The Nation Newspaper Naira sustains rally after $7b forex backlog clearance
The local currency, which crossed N1,350/$1 at the parallel market a week ago, strengthened to N1,035/$1, with analysts predicting further firming-up in the weeks ahead.
The backlog was a significant challenge that the central bank has been “battling with in the last three and four years; there is no way this will not prop up the value of the naira,” he said. Looking ahead, Managing Director at Afrinvest Research, Abiodun Keripe, said the naira will witness mild succor at both the official and parallel markets in November owing to the expectation of improved supply by the CBN as efforts to secure $10 billion funding support reach advanced stages.
Also, the massive corruption-driven capital outflows which in turn severely damages Nigeria’s capacity to produce at scale that will enable the country to fully engage its large population to create widespread prosperity works against the naira. “Priority should be given through deploying pragmatic incentive programmes to drive up the volume of food products for domestic consumption and industrial use to reduce our food import bill.
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