Lagos, Nigeria – E don happen again for Naira side as currency don appreciate to N1,610 per US dollar for parallel market on Monday. Na so we go dey celebrate the small gains from Friday’s N1,630/$1. Wetin be this improvement wey we see?
According to Nairametrics sources, Naira don dey enjoy small recovery after e take time waka down. From the beginning of the month, Naira don dey fall like say na footbal ball wey no fit score. E even hit lowest level at N1,635/$1 on May 15. But between May 21 and 29, Naira dey manage stabilize, trading between N1,618/$1 to N1,625/$1, no be small wahala o! (We dey thank the forex gods for some level of consistency).
As of the time of writing dis gist, official market still dey lowo, and Monday’s closing rate no don show yet, but from the Central Bank of Nigeria (CBN), Naira dey show some level of stability, been dey fluctuate between N1,579/$1 and N1,592/$1. Na wa o, wetin folks dey talk be say e contrast sharply with Naira performance during early May when e dey trade around N1,607/$1 and N1,612/$1.
For last week, global credit ratings agency, Moody’s, don upgrade Nigeria’s sovereign rating from Caa1 to B3. This one shine light on Nigeria economic stability and future. Moody’s dey run mouth talk say, “recent overhauls wey naija don do for foreign exchange management don greatly improve balance of payments.” Wetin you wan make we understand be say, some small progress dey amid the wahala.
Back to the Naira matter, the currency dey also show strength against British Pounds, currently trading at N2175/£1, up from N2190/£1 on Friday. Talk about Euro, Naira dey trade at N1,810/€1, up from Friday’s N1,815/€1. Wetin dis whole thing mean be say, there be less pressure on Naira lately, as the data from CBN dey point to some improving signs.
However, make we no fool ourselves, the parallel market dey very volatile. No be anybody go wan plant their money for wetin no go gree grow. Analysts dey shout say without better economic reforms and improved foreign reserves, Naira’s gain fit just be like 9ja weather—short-lived.
President Bola Tinubu don also drop some word about unlocking Nigeria’s economic potential. We fit only dey hope say dem go fit keep the momentum going.
In closing, as market dey change day by day, Naira dey show small promise, but we dey cautious. Follow up, we go dey keep you updated with breaking news and market intelligence. No go run for bush, because wetin we dey observe fit change. Cheers!
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