The Nation Newspaper Naira sustains rally across markets
The naira has strengthened further across the foreign exchange markets amid expectations that the national currency will continue to gain weight in the period ahead.
Daily average turnover at NAFEM dropped by 44.2 per cent to $374.1 million, with trades consummated within the N1,200 and N1,261 per dollar band.Afrinvest West Africa stated that it expected the naira “would continue to strengthen as the CBN intensifies efforts to bolster liquidity in the market”.Cordros Capital Group said the apex bank has strategically intervened in the forex market to guide market direction and strengthen confidence.
Managing Director, Financial Derivatives Company , Mr. Bismarck Rewane, said the monetary stance suggests further stability in naira and increase investors’ confidence in the economy. “The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN. This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage.
He noted that in efforts to stabilise the exchange rate, the CBN prioritises transparency and a market environment that enables the fair determination of exchange rates, ensuring stability for businesses and individuals alike.
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