See ehn, for early Wednesday morning, naira don do small mago-mago for black market. E don rise from N1,500 to N1,495 exchange rate for dollar. Everywhere dey observe like say na magic, but no be magic o, na just market gbege wey dey happen.
Even for Nigerian Foreign Exchange Market (NFEM), naira don add little weight and now e dey stand at N1,464 to $1. Wetin we go call this one? Progress, abi na just wahala wey dey shift?
As per Central Bank of Nigeria (CBN) information, naira dey do small dance since Monday when e jump from N1,464.5/$ to steady N1,464/$. You fit call am small victory, but no forget say na still ongoing fight. CBN dey try do wetin dem fit to balance things, but na dollar liquidity and import demand na hin make naira dey behave anyhow like small pikin wey no wan follow rules.
Talk true, black market rate dey show glimmers of stability sha—we sabi say na for this current economic lagos we dey, any small up dey sweet like sugar. But we still get serious disparity between black market and official rate, so make e no be like say we don land safe haven.
Plus, CardinalStone Research don talk say if inflation reduce like we dey hope, naira fit still rise giddily. Dem talk say if dis inflation palava fit gree settle down, naira go shine bright like star again. Dem even dey predict say by year-end, naira fit waka between N1,400/$ and N1,450/$. We dey hold our breath as we watch the drama unfold.
Sah, back to the U.S. side, e no too dey rosy. Dollar Index (DXY) dey shake small, as e fall to around 98.90. U.S. government dey face shutdown wahala wey don reach 22 days now. Dem wan pass bill to fix am, but Senate gree do any work. Wetin I go talk? Na wah for America, as na political scatter scatter dey make wetin suppose dey work, no dey work.
Opinions dey scatter for economists side too on how interest rates go dey play by next year. Some dey talk say Fed go cut rate by 25 basis points next week, make all eyes dey on dem on October 29 meeting. E go hard for dem to cope with the political drama wey dey unfold back and forth.
For those wey won learn from the financial market, you fit catch Olumide Adesina wey dey write all dis jaga jaga. Him sabi all the market moves, and you fit follow am for Twitter @Olumidecapital. If you go watch am, you fit learn wetin dey happen for market.
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