dey rise like phoenix, just dey hope say e no go enter any wahala anytime soon. Time to toast to naira, see e dey shine!
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