Naira Don Shine As E Dey Performed Well Against Dollar

Lagos, Nigeria – Naira don flex hin muscles well well for forex market this October. Just last Thursday, for official market, naira close at N1,455.42 against dollar, which be big win compared to N1,480.33 on September 26. E mean say our currency don show small growth, which dem say na because of central bank’s dollar sales and less wahala from people wey dey demand foreign currency.

Traders yarn say dem dey expect naira go gain more strength dis week. One trader talk say, ‘E easier to get funding now, wey dey help manage liquidity pressure and increase our reserves’ (no be small matter, abeg!). And no forget say na dis movement dey boost investor confidence, especially after dem upgrade Nigeria’s credit rating by Moody’s. E no be play play o!

As e be for Ghana, e no be so sweet for dem. Dem cedi dey waka under pressure zbog strong dollar demand wey dey come from sectors like manufacturing and energy. Last week, cedi trading at 12.50 to dollar compared to 12.30 before, and Chris Nettey of Stanbic Bank Ghana don talk say e go still dey hard for dem as competition fierce for dollar.

Zambia no dey enjoy too, as kwacha dey face same wahala. Corporate demand don dey sap kwacha strength. E close at 23.99 to dollar. Access Bank suggest say as demand dey high, kwacha no fit take am easy.

Kenya on the other hand, shilling dey chill small-small. E remain stable around 129 per dollar, no be every currency fit do am like that, sha. Demand and supply don balance for here, traders dey talk say no shaking for their side.

Now back to we own naira, e don really shine! E don rise by 1.7 percent in less than a week and 3.3 percent in September. Analysts dey talk say dis na the best recovery wey we don see since January. With the naira recovering, inflation don dey slow down as e drop from 24.48 percent in January to 20.1 percent in August.

CBN dey manage liquidity well well too, injecting over $200 million into forex market last month. We even see better returns from equity and fixed income markets, with portfolio inflows rising to N1.28 trillion ($824 million) compared to last year. These na numbers wey fit make any economist smile.

But make we no forget say caution dey important. Comercio Partners dey warn say, if our reserves no fit hold strong or if inflows no dey consistent, naira fit still face wahala next year. Investors dey hope say sustainability of dis recovery go last, because dis na the biggest bounce-back wey we don see since naira hit low of N1,706 in 2024.

At the end of the day, the stronger naira na good news as inflation dey cool and investors dey come back. But we go need maintain dis momentum to avoid stories wey no sweet next year.