Abuja, Nigeria – Omo, Naija currency just dey shine like diamond as naira appreciate against dollar by 0.36% on Monday, settling at N1,526.09 per dollar. This don show say naira get strong start for September, wey be the new month and new week for forex market.
Experts wey dey watch the market, like those ones for Cardinal Stone Research, don talk say naira even perform beta for parallel market, gaining 1.22% to reach N1,527.33 per dollar. E be like say traders no fit play their usual sharp practices again, since naira dey make sense now.
According to Cowry Assets Management, dem predict say naira go continue to dey steady this week, thanks to Central Bank of Nigeria (CBN) dey do wetin dem sabi, plus small dollar inflows wey dey come in. But, make we no forget say demand for dollar dey rise, and stronger U.S. dollar fit make naira no fit gain pass this level.
AIICO Capital don still give their own gist say naira go dey move within range of 1,525–1,538/$ this week. Their calculation dey support PwC wey talk say naira go dey more stable through 2025, all thanks to CBN reform and improved inflow from investors wey sabi wetin they do.
Last week, naira close at 1,531.57/$ after small gain of 0.23%, showing say naira dey find her way back from wetin happen last month. E even sabi gain 0.13% from 1,533.55/$ wey be July closing. Dis na achievement, abeg! Naira don dey try to recover from the palava wey scatter am for July wey na 0.25% weaker for June price.
Naija external reserves don waka up to $41.27 billion since August start, with more reserves dey enter as naira dey smile. Analysts talk say dis na positive signal wey show say market liquidity dey improve, plus dollar wey dey flow in dey help naira shine.
As dollar dey enter five-week low, investors dey sharp; dem dey look forward to U.S. labor market data wey fit affect wetin Federal Reserve fit do regarding nairainternational policy. Investors dey wonder if U.S. economy go still dey strong or go weaken more (no be to panic but just to dey observe)
We dey keep eye on how this forex action go play out, because naira dey show say she get plenty fight for am. Stay tuned for more gist!
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