ABUJA, Nigeria – Omo, make we yarn about how Naira don dey do small family meeting with dollar lately. For official market, the naira dey groove around 1,478 naira to the dollar as of Thursday, wey be on top say last week e close for 1,485 naira. E be like say Naira wan respect itself small, abi wetin you think?
Traders dey expect say Naira fit get small upgrade next week thanks to Central Bank wey dey drop dollar like sey na rainfall. Meanwhile, foreign currency demand dey hold ground for now, no be small. One trader talk say, “I dey see Naira wan ginger naira up small, since funding don dey easy make markets relax small.” (If only the dollar fit take some hint from Naira, e for dey chill too!)
But no be everybody dey catch this Naira shine; Ghana‘s cedi dey waka opposite direction, under pressure from serious demand for dollars from their local industries. Cedi don jump from 12.30 to 12.50 to the dollar in just one week. Chris Nettey from Stanbic Bank Ghana don open mouth talk say, “Cedi still dey under gradual depreciation, and e no go better if dollar dem continue dey chase am every week.” (I fit feel the tension like when you carry your girlfriend go shop, and she dey eye every expensive thing! But make we continue.)
Zambia‘s kwacha no dey popular nowadays either as e dey feel pressure from corporate demand. Kwacha don shift from 23.97 to 23.99; no too much gain, just dey manage the matter. As Access Bank talk, “Kwacha go continue dey struggle because demand still dey high, but supply low.” (So na as e be. Na true talk, my guy!)
Meanwhile, Kenya‘s shilling dey do its own quiet life, no shaking at all; e don dey sit down steady at around 129.00/40 per dollar. Traders dey expect say the shilling go just dey chill like e be morning dew for grass. (No wahala for you, sha!)
As we dey talk Naija everyday, make we no forget say inflation dey increase, and this one dey hit everybody for pocket. Rising dollar rates mean rising prices for food and fuel, and dem wahala no go finish anytime soon for students and travelers too, because dem dey chop that black market rate wey no dey smile at all. E be like say ‘Dollar dey owe Naira some yelling, but Naira just dey keep am cool.’
For now, Naira dey gather small wind but e no fit forget how e don waka for this market wahala. Convergence between the official forex rate and the parallel market dey show say Naira dey try come back, but e go take time and reformation to make am solid. Keep your ears open for fresh updates, because the game don begin! Until then, no forget to drink your palm wine well, we go dey gather news as e b!
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