Abuja, Nigeria – E no dey rain money for Nigeria o! As we dey yan, naira don waka go high ground, close for N1,500.91 to dollar for official market on Wednesday. E no be joke, as dis na the second day wey naira don dey chill below N1,500/$ mark.
According to Central Bank of Nigeria, naira try well as e fluctuate between N1,498/$ and N1,507/$ during the trading session. E mean sey since the month start, our local currency don dey show better behaviour. E start the month at N1,526.09/$ for NFEM, but e don firm p to N1,506/$ by Monday. Even Tuesday e dey hold the same rate before coming appreciate midweek like wetin person dey find for jollof rice.
The last time wey naira see N1,500/$ na March 5, 2025. Make e no surprise you, because some analysts dey chop better optimism as dem talk say na stronger naira demand, less speculative trading, and better foreign reserves dey help the currency shine.
Nigeria’s external reserves don rise well too. As of Tuesday, e don stand at $41.59 billion, wey sweet our hearts small as e don increase by $25 million from the day before. These reserves dey grow weekly, dey show sey Nigeria dey balance her economic waka. Meristem Research don drop Macros and Market Insight report wey confirm sey na dis rising reserves dey support naira’s bounce back.
Dem talk say local economy don dey stable for August, thanks to steady inflation, increased crude oil production, and money wey dey pour in from different places. “These factors put our foreign exchange reserves on the map, helping to keep the naira steady,” dem report talk.
Dem also reason say with the better reserve, investors go get confidence to step into Nigeria market, especially foreign portfolio investors. “We dey expect say dis positive vibes no go stop soon, as oil dollars and no-oil exports dey rise,” dem add. But make we no forget sey some risks dey lurk, like global oil prices wey fit fall, and wahala for oil sector production.
With over $41 billion for reserves, na so naira fit cover import for about 10 months—this one pass the international standard wey say three months go do. Dis dey shine light for investors and businesses wey dey hope for better forex access for imports and cross-border dealings.
Naira dey rise at a time wey dem dey try reform economy. Central Bank don lead the charge to make the currency market stable through mix of policy wey dey unite exchange rates, control speculation, and attract foreign funds.
For businesses, stable naira mean dem fit chop better returns on investment and manage import costs well. For households, e dey bring small small hope as currency dey stable, fit even reduce inflation wey dey tie to import consumption. As external reserves dey rise, speculation dey cool down, and oil money dey show face, market gurus believe sey naira dey enjoy better waka this time around.
But experts dey caution say to maintain dis energy go depend on government ability to keep economic discipline sharp, boost crude oil output, and diversify exports. If dem fit play the game well, naira fit shine pass even more!
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