Naira’s Record-Setting Surge: OPS Pushes For Sustained Strength As Dollar Drops!

Naira’s Record-Setting Surge: OPS Pushes For Sustained Strength As Dollar Drops!

The naira experienced a notable appreciation of N137.69 against the US dollar within a week, reaching a closing rate of N1,535/$ on December 6, 2024, a significant 8.24% gain compared to N1,672.69/$ on November 29, 2024. This surge follows the introduction of the Central Bank of Nigeria’s new foreign exchange platform, which has…READ MORE…

bolstered transparency and improved market liquidity.

Industry leaders, including members of the Organised Private Sector (OPS), have welcomed this development and urged the CBN to maintain the positive momentum. Experts attribute the improvement to increased foreign exchange liquidity, higher reserves, and the operationalization of the Bloomberg BMatch platform, which streamlines forex trading. The recent Eurobond offering, raising $2.02 billion, also boosted investor confidence and strengthened the naira.

Economic leaders like Dr. Muda Yusuf and Adeyemi Oyerinde emphasize the importance of fiscal discipline to sustain the naira’s positive trajectory. They urge the government to maintain a balanced fiscal policy, focusing on reducing deficits and promoting domestic production to further stabilize the currency.

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