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NAIRA
Nigeria’s naira stands poised to continue its upward trajectory, building upon its status as the best-performing currency globally this month, according to a Goldman Sachs Group Inc.
The naira held onto its bullish momentum despite the greenback's most recent aggressive gains this week, as concerns about persistent inflation remained unabated, despite weaker-than-expected March U.S. producer prices.
Adebayo Adelabu, the Minister of Power, has said that the revised electricity tariff for Band A customers could decrease if the Naira strengthens against the Dollar in the foreign exchange market, indicating that the rates are not fixed.
The Chairman of the Bank Directors Association of Nigeria, Mustafa Chike-Obi, has stated that the Central Bank of Nigeria (CBN)’s decision to hike interest rates in the past two Monetary Policy Committee (MPC) meetings will severely harm the real economy, leading to limited economic growth and increased unemployment levels.
Naira appreciated for the 4th consecutive week to settle at N1,245 per against the dollar amid amplified confidence in the naira.
Following the Central Bank of Nigeria's reforms, the country's currency has consistently appreciated against the US dollar and other foreign currencies since the first week of March 2024.
The naira defied the strong dollar despite positive macros from the world's largest economy's manufacturing data report that it grew in March for the first time since September 2022.
The Naira has been battered beyond a fraction of what gold did to silver under bimetallism in France.
Dangote's fortune had gone through a turbulent era before its current boom, which represents a substantial turnaround for the company.
The exchange rate of the naira to the USD has increase to N1400/$ on the parallel market marking a significant strengthening on the naira in the past few weeks.
The Nigerian Autonomous Foreign Exchange (NAFEM) saw a notable appreciation on Tuesday, with the closing rate standing at N1560.57 to $1.
A litmus test of the naira's stability will be in play when the Federal Reserve makes it interest rate decision on Wednesday which has currency traders take a position on the haven currency